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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Ed Cage
Teri ON: -----------------------
"I have nothing but forced placed insurance from them because they didn't think I had enough coverage. Loan bal was $45000 and insurance coverage was $102000. Payments applied to a suspense account. Charging for drive by inspections repeatedly. Refusal to send payment historys showing breakdown of payments. Excessive charges, attorney fees and such. Constant threatening calls and constant calls. I know that I feel that I have been verbally insulted by them, I have tried to resolve issues to no avail. I finally hope that someone can help to guide me what needs to be done."
Teri OFF ------------------------
Teri the way EMC/Bear Stearns illegally generates hefty unjust and excessive fees and rapidly accelerates premature foreclosures is by illegally abusing their "suspense" accounts. About 80% of what is in their "suspense" accounts is inflated, non-existent charges, or fraudulent.

This is a primary reason EMC is out of business and Bear Stearns (mortgage unit) soon will follow. BSC of NY is currently being criminally investigated including customer “advocate” Greg Fedler. *Criminal fraud*
 
Teri I suggest you join the James Hoyer class action lawsuit against EMC, but keep in mind it while it is a cost effective solution, it is a lengthy process.
 
Ed Cage
Plano Texas

972-596-4363
ecagetx@tx.rr.com
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witheld
Ed,

I think you have good advice sometimes.
but me thinks you should stop saying EMC is out of business.
 
truth is they are still operating, they are still servicing, they are still collecting money for concocted fees.
When you say EMC is (RIP) or out of business, you are confusing the new person, that doesn't yet understand all of the fraud (created by EMC)
the new person that is just now learning about EMC's frauds, is going to think you are Nuts, or wacko, for saying EMC is out of Bizz. Especially after they just paid EMC a considerable amount of money demanded by them.
In simpler terms. ED! STOP SAYING EMC IS OUT OF BUSINESS!
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Ed Cage
Witheld (sic) ON: --------------------------------
“Ed, I think you have good advice sometimes. but me thinks you should stop saying EMC is out of business.
 truth is they are still operating, they are still servicing, they are still collecting money for concocted fees. When you say EMC is (RIP) or out of business, you are confusing the new person, that doesn't yet understand all of the fraud (created by EMC) the new person that is just now learning about EMC's frauds, is going to think you are Nuts, or wacko, for saying EMC is out of Bizz. Especially after they just paid EMC a considerable amount of money demanded by them.
In simpler terms. ED! STOP SAYING EMC IS OUT OF BUSINESS!

Witheld (sic) OFF -------------------------------
 
 
Sorry Mr. “Witheld” (sic) you are exactly wrong.
 
The EMC business failure is being camouflaged by Bear Stearns to avoid the complications that come with customers being skeptical to pay a defunct entity. The recent $60M “purchase by EMC” (har-har) was funded by BSC (Not EMC) as a ruse although the intentional hoax will be exposed in the near future.  Mr. Witheld, Bear Stearns is the home of lies and criminal mortgage fraud. What’s left of EMC is being taken over by Bear Stearns.  Both EMC and Bear Stearns are currently under criminal investigation – Bear Stearns mortgage unit is also currently on life support being propped up by Papa BSC of NY.
I include my name, address, email and phone.  That lends a certain limited credibility to my posts.  Conversely you only offer the moniker “Witheld.” Kindly post up some similar specifics on precisely who you are and I shall school you in Criminal Mortgage Fraud 101.
 
Ed Cage
1804 Cross Bend

Plano Texas 75023
972-596-4363
ecagetx@tx.rr.com

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w ?

I've currently graduated from criminal  101  , I'm taking classes in criminal  102     thanks

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witheld
Ed Cage wrote:
Witheld (sic) ON: --------------------------------
“Ed, I think you have good advice sometimes. but me thinks you should stop saying EMC is out of business.
 truth is they are still operating, they are still servicing, they are still collecting money for concocted fees. When you say EMC is (RIP) or out of business, you are confusing the new person, that doesn't yet understand all of the fraud (created by EMC) the new person that is just now learning about EMC's frauds, is going to think you are Nuts, or wacko, for saying EMC is out of Bizz. Especially after they just paid EMC a considerable amount of money demanded by them.
In simpler terms. ED! STOP SAYING EMC IS OUT OF BUSINESS!

