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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I have been to a few sites that deal with foreclosures and have read this line on quite a few of the "If it has been securitized, then the bank has no standing to foreclosed.  However, because most people are ignorant of this fraud, they are duped into thinking that the bank has the right to foreclose." Is any of this true or is the just another way for them to separate you and your money?  
 I have found an attorney finally that I can talk too but he has to educate himself some on a few things. Because of this site it is making that easier.
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George Burns
Please do not confuse his ability to talk with you with his ability to competently represent you a lawsuit and in court.

I would be very concerned if he was not already familiar with the issues.

Your area Dane County, in particular in and around Madison, has had many cases which were publicized, which, to me, suggests that there are a number of experienced foreclosure defense lawyers available. Why would you feel so comfortable with this lawyer who needs to educate himself about some of the issues? What is he un-educated about?
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Well George I have called the experienced ones to the point of harassment and they don't get back to me. I have not hired this one but I am able to get some guidance.   But that was just the comment on the lawyer. I actually wanted and answer to a question. I will be more careful on what I post in future.
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John Lewis

Bruce, take a look and read on a very recent thread titled "Coming soon a forclosure in NY".  The "thread" deals with the issue of 'Securitized Mortgages' and 'Standing'.  Hope it helps. 

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Bruce
Thank you
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Bill

Bruce wrote:
I have been to a few sites that deal with foreclosures and have read this line on quite a few of the "If it has been securitized, then the bank has no standing to foreclosed.  However, because most people are ignorant of this fraud, they are duped into thinking that the bank has the right to foreclose." Is any of this true or is the just another way for them to separate you and your money?  
 I have found an attorney finally that I can talk too but he has to educate himself some on a few things. Because of this site it is making that easier.

There is NO truth to that statement.  Securitization of Mortgages has been done for decades and is completely legal.  Because no one person gets the benefit of the cash flow that stems from a mortgage and no one person owns the Mortgage (it's all property of the trust) there has to be one entity in charge that acts on behalf of all the partial owners.  This is spelled out in the PSA, such as what the duties of the Trustee, Servicer, Depositor, Sponsor, ect... incorporate. 

The problem is that in creating a lot of these trusts corners were cut.  There was SO much money to be made it became INCONVENIENT to follow the PSA and local laws a lot of the time.  While this does NOT mean that they never followed the PSA and the trust did not get the mortgages, rather, I am suggesting that there is a HUGE PROOF PROBLEM.  Which is why there are so many threads on NOT introducing the PSA into evidence and not letting the Plaintiff use the PSA.  The Plaintiff needs to fix this PROOF PROBLEM.  Why would you want to do it for them???

The trustee's of the trusts involving securitized mortgages SHOULD have standing to foreclose legally, but when challenged, the Servicers can't produce admissible evidence to show the court in support of this. 

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So either these sites are misinforming on purpose to scam people or it is a process they think will work. Either way there is always a fee to pay for some secret process that will save your home. Such a wonderful world we live in.
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John Lewis
To be Clear THERE IS NO "SECRET PROCESS"....PERIOD

Find yourself a well educated and proven attorney.
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Bill

Bruce wrote:
So either these sites are misinforming on purpose to scam people or it is a process they think will work. Either way there is always a fee to pay for some secret process that will save your home. Such a wonderful world we live in.


Any site/person on the Internet that is offering legal help for a fee is scamming you.  This also goes for their "trust audits" "loan audits" and what ever else they decide next week to be the newest scam to separate desperate homeowners from their last few dollars.  A really good lie is always based on the TRUTH.  If you can tie enough truth into your lies it becomes very believable. 

The only person you should "pay" ANY KIND OF MONEY TO is a licensed attorney in your state that you are meeting with face to face.  Many of these sites offering their "audits" (like Living Lies) or to sell you their secret special "e-book" have lead to the quick demise of many homeowners and the rumors that the court system is "rigged". 

There is NO EASY WAY to defend your home from foreclosure.

Anyone that tells you different is lying.  There is no magic potion to take, book to read, beans to plant, audit to get, pleadings to copy, or what ever shortcut they are offering.  Lawyers go through a lot of school to learn the law and spend years practicing their discipline.  Why would someone think they can beat an attorney by reading a few websites and copying a few pleadings??????

To successfully defend your home Pro Se takes HOURS and HOURS of boring, difficult, research as well as help from others.  Anyone that has or is defending their home for any significant time will agree. 




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John Lewis

Bruce & Under Cover:  Please read the following:

 

Thread:

Not sure if this is the right place or not....     01/06/08 at 02:03 AM

 

William A. Roper, Jr:

 

You should count yourself as fortunate and blessed that you have discovered this message board EARLIER in your distress and in the foreclosure process. The precise strategy which best serves YOUR interests is dependent upon a number of additional factors which you have NOT posted, nor SHOULD YOU POST on this message board.

