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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After losing our first home to Litton's fraud and now about to lose our second home to our landlord going broke, we have offered cash on a house and the offer was accepted.  With stocks unsteady and having lost two homes now in less than a year's time, we will be using a portion of my husband's retirement fund to pay cash for our next house.

We've seen an opportunity and we're taking it.  The house will need some work but nothing we can't handle and we have the support of some very handy family and friends.

The money we will not be paying in rent/house payments will pay for repairs and rebuilding my husband's IRA.

We are buying a 1500 sq. ft. home, 3 bedrooms, 1 BA, on a nice sized lot. It's a little further up the road from our where we first lived and in a new school district.  It's taxable market value is $74K, the listing price began somewhere around $60K and has had no offers.  By the time my husband and I hatched this plan to look for something we could afford to pay cash for, it had dropped all the way to $24.5 and by the time we looked at it a second time, it was listing at $19.9 - we're buying it for the astounding price of $12.5!!

Our plan is to repair and make it it more attractive wherever needed, live there long enough to rebuild our damaged credit (thanks to Litton!) and ride out whatever financial storm continues to rage.  We're hoping to have ourselves a nice rental property when it's all said and done.

We won't have to worry about whether we can find someone to rent to us, what we would've done with our 4 kitty's, or that someone will screw us over.  It will be ours, free and clear.

I will continue to pray for those still looking for a solution.
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arkygirl
What wonderful news! I am so glad for you.

YOU will become the predators worst nightmare because you are cutting them completely out of the loop. I wish that more people could/would do just this. They cannot commit fraud if there is no mortgage to mess around with.

Enjoy your mortgage-free home. I hope that you have many happy healthy years there. Good luck with your interview and I hope that you will be able to get this story out for everyone.


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Thanks arkygirl...yes, we know, we just committed a grievous crime against the banks, we stopped needing them.  I'm even considering paying off my measly $100 credit card balance and shutting down the account.  Although I totally understand the need to have good credit, I'm so disenfranchised with the financial system in this country right now that I don't want to be contributing to "the game" anymore.  They destroyed my credit and destroyed our dreams, if it were possible to destroy all ties to them I would.  If I could get away with not paying any taxes I would.  It's all dirty blood money if you ask me.  The house we're buying is a foreclosure.  During the housing boom, my husband made good money hauling concrete and such into construction sites in housing developments as a truck driver.  We reaped a few of the profits and we've suffered the injustices, too.  Buying this house is as close to getting out of this damn vicious cycle as we can get.

I think the bottom line is that this entire system is unsustainable.  We even considered a $7.5K trailer home over continuing to participate in this sham any longer.
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That's great news April. Widely available loans the GSE's Fannie and Freddie artificially making and backing loans and the interest rate deduction are nothing that help us in the long run unless making money from inflation is a way of living.

 

Homes would be much more affordable if the government got rid of the interest rate deduction and stopped sponsoring loans and help stop fueling the inflationary spiral and the boom bust cycle.

 

The interest rate deduction is an outrageous Trojan horse gift probably one of the most destructive devices the private bankers have to coerce you into getting the biggest loan you can afford. If you really think about what it says it codifies into law that you must either give up a huge part of your income to the government or give it to the banks in interest.  The Federal reserve is privately owed so how does the government have the right to coerce you into choice A the IRS which feeds the private for profit banks through government force or choice B which says if you give the Private banks profit by paying them interest them we won't take a portion of your income at gunpoint.

 

Now most of us don't want to call the government's bluff and get dragged to jail at gunpoint for not paying either the IRS or massive amounts of interest to the bank but sure as can be that is indeed.

 

The whole system keeps us trapped in debt slavery cradle to grave either directly or through our dependents. What's ironic about that is that historically low or even no tax Federal governments run surpluses or mild deficits. Mathematically that would seem to make no sense as we imagine that the more money we give the government the more they have to spend and the less they less they have as if taxes were simple matter of addition and subtraction.

 

Well taxes really don't work that way for many reasons one obvious reason is the more you tax the less people have to invest so you get a diminishing return, another obvious one we seem to forget every time the government creates a panic and cry's wolf about millions of people starving and losing jobs if they don't get an emergency infusion of funds though taxes and bonds is that the more you give them the more they figure out how to spend. Thomas Jefferson got rid of taxes completely and cut the deficit in half at the same time. How did this work because the unbridled economy created so much more wealth that the tariffs’ and foreign trade income created more revenue.

 

The biggest single reason though that taxes create a deficit is that in a fractional reserve system where debt is money backed by taxation and gunpoint the more you spend the more debt you create. The stimulus package is really a stealulus package the debt needs to be financed by the banks forcing us further into debt slavery.

 

The banks and government policy can artificially bump up the economy and make it appear as if the system is working for a while but in the end debt will always be debt and savings will always be savings.

 

The new system we need is the old system, hard money that doesn't inflate and children staying at home until they can pay cash for home or make a substantial down payment and a short simple interest rate loan, or similar owner or parent financing.