Witheld (sic) OFF -------------------------------
 
 
Sorry Mr. “Witheld” (sic) you are exactly wrong.
 
The EMC business failure is being camouflaged by Bear Stearns to avoid the complications that come with customers being skeptical to pay a defunct entity. The recent $60M “purchase by EMC” (har-har) was funded by BSC (Not EMC) as a ruse although the intentional hoax will be exposed in the near future.  Mr. Witheld, Bear Stearns is the home of lies and criminal mortgage fraud. What’s left of EMC is being taken over by Bear Stearns.  Both EMC and Bear Stearns are currently under criminal investigation – Bear Stearns mortgage unit is also currently on life support being propped up by Papa BSC of NY.
I include my name, address, email and phone.  That lends a certain limited credibility to my posts.  Conversely you only offer the moniker “Witheld.” Kindly post up some similar specifics on precisely who you are and I shall school you in Criminal Mortgage Fraud 101.
 
Ed Cage
1804 Cross Bend

Plano Texas 75023
972-596-4363
ecagetx@tx.rr.com

Dear Ed,
I never said I was right. I never said you were wrong.

Please do yourself a favor and REMOVE all egotistical emotion from the equation. read it, and read it again. (my first post, above.)

I'm saying, you are not making any sense to the person, who has just figured out that they are being defrauded.

It's a learning curve on their part (not yours.)

A guy named Johnny, has just realized EMC is ripping his family off, he is in disbelief, when he comes across all the thousands of others, that are experiencing the same difficulties from EMC.

Remove your ego, and try to understand the words you speak are confusing at best, to the victim of fraud.

Example Ed, would be this;

Your loan was sold to EMC 6 months ago, you know something is not right, with your loan but you don't know what.

EMC then sends you a default notice in the mail. You think to yourself this is total Bullsheet. I have paid them every month. Then ding, it dawns on you to research them on the inter-net.

You find a website with a thousand people complaining about EMC, and all of their concocted defaults, and fees. So you say "OH MY GOD! It's not just me, it's not just my family they are doing this to!" You are dumbfounded by all the fraud you are reading about, all the same stories, the same company. You are in disbelief, and feel like you have just stepped into a twilight zone. Your face is flushed, and ghostly looking as your stomach drops to the floor, of reading about all the thousands, and thousands of homes stolen, from families.

Then you read a post from some guy named Mr. Bill Cagin, ( who gives you hope because,) he says EMC is out of business. Then you're thoughts are "Oh Thank God!" Now I don't have to pay them what they are demanding we pay. Yippee!"  or you say to yourself "Man this guy is one major nut case, he doesn't know what he is talking about! EMC is still open for business, I just talked to them yesterday," or "This guy is lying, because they just sent me a letter, or because they just cashed my mortgage payment. Man this Mr. Bill Cagin, from San Antonio Texas, sure doesn't know what he is talking about."

So while you should be spending your time looking for a way to save your home from the inevitable Foreclosure EMC is trying to create, you are busy trying to "prove" to your wife, that EMC is out of business, and that you don't need to send the payment into EMC, cause their doors are closed.

You can't afford to send them $3,000.00 right now, and you know it. But someone by the name of Mr. Bill Cagin from Texas gave you hope, so now you've got to spend ALL of your precious time trying to vouch that YES IT'S TRUE EMC IS CLOSED! So you can relieve a burden off the shoulders of your wife, yourself and your family------------- only to come to find out now that a couple of weeks has passed, and you still can't find the "closed, out of business info" you needed to escape the $3,000.00 default notice.

Now you only have a couple more weeks left to get the ball rolling to save your home.
Chances are, sadly enough; it's too late.
A.) You find a website full of help, and info (like this one)
B.) But it's not immediate info, as sometimes its hours before you get a response from someone here, sometimes even a day or two.
C.) Now someone posted, they say get an attorney quickly.
D.) you try you hardest but cannot find an attorney.

