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 Show full post »

Gosh Ed –Where to begin…Thanks for asking me to comment.

Yes, under the FCRA and amendments –we have a right to file a complaint with each of the credit bureaus and such complaint must be in writing. Note: it seems many complaints get “lost” if not sent via certified mail – certified mail may be your only proof down the road if you need to prove you followed the law.

 Yes, they are supposed to investigate all complaints and then, depending on the results of their investigations, they are also mandated to remove erroneous accounts and derogatory information that can’t be proven as accurate.

 Having said that…we all know what is supposed to be done and what is actually done –are 2 different things. In my opinion...the credit bureaus are no different than mortgage servicing companies...they too often overlook their obligations to follow the laws and place little to no value on our rights or the harm they cause innocent people. As in any situation, our best defense is knowledge and it's our burden to make sure they do what they are mandated to do!

If we don't know what's going on in our credit reports, how our accounts are handled and whether or not our payments are applied accurately, it's only a matter of time before we find ourselves involved in a nightmare... that can take years (if ever) to resolve.

We are all entitled to free annual credit reports. But beware of where you order them from. There has been little to no "truth in advertising" when it comes to alerting consumers of the legitimate and official place to get our “truly” free credit reports.  THE ONLY legitimate and official place to obtain our free annual credit reports is by calling 877-322-8228 or going to annualcreditreport.com.

I advise using the toll free number to order all three bureau reports.

Reason? Privacy experts have noted that the site’s privacy policy is not consumer friendly, meaning... by simply using the site you are agreeing that they have your permission to sell your information to third parties. Not surprising too, if you spell the domain name wrong, you are often hijacked to a fake site that tries to sell you credit monitoring services.

The TV commercials and bogus websites that continually advertise “free credit reports” are not directing you to the official site. Rather -they are usually directing you to a credit bureau, who's selling credit monitoring services. B/t/w -I happen to believe the cra's should offer their so-called credit monitoring service for free -after all, they're selling a product (our information) and we shouldn't be paying them money to make sure their product isn't defective!

Here are a couple of my blog articles for more info on what to look for in your credit reports, etc. -

Take the time to protect your credit -and your home!

The Top 5 Tips for Protecting your Credit Identity...

Thanks Ed for asking my thoughts and –thank you for your kind words about my book... –it really has been a project born out of my passion to help prevent others from going through similar nightmares –and hopefully validating those who've been there! 

 

Quote 0 0
Ed Cage
      Tip number 21 from Mr Ed -  Avoiding the Sneaky Landmines
      planted by Servicers designed to fund their "suspense" accounts
      and build toward Artificial Defaults 
      (An actual trap the not always cagey Mr. Ed fell into himself!)

      Let's say you have worked with your servicer toward reaching a settlement
      amount on disputed figures. 

 

·         If a servicer says they have reached a lump settlement amount on disputed figures and they set the date for the transaction to occur

      “to make you current” at 2 or 3 days after the next month starts I

       urge borrowers to instead pay it off 2 or 3 days before the start of

       the next month or specify your payment as outlined below.

 

 ·      

 ·       One can easily make the assumption that if the “get current” date falls   a couple days after the first of the month (Let’s say January 3rd) that it must include the month of January payment as well which is not necessarily so. Therefore the borrower wrongfully assumes they are literally “current” when in fact they still owe for January thereby generating late fees the borrower is unaware of.

 

·         Part B of the servicer’s scam is to refrain from sending the borrower a statement so that the extra ramifications can take place i.e.; the late fee ($46) is taken off the top of the February payment and the servicer then believes they are entitled to a drive by “inspection” fee of $50 that often never even occurs!  Presto!  You are in arrears!

 

·         Now the servicer is well on their way towards turning in a delinquent payment credit report, a sneaky “late charge” that the borrower never saw due to the fact his statement didn’t arrive, an artificial drive-by “inspection” (since the account was late) that likely never occurred, and building the all important semi secret “suspense” account which can suck another $96 off the top of your February payment (again without your knowledge).  And off we go..

 

·         Minimize this unpleasant and expensive dilemma somewhat by accompanying your payment with a cover letter explaining what your payment is for and itemizing same on the instrument of payment. It’s also a good idea to paraphrase the transaction on the back of the check as well right above the area to be endorsed.

 

      You ask why all the trouble? ..Would your mortgage servicer really try

      to blatantly cheat their customer that much?  You bet your sweet bippy

      they would.   

