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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Hello, I am new here and have a concern. We purchased a home in 2005. At closing I became severally ill and this kept me from working. My husband struggled to make the payments. Our mortgage was sold several times and finally came to rest with SPS. They were terrible. We got behind and went into a forbearance agreement which caused our payment to go up to $1339. We struggled with this. Well last year we had to file Chapter 13. We still struggled as I have been ill since 2005. During the CH. 13 we got behind but the lawyer was able to get SPS to agree to another payment plan, we had to pay $1339 + $1050 per month for 6 months. We did this for 4 months, paid the 6th and 7th month reg payment and then gave them. So again we were behind. We were told in August last year they were foreclosing so we moved. Then we were told by SPS to sell and we could have 6 months. After 5 we had no sale so they said do a short sale. We got the realtor to provide everything needed to approve a short sale, comps and whatever else was needed. We had 4 offers and were told by SPS they had approved one of them and we would close in a couple of weeks. Well we heard nothing so I called SPS to be told the offers were not approved, they had a set sale amount and would not accept lower. The house went up for auction March 25, 2008. We just got a letter, they have sent the mail to the foreclosed home, not the address we gave them to contact us with, stating the house sold at auction. The company that purchased the home was DLJ Mortgage Capital, Icn. by Select Portfolio Servicing, Inc. its Attorney-in-fact (DLJ Mortgage Capital, Inc.). I worded it like that because that was exactly how the buyer is listed on the letter. My questions is this. To me it looks like SPS or one of its companies purchased the home. I thought that a company could not do that, that it was a conflict of interest or something. Am I misunderstanding or losing my mind? Please let me know.
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DLJ Mortgage had SPS act on their behalf in the sale. SPS services a lot of DLJ loans. Check with your bankruptcy lawyer about whether or not they can or will try to get a deficiency judgment against you if it sold for a lot less than the balance.

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