While you have been very precise and thorough in posting information related to your situation, frankly you have already posted TOO MUCH detail (see my related post on this topic elsewhere on this message baord). Happily, the mortgage servicers and their lawyers are actually both LAZY and VERY BUSY right now, so I wouldn't lose sleep over this. But you need to take any other specifics of your situation PRIVATE and only with those whose persistent posts on this message board leave you completely comfortable that they might have helpful information for you!

Bear in mind that your communications with almost ANYONE other than an attorney are NOT privileged, so be VERY GUARDED as to what you reveal or express in such messages. Basically, the standard you need to use is whether the message if compromised and discovered would undermine your case. Everything in your messages to anyone other than your attorney ought to SUPPORT or be generally useful to your case, if exposed.

The very FIRST thing that you need to ascertain is whether there is equity in the house that is SALVAGABLE. By this I mean not only did you make a substantial downpayment and did you get a good price for the house, but also is the CURRENT MARKET VALUE of the property well in excess of the OUTSTANDING MORTGAGE BALANCE.

Or, alternatively, did you OVERPAY for the house or has it DROPPED significantly in value leaving you in a situation where the mortgage amount EXCEEDS the value.

In making this assessment, you need to bear in mind (a) housing prices are generally FALLING nationally, (b) in a distress situation where you must sell the property in a short period under duress, you may need to DISCOUNT the property BELOW market value to sell it quickly, (c) you will probably have to pay a 6% real estate brokerage commission, and (d) if you have a subprime mortgage, it is VERY LIKELY that you also face a PREPAYMENT PENALTY of something approximating 6 months interest (~ 4% to 6% of the mortgage amount).

When you do this math, you will find that between the falling prices, necessity of discounting, brokerage fee and prepayment penalty, a 20% downpayment may have ALREADY BEEN TOTALLY extinguished. If your house was NEW CONSTRUCTION or if you OVERPAID for it, you may be in even WORSE shape. If you put down 10% or less, it is VERY LIKELY that you have NEGATIVE EQUITY.

The KEY thing to bear in mind is that IF there is salvagable equity, immediately putting the house on the market may be your very BEST strategy. If there is NEGATIVE equity in the property, a variety of other alternative strategies may be superior.

You DO probably have a little TIME. I would particularly call your attention to the message thread in this Forum with subject "What is the timeline/process of a foreclosure?". My post therein of 12/18/07 at 08:36 PM shows the Freddie Mac foreclsoure time standards for all states. While these are probably NOT binding upon YOUR mortgage investor, these time standards reflect the legal realities of alternative jurisdictions. At 300 days from institution of foreclosure, New Jersey is at the LONGER END of this time scale.

This has TWO IMPLICATIONS. First, you have a bit more time than many to find a basis for workout. Second, the LENGTH of the foreclosure process in NJ makes some sort of loan workout or modification MORE ATTRACTIVE to the Lender than in places where a foreclosure can be more QUICKLY and LESS EXPENSIVELY accomplished. Compare, by contrast, the time standard in Virginia, where the time to foreclose is shown to be 60 days. Bear in mind that the times in the column to the right reflect the time from institution of foreclosure. You will see that the total time from date of delinquency is MUCH LONGER.

There was a recent story in the WSJ about the twelve years that RIchard DAVET has spent in foreclosure litigation. Those who FIGHT and FIGHT EFFECTIVELY can forestall or avert a foreclosure for much longer periods of time. I am NOT encouraging you to do this. WHETHER you should fight depends upon a variety of things, including the validity of your possible defenses and counterclaims for origination and/or servicing fraud, your circumstances, your resources and your ability to manage your own litigation with or without an attorney.

While you have already approached the mortgage servicer seeking a workout, you need to understand that the servicer and mortgage investor probably NEVER INTENDED to even CONSIDER modifying your loan in any way. By holding out this prospect and having you APPLY, the mortgage servicer has RENEWED its information about YOUR EMPLOYMENT, YOUR FINANCIAL CIRCUMSTANCES, ETC. This information will now be used AGAINST YOU both in the foreclosure and in any subsequent actions to recover a deficiency! Information you furnished honestly seeking a workout may constitute PROOF against you as to your delinquencya and default!

You need to immediately SWITCH GEARS. You OUGHT NOT be TELLING the servicer ANYTHING. You should be SEEKING INFORMATION and seeking this information IN WRITING.

