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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FnDoomed
I'm in the middle of a fight with BANK over a 1st mortgage. Also have a 2nd mortgage with BANK. Both notes have been discharged in BK. I just opened a letter sent to me UPS next day air saver that says:

We are writing to let you know that we are cancelling the amound owed to BANK on the loan referenced below totalling $62,000, as a result of a recent mortgage servicing settlement reached with the states and federal government. They are also cancelling the lien.

I do believe I'm the first person I know of to get something like this.

Is this the $25B settlement in action?
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Nelson
Well, yes. Part of the 49 state AG settlement with the blessing of the Justice Department allowed banks to treat write downs of second mortgage liens as borrower concessions.

When the first lien is foreclosed and the house is already "under water" in respect of the 1st lien, there wasn't going to be any equity their for the 2nd lien holder anyway.

So when the bank ascertains that it cannot possibly collect the debt, as when the house is sold and there isn't enough equity to cover the first lien PLUS the borrower has had the debt discharged in bankruptcy, the bank can now claim full credit for its write off of the second mortgage amount as part of the $25 billion settlement.

This is why the banksters put Pres. Obama in office in the first place. The entire purpose of his presidency was to protect and cover up bank criminal activity. Why do you think he brought Rahm Emmanuel, a former director of Freddie Mac, in as his chief of staff?

You didn't really get anything at all. The debt had already been discharged in bankruptcy. The bank gets to credit its write off of the debt against the settlement as if they gave you something!
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FnDoomed
I disagree. What I got (of value) is a lien being wiped out. That makes one less mortgage I have to fight and one less lien to pay off if I succeed all the way to selling the old place.

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despritfreya
I agree with FnDoomed. He got his lien released, which, despite the bk, normally would not have been released without some payment to the lien holder. Win-win for both lender & borrower. Congratulations.

Des.
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Scott
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I disagree. What I got (of value) is a lien being wiped out. That makes one less mortgage I have to fight and one less lien to pay off if I succeed all the way to selling the old place.


Correct me if I am wrong, but I thought that you had already lost the property to a non-judicial foreclosure sale. Am I incorrect about this? Are you still in the property?

If you are still in the property and the foreclosure hasn't happened yet, I would agree that you have received something mildly useful.

If you have already lost the property to foreclosure and the value of the lien release is your getting the foreclosure set aside, I am more inclined to agree with Nelson.
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FnDoomed
I'm still in my house. It's a useful thing.
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