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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Who has the right to foreclose? The servicer? The trustee? The owner of the trust? Who???
They get a bailout and we get the boot.
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It really depends on the facts in a particular case. The original lender can foreclose. If they sold the note and endorsed it to a different bank, the purchasing bank can foreclose. If they sold the note but endorsed it in blank (not payable to any certain entity), the person in possession of the note (holder) may foreclose, but it really isn't that simple. There are a lot of small nuisances that really muddy things up, which form the basis for a foreclosure defense.

Usually it is going to be the trustee.

The owner of the trust is not really an owner, it is owner(s). There are usually several big entities that buy these kinds of certificates (ie. unions, retirement plans, ect..). They usually signing away their individual rights for the trustee to enforce. They can't individually take any action.

Why you see servicers foreclose is because they are acting on behalf of the trustee. It's still the trustee's right/cause of action, but the servicer with a power of attorney is acting in the trustee's place.

"Between two evils, I always pick the one I never tried before."

-Mae West
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