(you are now cussing, and worried about your family being homeless, because, you didn't find this site fast enough, due to the wild goose chase you had sent yourself on, trying to prove that everything was going to be okay for you and your family since some guy from Texas said EMC was closed for business.)

E.) Foreclosure day came, and you didn't even have the chance to get the right attorney.

so if you wish Ed, continue to mislead those who may not know any better.
Continue to victimize those that are STILL being victimized by EMC. Go ahead Ed, confuse the newbie, and let them think they don't have to pay EMC.

Confuse them so they lose their home.
What you are saying should NOT BE SAID UNTIL THE VERY MINUTE THAT EMC'S DOORS ARE CLOSED.

EMC'S DOORS ARE STILL OPEN FOR BUSINESS, AND I'M STILL ABLE TO CONTACT THE SAME PEOPLE THAT I HAVE SPOKEN WITH IN IRVING TEXAS.

SO NO, EMC IS NOT OUT OF BUSINESS, NOT YET.

please Ed, help the victim save their home, and stop diverting them into the research to "prove to themselves" whether EMC is still open for business or not. Those people are spending hours trying to avoid paying when they should be spending hours trying to save their home. But when you make comments like that, it is giving them false hope and leading them on another journey, the WRONG journey.

Ed ON:---------------------------------
I include my name, address, email and phone.  That lends a certain limited credibility to my posts.  Conversely you only offer the moniker “Witheld.” Kindly post up some similar specifics on precisely who you are and I shall school you in Criminal Mortgage Fraud 101.
Ed OFF---------------------------------
P.S. credibility is what you make of it. It's not a God given right. And as long as you keep saying EMC is closed for Bizz when it is not, I think that will cost you your credibility.
Signed
witheld, by me, myself, and I
Somewhere-ville, U.S. 06360
(203) 867-5309


Who else agrees?
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Ohio
With all due respect to ED, I think withheld has a valid point.

What out of business means to one person means another thing entirely to the next person.

Until the guy on his death bed is moved to the funeral parlor and then the cemetery... he is considered alive....he may be close to dead...he may be headed there really fast but until it actually happens he's not dead.

I think until EMC ceases all business transactions directly with the public it can not be "out of business" ....it may be headed there real fast but.....

Just my literal take on the phrase "out of business"
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Moose
If EMC were actually shut down, Bear would have file an 8K report with the SEC noting the material change of status in one of its subsidiaries.

Are you perhaps confusing AMC and EMC?

Moose

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Ed Cage

Don't get me wrong, EMC can still presently foreclose on your house. You can still call and get an "EMC rep" after you listen to a sales pitch recording on why you should *switch* your loan to Bear Stearns.    But for all practical purposes EMC is defunct. An EMC foreclosure will come from Bear Stearns, not EMC.  By the same token your AMC (RIP) or Ameriquest (RIP) loan can still be repossessed but it will come via ACC (Eileen Rubens).

 

       ******************************************************

       They go out of business then change the name.

       ******************************************************

 

Again, don't get me wrong, EMC can still presently foreclose on your house, send late notices, etc. But it's analogous to a foreclosed homeowner whose neighbor asks him, "The records show they foreclosed on you.  Is that true?" The foreclosed guy then misleads his neighbor and offers proof: He says, “No that's not true. If I had really been foreclosed on, why and how would I still be in my house?"

 

     EMC currently faces 7-9 class action lawsuits in no small part due to mortgage fraud. The total judgments (AND SECRET SETTLEMENTS) over the next several years will make AMC/Ameriquest's mammoth judgment look like a bar tip. EMC/Bear Stearns knows that and so did AMC/Ameriquest James Brantley and company when they appeared to be "operating" when they knew the die had been cast months before yet they still appeared to be “operating.”  It’s a good move for collecting debts with less hassles* and it’s a good move to deceive investors.  But both entities failed not too long afterward.  Very recently EMC began referring executive level inquiries for EMC to Consumer Advocate Greg Fedler at emcexecutivedesk@bear.com   He’s a Bear Stearns employee, not an EMC employee.  Connect the dots.