As you approach your problem, you also need to bear in mind that now that you have fallen into DEFAULT, that the Lender is going to continue to assess various TRASH FEES to your outstanding balance. The amount you owe will be EVER INCREASING. Any amounts you give them will now be applied to additional invented penalties of ALL MANOR and NATURE.

Consequently, even if your goal is to EXTRACT your equity, you very well may find it to your advantage to STOP PAYING ALTOGETHER. I am NOT advocating that you do this. Rather, I am suggesting that you need to carefully assess your circumstances and situation. Any money that you DO pay ought to be in consideration of an EXPRESS AGREEMENT as to the amount owed and HOW THESE AMOUNTS are to be applied.

To the extent that there was FRAUD in the origination or the closing, you may have a right of rescission under RESPA. You may WAIVE that right in any workout. You may WAIVE your opportunity to plead and prove this fraud by SELLING rather than litigating, but in general it is BETTER to avoid litigating.

Intuition would seem to suggest that those with the best circumstances and best prospects of overcoming their financial distress would be the best candidates for workouts. Actually this is NOT the case!

If there is plenty of equity in the house, the mortgage servicer and mortgage investor will RUSH to foreclosure. They are going to get their money IN FULL including ALL of their INVENTED fees from the distressed homeowner with substantial equity.

It is in the circumstance that there is significant NEGATIVE equity that the mortgage investor has the greatest incentive to find some accomodation. In that circumstance, a foreclosure means the REALIZATION of losses that might be minimized or avoided by reaching some loan workout agreement. If the mortgage servicer and investor cannot get the full market value out of the house and cannot quickly SELL IT (housing prices are DROPPING and marketing times are lengthening), allowing you to STAY in the house longer, paying them SOMETHING is more attractive than a sooner foreclosure. But do NOT be deceived that this is a means of KEEPING the house. UNLESS you have a written forebearance or loan modification agreement, the scam is to ALLOW YOU to stay and PAY and then just to foreclose LATER when the market seems BETTER to THEM. So do NOT be deceived into thinking that you might be able to CATCH UP or to CURE. Most likely, they will take EVERYTHING you can and will pay and MORE and then ultimately foreclose anyway!

So get any ideas OUT OF YOUR HEAD that if you just make a few good faith payments which reflect you ABILITY that the mortgage investor and mortgage servicer are going to take some charity on you. If you are looking for CHARITY, go to CHURCH. The mortgage servicer and investor are going to pursue the strategy that they deem to be in their best interest and maximize their cash flow and PROFIT.

The mortgage servicer and its employees and officers are NOT your friends! If you need a friend, get a DOG! If you need to discuss your distressed financial curcumstances with a PERSON, see a therapist. If you want meaningful help with your foreclosure issues, you are at the RIGHT PLACE.

If this all sounds pretty BLEAK, it IS. But there are good, viable defensive strategies, especially in those states that are judicial foreclosure versus non-judicial foreclosure states. You should take some time to deliberately SCROLL THROUGH and READ the other posts on this Forum and also to take a look at some of the various other links and documents posted at this site.

You need to very carefully ASSESS the VALUE of your house, look at the specific terms of your alleged promissory note and alleged mortgage, and carefully review your financial circumstanes and position. There are some strategies that are HELPFUL for persons in serious fianancial distress (e.g. bankruptcy) that are NOT viable for other people of more substantial means and resources. Even bankrptcy is NOT a very good solution. It is often just a SPEED BUMP.

AVOID borrowing against revolving credit to satisfy insatiable demands for mortgage payments. You can take your financial distress and turn it into a financial DISASTER by compounding other debt when you simply CANNOT EVER AFFORD YOUR HOUSE.

AVOID offers of fee-based services to help you with a workout. These are almost ALL scams.

HAVE AN EXIT STRATEGY! This means that you need to have some cash set aside how alternative rented housing at the END of your nightmare. Paying ALL of your money and then some in hopes of redeeming an irredeemable situation is a rather certain path to homelessness and despair. KNOW WHEN TO CUT YOUR LOSSES.

There is no shame in being BROKE! The REAL SHAME is in being DISHONEST.

There are a number of folks at this site who give remarkably SOUND counsel. Amongst these: Nye LAVELLE, Moose, Mike DILLON, Ed CAGE, Joe B, and Bishop. This is just a quick list off the top of my head. I have no doubt left out a number of very valuable contributors. Generally, you will KNOW the good advice from the bad when you READ IT and, particularly when it rates a consensus endorsement by some or all of the above.

You will find occasions when we DISAGREE as to how to approach a particular problem. But you will find a variety of very good answers to a variety of problems developed by discussion, debate and consensus. When you see compelling arguments made and several of these identified folks coming together in agreement, you probably have a pretty good answer! There is some very good teamwork to be found here!”