 

            Respectfully submitted by

            Ed Cage, Plano Texas  /  ecagetx@tx.rr.com

 
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Ed Cage

           

           Tip # 22 from Mr Ed:

 

            If your mortgage servicing company repeatedly can't pull up the

            information you ask for and can't even give you someone who can,

            they are likely hiding something provided your request was 

           *reasonable*  

 

            Respectfully submitted by

            Ed Cage, Plano Texas  /  ecagetx@tx.rr.com

 

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             Tip # 23 from Mr Ed:

 

             If and when you ask your mortgage servicer to send a full accounting

             of all escrow, suspense, and corporate advance accounts with the

             all important *DATES* they will likely tell you to send your request in

             writing to their (har-har) research department. Although these

             departments certainly do exist they will very likely stall or stonewall 

             on your request if it contains incriminating evidence. 

                   Send to their fax number (you will seldom if ever get a name) 

             and send a certified copy to the research department. I did this with 

             absolutely no response.. They routinely ignore your requests

             intentionally because they know many people forget, lose interest or 

             time tempers their intensity.

 

             (Believe me the mortgage fraudsters are acutely aware of this glitch in

                              human nature and exploit it at every chance.)

 

              Keep calling and writing but this next time you ask only for the very top 

              executives -- "Supervisors" can almost never get you where you want

              to go. I have done this twice with two different servicers and persistence

              will pay off.  Here's the good news:

 

              Now that the walls are caving in on the executives in mortgage servicing

              fraud companies, they are being investigated and unlike mainstream

              employees many will face criminal prosecution.  Let them know you will

              report their cooperation or lack of cooperation to the authorities.

           

              This tactic has already earned me some concessions in the last 30 days

              and can be used as clear evidence of intent to defraud if they fail to

              cooperate.  PROVIDED YOUR REQUESTS ARE REASONABLE.

 

              Respectfully submitted by Ed Cage, Plano Texas  /  ecagetx@tx.rr.com

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               Tip # 24 from Mr Ed:

 

               This tip comes courtesy of Dave Mortensen's superb book on

               mortgage fraud, "The Mortgage Survival Kit."

 

               Beware of payments that are returned to you with insufficient

               explanations or invalid or even no explanation at all. Unfortunately

               I experienced this myself and it had nothing to do with foreclosure.

 

               It was mortgage servicing fraud, clear and simple before we

               exposed these shameless charlatans. Thanks to your efforts to

               stand up for justice the mortgage fraud criminals are now leery of

               attempting these illicit schemes.

 

             

               Respectfully submitted by Ed Cage, Plano Texas  /  972-596-4363

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I too had payments that were not credited to my account. The letters that were sent out to us had no "explaination" as to why they were rejected.

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tired and tattered wrote:

"I too had payments that were not credited to my account. The

letters that were sent out to us had no "explaination" as to why

they were rejected."

 

 

Dear t & t:

Generally speaking (not always) the reason this is done is to avoid

the appearance of extending additional or new credit or working out

a new deal of some sort.  This is not altogether sneaky or sinister

because there is legal precedence for arriving at that conclusion.  If

new "credit" appears to be extended on a seriously defaulted loan or

one in foreclosure the creditor loses their standing for moving ahead

with taking your house.

 

                             That’s probably the case.

 

However in the corrupt and criminal world of mortgage servicing up to

this date anything dishonest, deceptive or even criminal is possible

with these charlatans. (This will change in 2008 btw.)

 

But again scenario #1 is far more likely.

 

 

Ed Cage  /  ecagetx@tx.rr.com

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The thing is ED, they told me on the phone that my check was "duplicated". When I got the letter from them it simply said "dishonored". It finally was answered with an "account not found" response only after a complaint with the BBB. There were two payments made by phone for two different dates that were 10 days apart. During any phone calls that were made by us to try and straighten this out there was NEVER any mention of the account not being found. I just recently received a response to my QWR letter to the servicer. In the letter they stated that the routing number was not accepted by my bank. The copies of the checks and also a statement they made in the letter lists the routing number they say we gave them. It was totally "CORRECT". The funny thing is that even though the checks were to be sent 10 days apart, and the first one had a date three days later from when we made it and it has stamped on the check RETURN REASON: UNABLE TO LOCATE ACCOUNT, 7 days after they SAY the first one did not go through they sent the second one through. They made no effort to contact us after the first check did not go through. So why would they send the second one through if the first one (so they say) did not go through if they got no new information from us? We made these two payments in June and our payments would have been totally current. We never heard one thing from them until July 9. That's when I was told my first check was DUPLICATED. It would only make sense that if they honestly could not find our account that they would have contacted us IMMEDIATELY  so that we could correct it. June 19 was the date our first check was submitted. Ten days later the second one. Yet we do not hear one word from them until July 9. Believe me they had all the correct information.