 

Incidentally Fedler (Currently under criminal investigation btw) is the most dishonest person I have ever encountered but my point is he is a Bear Stearns employee.  The recorded sales pitch by EMC encouraging their own customers to switch their home loan to Bear Stearns is another clue. EMC failed in large part because of fraud and deception, hence the mega class action lawsuits and *secret* settlements designed to conceal the lethal financial and criminal news.  And then there’s the 7-9 class action lawsuits, which are growing but remain un-filed  as they escalate in value. Translation: R.I.P. EMC 

 

* Past due money collectors have enough problems as it is without having to hear, “Why should I pay a company that’s out of business?”  Consequently they lengthen the hidden deception as long as possible which also staves off their pesky shareholders as well.

 

I do have some productive tips:

a) Specify on front and back of your checks “Regular payment only” or “Principal payment only.”

b) Keep your payments current even if the other charges (suspense accounts) are not legit.

c) Very carefully watch your “suspense account charges!!”  This is where an enormous amount of criminal acts by BSC/EMC occur.

d) Ask for an itemization of all of your “suspense account” activity (This is not the standard semi worthless highly misleading “Payment History”) by sending a letter requesting same to either the “Cashiering Department” or the “Research Department” of EMC.  Your request will go to Bear Stearns rather than EMC, but like I said, that’s who is taking over EMC.

 

Ed Cage

1804 Cross Bend

Plano Texas 75023

972-596-4363

ecagetx@tx.rr.com

PS to Mr. "witheld" (sic):  I suggest you waste no more time researching whether EMC is "out of business" for all practical purposes. Even though EMC is down to a 20% skeleton crew, EMC/Bear Stearns can still possess your home. Keep those payments current by any means possible and read my other tips above. And try to check your ego at the door as I do.

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~beenawhile
I was wondering if anyone here has switched their mortgage from EMC to the BEAR STEARNS Mortgage?

We were offered to switch to Bear Stearns several times, but I denied the switch, only because I speculated that they would create many other fees, upon the transferring of the loan.

Well, EMC sold my loan not to long ago, to yet another servicer, and sure enough, EMC charged many thousands of fees for "their" selling of my loan.
I do not know if the servicer currently servicing my loan is any relation to EMC; it's possible however.

Anyway, that's just a question I had.

would EMC charge fees to your account to switch/transfer to Bear Stearns Mortgage?
Thanks,


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~beenawhile

Ed, what is an itemization of Escrow Account?

and Ed do you have a copy of your Account History pages?
I'm wondering if your Account History Pages look the same as mine.
If they do, I can help you nail down to the exact penny how much they have extorted from you. And I do mean exact.

If your Account History Pages from EMC are different from mine, then we need to trade documents for our case file. Wouldn't it be almost criminal if they were different? hmmmmmm......... Just a thought.

Thanks



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Joe B
Beenawhile--

     Let me get this straight. They changed servicers, and charged YOU fees for this transaction? Please tell me this isn't right?

     How much did they charge you? What did they say it was for? I am stunned!!

     Has anyone else had this happen to them?

JB
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~beenawhile
Joe,

YEP, YEP, YEP........ EMC thought I was causing them too many problems, so they sold my loan to another servicer and then charged us for the sale.

Thousands of dollars, from what I can tell so far.
I've just received all the paperwork for the current servicer within the last 3 weeks, so I'm still working on it.

The Account History I've been working on for a while now, is with EMC's transfer of loan fees included.

They have charged me the following:
1. Attorney's fees, (because EMC had to have the Attorney review the documents before they approved the transfer.) So they say.

***********WHICH BY THE WAY, SHOULDN'T BE MY RESPONSIBILITY TO PAY, BECAUSE I DIDN'T ASK THEM TO TRANSFER, SELL, OR SWITCH MY LOAN OVER TO ANYONE*************      they did this cause they wanted to. NOT ME.

2. LOL they say they have done an Appraisal on the home. Charged us for this.
HELLO? how can they do an appraisal on the home, if they haven't come inside the house?

3. They have several BPO's listed, that we have to pay for. because it's part of the appraisal. Part of the selling of the loan.