Here's an excerpt from a JBS article please read the whole article with an an open mind and realize as addicted to debt as we are and act like it's oxygen vital to life, the truth is in the long run it's more like a carcinogen facilitating social cancer.


The ideal long range stable economy would probably be no interest at all in my opinion. Ron Paul is realist and knows it would be impossible to transition from the Fed/IRS to a zero interest pure hard money currency overnight he has been working on ideas for personal, business and government self- sufficiency and sustainability for decades.


http://www.jbs.org/index.php/evinces-a-design/3823

 

This article by Jim Capo was orginally posted on the old JBS.org website on August 7, 2007 under the title: Notes From Ron Paul's Bible: Usury — A Sure Bet Why Sharia Law Is a Threat to Western Civilization. It did not make the transition to the new JBS.org site launched this last summer. However, with the "interest in interest" created by Taking Interest in Money series, we have decided to repost this article to further the discussion on usury. (Note: On the May 2, 2008 visit of Dr. Paul to North Carolina, I did confirm with a member of his staff who was personally lobbying for the importance of addressing usury in our financial debates, that Dr. Paul currently sees no problem with charging interest. He accepts that the charging interest is validated under "time preference" and "time value of money" arguments made by most Austrian School economists.)

 

    [He that] Hath given forth upon usury, and hath taken increase: shall he then live?

    he shall not live: he hath done all these abominations;

    he shall surely die; his blood shall be upon him.

 

This proscription against the grave sin of usury might sound like something out of the Koran to a contemporary American but it is actually the prophet Ezekiel speaking in the Bible.

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Well, do I have a twist for you!!!

We were supposed to close this morning at 9 a.m.  But guess what!  I got a call yesterday afternoon and there is a defect or 2 in the title!!  Apparently someone with an interest in the property from 1975 didn't properly record something way back then and our title company found it.  They've assured me that it should be easily fixable and should not prevent the purchase.  So that's obstacle #1.

But now for the piece you all here are just gonna love!  MERS is obstacle #2.  They can't show clear chain of ownership!!!  Fannie Mae signed the Purchase Agreement, but there are a couple of other companies I've seen in our paperwork.  More or less what it seems like is that Fannie Mae is trying to sell us a house that they can't show that they own!  Much like the "produce the note" stories I read on here and other websites with increasing frequency - only in reverse.  I spoke with our closing lady this morning because after sleeping on it all night, I woke up with a pounding headache and a need for more information, as my agent only told me yesterday about the 1975 thing, nothing about MERS.  But as soon as the gal said the name "Mortgage Electronic Registration Systems" my mind immediately understood what's going on here.  I briefly explained my situation, that we have a lot riding on this purchase because we're running out of time and resources to find a home (our current home has already sold) and I asked her if she anticipates a growing problem in closings of purchased foreclosures.  She said she really does.  Buying a foreclosure is just the next headache awaiting the unsuspecting public.

Hopefully I will buy this house.  The former owners/foreclosee's vacated about 2 years ago and God only knows who REALLY is entitled to the ownership.  I hate to think of it as buying stolen goods, but I have my cash and have done nothing wrong here.  I need a home for my family, which includes 4 cats, and can't go through "traditional" means of buying a house because of the mess left on my credit thanks to MS Fraud.  So in the end, with much prayer and faith, we have to continue our efforts in buying this house.
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I wonder how many more times we are going to hear of this situation in the future? 

Are we going to have subdivisions full of homes that no one will be able to purchase because they can't get a clear title?

Please April, let us know what happens.

Sara
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The Equitable One
The twisted part of me says "I hope so."

It would be fitting for parties foreclosing in illegal and/or unethical ways to be stuck with properties that are unsalable and that render them losses rather than profits.

The straight part of me knows it is better to help borrowers fight and win so they are able keep their property.
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arkygirl
Yup, this will be the next nightmare for potential home buyers, playing "Guess Who Will Pop Out of the Woodwork to Claim They REALLY Own Your Home"!

It will be a nationwide-sized game of whack-a-mole. The competitors will be hopeful home buyers and title companies versus crooked banks and MERS.

Hopefully it will be televised so that viewers will be allowed to vote on whom they feel should begin the game with the biggest hammer, a la American Idol. Or maybe we can just vote off one side or the other, a la Survivor.

I hate to make light of it but property records in America are a nightmare. April, while I dearly want you to have a mortgage-free home, tread warily here. Make sure that if the sale goes through that the title company is securely on the hook if things go bad later on. At least they found the title dings, points in their favor. And at least you know to demand a clean title, points in your favor.

Wonder how many times the house has been sold since 1975 with a clouded title? This is what greed got us. Skanky storefront lenders, crooked title companies that cleared any and everything and then shut their doors and skulked away never to be seen again, horrible MERS, and god-forsaken crooked servicers.

We are making real progress for the people in America, huh?

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