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tired and tattered wrote:

"The thing is ED, they told me on the phone that my check was "duplicated". When I got the letter

from them it simply said "dishonored". It finally was answered with an "account not found"

response only after a complaint with the BBB. There were two payments made by phone for two

different dates that were 10 days apart. During any phone calls that were made by us to try and

straighten this out there was NEVER any mention of the account not being found. I just recently

received a response to my QWR letter to the servicer. In the letter they stated that the routing

number was not accepted by my bank. The copies of the checks and also a statement they made

in the letter lists the routing number they say we gave them. It was totally "CORRECT". The

funny thing is that even though the checks were to be sent 10 days apart, and the first one had a

date three days later from when we made it and it has stamped on the check RETURN REASON:

UNABLE TO LOCATE ACCOUNT, 7 days after they SAY the first one did not go through they

sent the second one through. They made no effort to contact us after the first check did not go

through. So why would they send the second one through if the first one (so they say) did not go

through if they got no new information from us? We made these two payments in June and our

payments would have been totally current. We never heard one thing from them until July 9.

That's when I was told my first check was DUPLICATED. It would only make sense that if they

honestly could not find our account that they would have contacted us IMMEDIATELY  so that

we could correct it. June 19 was the date our first check was submitted. Ten days later the

second one. Yet we do not hear one word from them until July 9. Believe me they had all the

correct information."

 

Dear t & t:

I thought you said,

The letters that were sent out to us had no “explanation

as to why they (the checks) were rejected."

 

But it now appears they told you on the phone that the first check was,

“duplicated” and subsequently explained in writing that the check was

“dishonored.”  (You are about to get an education t & t.)

 

Mr tired and tattered if you ever wind up in court with a garbled yarn

like this I assure you you’ll be drawn and quartered. First things first:

 

           GET YOUR PAYMENTS CURRENT AND WE’LL TALK.

                 You are well on your way to losing your house. 

                           They want you to miss payments

                    so they can steal the equity in your home!

 

With urgency,

Ed Cage

972-596-4363

ecagetx@tx.rr.com

 

Quote 0 0

Ed, We realized very fast in the process that we were being scammed. We have filed a Chapter 13 bankruptcy in August. As soon as this all started I had the good sense to look on the internet for others that had these problems with HomEq. "LO AND BEHOLD" did I find them. That's how I found this site as well as many others. Filed a complaint on ripoffreport.com and have been reading this site every day since.The QWR that I sent to them I also gave a copy of to my BK attorney. He told me it was excellent and thought it was one they had sent. I am giveing him a copy of the response. I am constantly getting helpful hints and tips from this site and I print many things out from this site.

Quote 0 0

Thanks for your input tired and tattered.

 

  Here's the best tip anyone can ever give you:

 

           Stay current with your payments

even if they are lying to you and illegally trying

                to cheat and defraud you.

 

         Stay current with your payments.

 

Ed Cage

1804 Cross Bend, Plano Texas 75023

972-596-4363 (Listed)

ecagetx@tx.rr.com

Quote 0 0

Melly wrote:
“Escrowing you with no notice? Are you kidding me. It's your responsibility

to keep up your insurance payments on your house. Provide them proof

of insurance. Did you forget to pay your taxes? If so, the company has a

great reason to "escrow" you. They don't want to lose the house to the

county. Think about it and send your payments on time.”

 

Nice try "Melly."
The truth is that in mortgage servicing fraud statements are seldom sent and rarely have escrow, suspense or corporate advance balances.

FACT: These are the three main areas that mortgage servicing fraud (A Crime) occurs. As a result those who ask for an accounting of these three highly incriminating funds need to be prepared for a 6 month full press effort to recover your own charges!

The good news is that the few that persist will eventually prevail and your top secret charges may even be rolled back to prevent a paper trail of illicit activity. If/when you finally get an accounting of these secretive areas your first 3 hours will be worth a great deal of money to you if you know what you are doing.

2008 is the year the mortgage fraud criminals get indicted.. Their evil predatory companies are already dropping like flies.

Ed Cage
Plano TX

972-596-4363
ecagetx@gmail.com

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Joe B
Ed-

     This is the second time I have seen you write that mortgage servicers were "dropping like flies." I am aware of a number of brokers, originators, and even a fairly large number of local/small regional mortgage outfits that have gone under, or were bought out. However, I am not aware of any of the well known mortgage servicing fraud perpetrators that has gone under.