4. They Put Insurance on the HOME AGAIN, right before selling the loan.
5. They canceled the Insurance, got the check back "refunded"
6. Got ANOTHER policy on the home.
7. Then canceled it again, and got another "refund"
While charging both Insurance policies to our account, and NOT crediting the refunds they received.
(Please keep in mind that we already had H. O. Ins.)


8. Then they did it with the Flood Ins.
Put a Flood Policy on canceled got the refund and still continued to assess us for the policy.
9. REPEAT number 8 above.

Now.............

New servicer,
1. Is charging us for Insurance,
2. BPO's
3. SHOWING OUR PAYMENTS LATE. WHEN WE HAVEN'T BEEN LATE ON ANY PAYMENTS IN OVER 3 YRS NOW. WOOPS ...... i'm wrong 3 1/2  yrs now.

4 They are claiming we still owe attorneys fees for the transfer of the loan.

Joe this is never ending.
EMC charged us almost 400.00 more per month on our loan than our fixed rate. Monthly never changing mortgage payment should have been.

We are still serviced to an extent that is incredible.


Anyway, I'm still working on the mumble jumble of the the Account History pages from the newest servicer, and will be coming up with a figure in the near future I hope, as to how much more money we have now had extorted from us in illicit fees.

We are now over the 30,000 mark. for fact.

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~beenawhile
and by late I mean.

Our payments have BEEN IN THEIR OFFICE "BEFORE" THE DUE DATE!
EVERY SINGLE MONTH.
so my statement of we havent been late means............
We have not been one day past our due date.

Alot of people don't realize that if your payment is due on the 10th and you pay on the 11th, it is by all means then considered to be late. Even though there is a grace period.

Due on the 10th & payment isn't there by the 10th. IT'S LATE!

We've been early, every month.
and they are saying we pay late.
I'm ticked............ off this subject
over and out.

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Joe B
Beenawhile-

     Dude, you have got yourself one heck of a case against these guys! I mean holy cow!!! This is egregious. In fact I don't have the word in my vocabulary to describe this!

     Go through everything with a fine tooth comb. Create the time line, gather your canceled checks and bank records. Get your note and deed, along with the original appraisal and closing paperwork, any transfers, communication to and from both sides, any and all documentation concerning the ownership of the note, etc.

     Run out and interview a dozen consumer protection attorneys and find a bull dog that "gets it," and SICK EM!!! Beat the living bejeezzzzus out of them!

     What can I do to help?

JB
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~beenawhile
Joe,

I made a post the other day in a thread, about how much the servicers can make just by the transfering of a loan.

I'll have to see if i can find it.

In the post i gave figures of how much money a servicer can make by transfering the loan (over to another servicer).

Does anyone know what thread that was?
off to look for it

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Ohio
Quote:
c) Very carefully watch your “suspense account charges!!” 

 
IF you are lucky enough to not have the suspense account kept secret...I did not know almost 7k was sitting in a suspense account for almost 3 years now...received the servicing log through discovery and lo and behold amongst all the cryptic abbreviations there it was.
 
Also...someone mentioned their escrow accounting. Just last week I took a really close look at the beginning balance. According to my HUD-1 Settlement statement $700+ was collected from me at closing for the prepaids but only $220 made it into the escrow account. AND a tax payment $1,200.00 was deducted from the escrow account for a tax period not due. According to our county treasurer the money was never received.........needless to say it was never put back into the escrow account.
 
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4 justice now
Beenawhile:

Thanks! Just when I thought I had heard it all... You come up with this.

Is there anything that these bottom feeding scumbags won't do for $$$?

Unfortunately, as long as our government just sits there and does nothing, allowing them to get away with this sort of behavior they will only continue to push the envelope even further with their criminal antics.

R,

4J
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~beenawhile
Well here it is, I've cleaned it up a bit cause my figures were off a bit.
made more sense of it too. ( well, at least i think i did. It's late and I'm tired so maybe not.)

EMC stands to make HUGE and I do mean HUGE profit off of this, so does Homebanc.