 

ALSO:

 

Thread:

Are common denominators emerging in foreclosure defense?  07/02/11 at 02:17 PM

 

Bill:

 

Of course there are common denominators emerging in foreclosure defense. This is kind of a secret, don't spread it around.

1. Read, understand, and know the local rules in your jurisdiction.

2. Do the research on the case law in your jurisdiction.

3. Challenge all the deficiencies in the Plaintiff's complaint. This includes but in not limited to:

Capacity,
Standing,
Real Party,
endorsements,
negotiation,
assignments,
affidavits,
exhibits,

4. Make them PROVE all of the above with admissible evidence.

5. Stay away from the wing-nut theories.

6. If you don't understand or are confused with any of the above, refer to #1 and #2.

 


This is our HOME!

Whose HOME?

Our HOME!

 

99% of the ‘posters’ here are no different then you and myself…and are here to help to the best of their abilities ~ u r not alone….PERIOD

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Knows About Scam Artists
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So either these sites are misinforming on purpose to scam people or it is a process they think will work. Either way there is always a fee to pay for some secret process that will save your home. Such a wonderful world we live in.

 
Many of the foreclosure help / rescue sites are operated by the very same scam artists who were previously fraudulently putting borrowers into sub-prime loans at the height of the bubble.
 
For example, the proprietors of loansafe were actually using the site to identify distressed borrowers with equity in their properties to steer into Countrywide loan arrangements.  After the collapse, they simply switched first to brokerign various fee-based foreclosure rescue scams and more recently peddling a so-called "REST Report".
 
They view their core business as identifying distressed borrowers through online web, e-mail and social networking means and then separating the distressed from their last cash before the distressed borrower is dispossed.  Admittedly, peddling subprime loans was far more lucrative, but these charlatans are still making quite a bit of money.  Enough to afford advertisements at somewhat more reputable web sites, which accept their money, even as they steer more victims to criminals.
 
One prominant scam artist posing as a friend of distressed borrowers has even been selling excerpts of Mr. Roper's posts here at the Forum which were pirated and quoted without attribution.  This jerk is even a lawyer, but he charges people hundreds of dollars for reports created from plagerized material.
 
Mr. Roper stopped posting here after incessant attacks by these scam artists who were upset that he was exposing their fraud.
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I hope that Mr. Roper will come back on this Forum. We need you here.
 
“The only thing necessary for the triumph of evil is for good men to do nothing.”
Edmund Burke
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I am currently gathering documents and I want them certified as well. I have found a lawyer that I can hire. He is experienced in foreclosure defense. I have few ideas that I have from reading this forum and the transcripts from other cases.  There are certain goverment agencies that seem to be side stepping the requests I ask for and giving me answsers for questions I did not ask for. I get a feeling that some of these agencies are in bed with the banks.  I thank those of you that are helping me out and steering me in the right direction. Before I came here I did not know what to do. And to GB who seems to like busting chops.Lighten up will ya.
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ka
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There are certain goverment agencies that seem to be side stepping the requests I ask for and giving me answsers for questions I did not ask for.


The largest single group of contributors to to Pres. Barack Obama's 2008 Presidential campaign were executives and employees of Goldman Sachs.

After President Clinton took office, he arranged for his close friend Franklin Raines to be installed as head of Fannie Mae.  Raines then brought aboard his full complement of Democtaric confederates who began looting Fannie Mae even before the bubble was well underway.

During the Bush administration, Raines's corruption was identified and he was removed, but he was allowed to keep all of the money he stole.  This is one of the reasons why Republicans in Congress fought so hard to limit the government's guarantees of both Fannie and Freddie.

After Pres. Obama took office, amongst his first urgent acts was to put his key bagmen in place to get in on the corruption at the GSEs.

Even with the collapse of these entities and hundreds of billions in taxpayer bailouts, these agencies are used as a feeding trough by corrupt Democrats brought in by Pres. Obama and his confederates.  Many of those closest to Pres. Obama are part of the corrupt culture of Chicago Democratic politics.

Every policy and issue is scrutinized carefully through the prism of precisely how the corrupt criminal insiders can profit.

If you are under any illusion that government agencies are going to help prevent the foreclosure, you are out of your mind.  Their purpose is to steal the equity of your house for their personal profit.  The ultimate goal is to take everyone's real estate and then have the governent seize the banks to accomplish a complete communist takeover and dictatorship from inside government.  First, they will take your homes.  Next they will take your weapons.  Then they will suspend the Constitution and make Obama President for life!

You need to defend your home without any meaningful help from the corrupt Obama administration.  You should probably also stock up on ammo!
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