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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Margaret
I asked IndyMac to "Produce the note" and they sent me photo copies.....that does not surprise me.

Can anyone point me in the direction of a response to send to IndyMac?
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Moose
What sort of situation are you in?

It's possible what's left of IndyMac (One West) has access to a digital image file of the notes in the pool and they simply printed yours from that. Who the real custodian is is anyone's guess but it's typical for the custodian of documents to be part of the trustee's parent company.

Ordinarily they won't produce the note without being ordered to by the court.

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IndyMac, now known as OneWest Bank, is not too likely to just mail their wet-ink copy of your docs to you (provided they even have them, which is debatable). I am not really sure what your issues are with this former bank (OneWest, fka IndyMac, is now mostly owned by George Soros and Michael Dell...ugh).

Once one of the nation’s largest subprime mortgage lenders, IndyMac was taken over by the Federal Deposit Insurance Corp. in July 2008. The FDIC used the institution to put into practice the affordable loan modification efforts championed by the agency’s chair, Sheila Bair.

When the group of private investors bought the Pasadena, Calif.-based bank earlier this year, the FDIC promised to cover a majority of the losses in the institution’s home loan portfolio. In return, the investors agreed to continue the loan modification efforts.

OK, let's see what the FDIC has to say about these mortgage notes. Google brought up a page titled "FDIC: Loan Modification Program for Distressed IndyMac Mortgage Loans" at this link;

https://www.fdic.gov/consumers/loans/modification/indymac.html

This link gives a "404 Page Not Found" error message.???? Yikes!!

So, what did the FDIC do with Indymac loans? Big question. IndyMac did enter into a Participation and Servicing Agreement (PSA) with the FDIC on March 19, 2009. Read this as it may be pertinent to your case.  PSA FDIC and IndyMac

As near as I can tell the FDIC is the holder and responsible party in your loan now. If your loan fails, FDIC pays (meaning "I pay" which is really pi$$ing me off lately). IndyMac has been reduced to the position of "loan servicer". They are not really calling the shots right now; they are a debt collector for the FDIC.

Is IndyMac following the PSA linked to above? Is it stalling you, losing your payments, adding unexplained fees? Is it doing ANYTHING that breaks it's agreement with FDIC?

If so, I would immediately stop playing footsie with IndyMac, One West, whatever it calls itself today and escalate this right on to the FDIC. CC all correspondence with FDIC (no phone calls, please) with FDIC to this servicer.

If you cannot find any violation of the PSA, I would continue your efforts to get anyone anywhere to produce a wet-ink copy of your note. Odds are that your note is one of millions "lost" in the current hot potato game of lost/trashed/shredded mortgage notes. In many cases, NO ONE has a wet-ink copy of these mortgage loans...the lender doesn't have it, the investors don't have it, the FDIC won't have it. Without no one can really prove you owe a red cent to anyone in an honest courtroom.

Judges don't like it when no one can prove that they are entitled to payment. There is a wealth of info about the "lost note two-step" at this site. There is precedent that IndyMac is unreasonable and irresponsible in legal dealings.

IndyMac loses:

"A judge in New York, The Honorable Jeffrey Arlen Spinner, was shown what its like to request a loan modification from IndyMac/One West Bank… and he was not at all impressed.  In fact, he was so offended by IndyMac’s attitude and treatment of homeowner Diana Yano-Horoski that he decided the only responsible decision he could reach, in addition to publicly chastising the bank, was to wipe out the homeowner’s entire indebtedness to IndyMac.  Will the decision be appealed?  Probably, but I think that’s besides the point.  This appears to be the first decision by a court based on the behavior of a bank or servicer towards a homeowner… and as far as I’m concerned, it’s about time.

In Judge Spinner’s decision, he wrote that the homeowner had been eminently reasonable in her requests for a loan modification, while IndyMac Bank (recently renamed “One West Bank”), throughout the process, was completely unwilling to entertain any outcome short of foreclosure.  The judge referred to IndyMac’s conduct as being “inequitable, unconscionable, vexatious and opprobrious,” so obviously this is a guy who can complete the Sunday crossword in the New York Times using a pen.  But he didn’t stop there.  He went on to say:

“Plaintiff’s conduct is wholly unsupportable at law or in equity, greatly egregious and so completely devoid of good faith that equity cannot be permitted to intervene on its behalf. Indeed, Plaintiff’s actions toward Defendant in this matter have been harsh, repugnant, shocking and repulsive to the extent that it must be appropriately sanctioned so as to deter it from imposing further mortifying abuse against Defendant.”

IndyMac gets the boot

Gather your paperwork, gather cases such as the one above, go to court and dare IndyMac to produce the note. You cannot approach this process piecemeal; you must gather your facts, gather your evidence and look at the great big picture.

A competent attorney would be of great help. However, you must be prepared to spell out the missteps to your attorney as well as the court. If you can't make the attorney understand it, move on. Start at the beginning and go step by step until you find legal counsel who "gets it".

Not legal advice, just what I would do in your place.


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Margaret
Thanks for the help.

They sent me photo copies of the mortgage I signed in "05", which can be found on the Clerk of Courts site. There is no other paperwork after that date.

IndyMac told me that they do not own my loan and that is why they could not modify it.

MERS is listed as Mortgagee & Nominee. I think it was sold to investors from what I have gathered so far.
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They must produce the original note with the allonges and unbroken chain of title. That's the requirement of the Pooling and Servicing Agreement (PSA) when your loan was securitized. This means that the original lender (originator) sold the loan to the Sponsor, and the Sponsor sold loan to the Depositor... all these entities MUST endorse the note over to the entity that the note was sold to. Also, the PSA stipulates that there must also be an unbroken assignment of the mortgage, which should be recorded with the county recorder, OR in a recordable form!  Trust me, they NEVER did that, cause they were too busy writing these loans, securitizing and making billions of dollars in the process.  In the PSA, the Trustee acknowledged receipt of the above documents... it never happened!!!  All a part of the FRAUD!!!

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