Homebanc owns 48,300. loans, in which they are selling to EMC.
Homebanc will PROBABLY now start assessing fees to the accounts, from Attorney selling fees, to appraisals, to BPO's to H.O. insurance, to defaults, to more attornery's fees for the defaults, to late fees........ in transferring a loan the fees are endless, if the servicer chooses to make it this way.

And you can also count on for this for sure!:
The very second that EMC gets the loan loaded into their system, they will automatically file some of these fees to the borrowers account.

I know this because EMC sold my loan When they realized I KNEW WHAT THEY WERE UP TO. ( with all their fraud)

THE FOLLOWING ARE SOME OF THE FEES EMC ADDED TO MY LOAN WHEN THEY SOLD IT.

1. An appraisal Fee ( no-one ever came here to appraise my property.)
2. B.P.O. Fees (every week) for two months.
3. Attorney's fees, (on behalf of their portion of selling the loan to make sure everything went through correctly on their end of the deal.) EVEN THOUGH I DIDN'T "ASK" THEM TO SELL MY LOAN....
4. Attorneys fees were then tacked onto my loan by the Servicer buying my loan. another bwahahahah.
5. EMC managed to make sure they put two more Home Owners Policies on my loan. This did this buy Placing a policy..... then canceling it  Bingo,..... they then charged the money against my loan. Now my loan was almost a $1,000.00 higher.
Then they Buy another Home Owners policy, pay for it, then cancel it, (they get their money back and in their pockets.) Then assessed me another charge for HomeOwners Ins.

6. Then they Put TWO FLOOD policies on the loan.

Ya get the picture now?
Homebanc will stand to make a huge profit during the sale of these loans; if they can fleece every borrower 10k then they have made a profit of what just off of the "transferring" ????????????

48,300 loans with selling/transferring fees of 10k

      48,300. amount of loans being sold.
    x 10,000. selling/transferring fees of 10k
------------
= 483,000,000.00 that's 483 MILLION.

Just by swishing the loans away.



EMC is going to pay them how much?
   61 Million EMC pays HOMEBANC
+ 483million. from the transferring fees TOTAL.
---------------
 ='s 544 million


If they (Homebanc) manages to claim that every loan is in default of at least $2,000. using the escrow account "trick" (and that's a very low estimate of $2,000. per borrower.)
 
   48,300. loans being sold                             
 x  2,000.   in "modest" escrow fees
--------------
96,600,000.



   544,000,000.
+   96,600,000. total accumulation of escrow fees assessed.
------------------
640,600,000. profit so far made for Homebanc just for selling the loans.

reference the green above now: if they manage to claim the borrowers are in default, on the escrow charges. They then get to assess the accounts with LATE FEES. Gee we all know those add up!!!!   For all practical purposes lets just say they only charge $200.00 in late fees. per borrower.
   
     48,300. amount of loans being sold to EMC.
x        200. falsified late fees. per loan.
-----------------
      9,660,000. total
+ 640,600,000. profit so far made for Homebanc just for selling the loans.
---------------------
650,260,000.



then because of the yellow, (above) they get to assess even more Attorney's fees, due to the so called defaults. That's what about another $8,000. per loan?

        48,300. loans
x        8,000. default Attorney fees
-----------------------
       386,400,000. total
+     650,260,000. previous profit margin
-----------------------
   1,036,660,000. total profit margin made for Homebanc  ?TAX FREE.?
 

Now while selling a portfolio of 7billion worth doesn't seem feasible to sell for on 61 million The questions to ponder are "Why" would they be willing to lose this much money? And a thought to ponder is all the math above, and consider that  HOMEBANC WOULD NOT BE LOSING AS MUCH MONEY IN THIS DEAL AS THEY WANT US TO SO BELIEVE. 
Again, keep in mind some of the following.

1. Homebanc gets to wash it hands of the loans they have been servicing. Let's EMC deal with it, and they both get rich, from the schemes.

2. The contract will be something set up like......... EMC will have to pay Homebanc, on a monthly basis, every time their Collections department is able to collect illicit fees on the borrowers account. so here are some Residuals for Homebanc
I know this because my new servicer is still claiming they are charging us for fees, that EMC added to the loan before they transferred it.


