Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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"I don't let on that I know anything about them," Masibay said.

The article doesn't say if ANY of these homeowners have qualified for a loan modification.

The media continues to show many homeowners as frightened by their servicer/bank.
In MANY cases, this is just not the truth.  How many times must a homeowner fax required information to their servicer/bank, only to be told that the information was NOT received?

Just more PR bull$hit, period.

source
http://seattletimes.nwsource.com/html/realestate/2010581551_realmortgageneighbors03.html?syndication=rss
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arkygirl
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Armed with the names of delinquent borrowers from Bank of America, Gutierrez and 48 other volunteers are doing the work that banks and housing counselors can't: personally calling on troubled homeowners and encouraging them to seek trial loan modifications and fill out the paperwork.


Is this even legal for a bank to give sensitive financial information to just anyone who asks for it? This makes me very uneasy to think that any random yahoo can be given my mortgage status just for the asking.....I don't give a rat's butt if they did pass a background check. Those things are not always accurate, either.

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In an experiment under way on Chicago's Southwest Side, Bank of America is using local homeowners, who have their own property home values at stake, to encourage delinquent borrowers to pursue loan modifications.


Yep, Bank of America really needs volunteers to do its job for it. After all, that means more profit for THEM....they won't have to hire people to do this now.

If my bank gave out this kind of information to anyone I would sue them both silly AND blind. This is nuts and that old "extraordinary circumstances call for extraordinary measures" crapola just doesn't cut it.

I absolutely do NOT want my neighbors beating on my door on behalf of some cheap crappy bank who is probably calling me 900 times a day already!
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    In warfare, it's called "diversion". What they are doing, is diverting the homeowner by the modification process, while simultaneously continuing with the foreclosure process. The homeowner needs to understand that the lender
needs to get a "default" from the Court System. before it can collect on the
credit default insurance. Once it gets paid off by the credit default insurance,
it will flip the property to investors for 10 to 25% of value, that's just frosting
on the cake.
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Sara
So Mike H, in your own opinion, do you feel that a lender will give a homeowner (who they foreclosed on in a court) a modification.  Then not having the said modification put on a county record, to continue with this "diversion"?

If this is the case, I am sooo screwed

S
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no entiendo! Je ne comprend pas la question! Explique, s'il vous plait!

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