3. Since HOMEBANC will more than likely be claiming those fees are due and payable, BUT WERE NEVER PAID, BEFORE the sale to EMC was final. DOESN'T THAT GIVE HOMEBANC THE RIGHT TO MARK THEM OFF AS UNPAID DEBT???????????? 

Doesn't this therefore allow Homebanc to keep any proceeds they receive (either residuals or installments) from EMC; off the TAX RECORDS and thus granting HOMEBANC, FREE AND CLEAR, TAX EXEMPT FUNDS?
 
I'm thinking that answer is yes. ~WHOA~~~ WE'VE GOT IRS FRAUD!!!!!
Gee, but who wouldda ever thunk they would do that????????

No Homebanc isn't going to loose too much money, if they do at all.
I think there are other fees, that I haven't even thought of, or have suffered from.

OK but to finish this pretty little method of fraud...


When EMC is all done collecting, and FORECLOSING on Homes for HOMEBANC,
EMC will then begin the collections of fees for their own pockets. If they hadn't forced 48,300 homes into Foreclosure by then. EMC will take it slowly though, so they can reap in their millions worth for several months. Then they will start the Foreclosures.

Those poor borrowers ARE IN FOR ONE HECK OF AN EXTORTION RIDE.

Homebanc then gets to change its name along with a few other details, and then begin the process all over again.

Just my predictions, and thoughts, on how this will all turn, out; based upon my own experience with SERVICER transfer.

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~beenawhile
~beenawhile wrote:


Anyway, I'm still working on the mumble jumble of the the Account History pages from the newest servicer, and will be coming up with a figure in the near future I hope, as to how much more money we have now had extorted from us in illicit fees.

We are now over the 30,000 mark. for fact.



Ouch sorry, let me separate the two comments a lil better.


I am still working on the "latest documents" to determine how much exactly they both EMC and NEW servicer have charged us total."  for the sale/transfer of the loan.  However New Servicers pages are mumble, jumble, and i have to figure them out. So I have no amount yet......... BUT I WILL . It's like a few thousand from the looks of things, if I'm reading it correctly. maybe about $7000. involved in the trans/sale of my loan.


Now to the next Ouch, total so far we have suffered from due to our 1st Mort. Co, and EMC combined is over the $30,000. mark. with MOST of it being accumulated by EMC.

I'm sorry if i mislead any of you and made you think it has cost  us $30,000. to be sold from EMC to New servicer.

because that is not the case.
Again, sorry about that!!!!
~beenawhile

Message to the sob's
30k and still counting YOU EVIL SOBS!!!!!!!!!!!!


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~beenawhile

Ohio wrote:
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c) Very carefully watch your “suspense account charges!!” 

 
IF you are lucky enough to not have the suspense account kept secret...I did not know almost 7k was sitting in a suspense account for almost 3 years now...received the servicing log through discovery and lo and behold amongst all the cryptic abbreviations there it was.
 
Also...someone mentioned their escrow accounting. Just last week I took a really close look at the beginning balance. According to my HUD-1 Settlement statement $700+ was collected from me at closing for the prepaids but only $220 made it into the escrow account. AND a tax payment $1,200.00 was deducted from the escrow account for a tax period not due. According to our county treasurer the money was never received.........needless to say it was never put back into the escrow account.
 


Yes they sent us the info with the suspense account on there too. Never had any idea what a suspense account was until i saw the doc.'s
It sits there in suspense---mid air--- until it magically goes <poof> into someone's pocket, or if you're lucky they applied it to the Escrow account they created. But that's not really lucky at all, cause they turn around in just a couple more months and slap on another escrow fee.

Hope you can pin it down to the exact penny you've lost Ohio!!!

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Sweet Spot
Don't forget...

The POOL that you are in is ALSO INSURED.

Performing, Non-Performing, SUB-Performing, ONE NIGHT ENGAGEGMENTS, etc., you get my drift.


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~beenawhile
LOL, no not really........... But I am trying.
So do you mean on my loan specifically?

or

Are you trying to add into the mathematical equations (in my post above,) to further show more profit they could gain by selling a loan?.........by selling all of their 48,300. loans?

thanks



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