     Do you have anything specific you can share regarding these servicing companies that are indeed dropping?

Just curious...

JB
Quote 0 0

Joe there are frequent posts about mortgage companies going

out of business posted right here within MSF alone. And not

just lenders but also servicers and insurers.

 

Some of the more notable are those I have actually dealt with

like Citi Residential (James Brantley) which just announced they

are becoming part of Citi Mortgage and many jobs would be lost.

They try to keep the failures low profile.. Others are Ameriquest

(A lender) and AMC a servicer.. Both kaput. And let's not forget

EMC (yet another servicer) which is defunct for all practical

purposes.. They like Citi Residential and AMC have been quietly

rolled into the Bear Stearns residential mortgage unit.. Also on life

support btw..

 

These are the biggies that I have dealt with but there are many more

smaller concerns as well as big household words like Lehman Brothers

and Merrill Lynch who are getting out of the mortgage business.

 

Just  try to find a mortgage insurer these days.. And guess what?  Life

after mortgage insurers is a real crap shoot.  That’s another problem.

 

These guys normally don't go bankrupt, they quietly close their doors

to save face, their reputation, and salvage what possible few investors

that may be left.  – Ask CitiGroup about that..

 

Just because you can call someone at AMC or Ameriquest doesn't

mean they are still "in business."  These guys are in the R.I.P.

category.

 

Ed Cage, Plano Texas / ecagetx@gmail.com  /  972-596-4363

 

 

Quote 0 0

rx7addict wrote:

This is for Ed, hope you can help with tihs one.
in 2005 we had a short sale of our home who go figure was EMC mortgage, well at closing the guy who bought the house called from the lawyers office and told us we had to do a loan for $10,000 we never filled out the loan app and did not agree to it. Well EMC did sell the guy the home and now it is 3 yrs later we get a letter from a collection agency wanting us to pay for a loan we did not apply for. I have all papaerwork on this sale and the blank laon application what can we do because they are hurting out credit> Any help will be great.
rx7addict”

 

 

rx7:
If you signed the note you and your credit are both screwed.
MR
;^D


Quote 0 0
Joe B
Ed-
     It is not clear that this guy posted here, and it sure isn't msfraud. However, you should tell him to dispute the "debt" in writing, and simultaneously look up the statute of limitations on debt in the state in which he lives.

     It is entirely possible that this 'debt collector' simply purchased this debt for $.05 on the dollar, and is trying to get lucky. The hurdle may be pretty low if they can't prove this guy owned the loan... In light of the statute of limitations, they may not be able to collect under the right circumstances. Again, I am making broad assumptions based on what he shared with you.

     There's probably more, but he didn't give much to start.

Just a thought...

JB

Quote 0 0

Thanks Joe, your input is always solid.
Ref: http://www.topix.com/forum/us/T7SD7L4F9H534BHNV/p54

rx7addict wrote:

This is for Ed, hope you can help with tihs one.
in 2005 we had a short sale of our home who go figure was EMC mortgage, well at closing the guy who bought the house called from the lawyers office and told us we had to do a loan for $10,000 we never filled out the loan app and did not agree to it. Well EMC did sell the guy the home and now it is 3 yrs later we get a letter from a collection agency wanting us to pay for a loan we did not apply for. I have all papaerwork on this sale and the blank laon application what can we do because they are hurting out credit> Any help will be great.
rx7addict”


The reason I was a little terse with this guy was because his garbled story
appeared to be searching for a temporary "feel good" answer in lieu of 
realistic feedback. I want to help this guy (and others) but his unwillingness
to accept responsibility for what he signed was a danger sign in my view
and I quote: "..3 yrs later we get a letter from a collection agency wanting us
to pay for a loan we did not apply for. I have all papaerwork on this sale and
the blank laon application what can we do .. .." 
A blank loan application means nothing. A signature on a note means a
great deal.

Part of my frustration lies in posters presenting an incoherent one-sided
account of their dilemma in hopes of getting a temporary "feel good" answer
instead of straightforward realistic answers based on the full story.

Ed Cage, Plano Texas  |  ecagetx@gmail.com     972-596-4363

 

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http://www.topix.com/forum/us/T7SD7L4F9H534BHNV/p55#lastPost

 

Danielle wrote:

I have been having all sorts of problems we should ban together and sue the hell out of them any one intrested E-Mail me DJB6400@aol.com

 

 

Danielle please see: http://www.mortgagedaily.com/LawsuitBear12120...

Lawsuit Alleges Predatory Servicing - Bear, EMC sued over minority ...Dec 12, 2007 ... EMC Mortgage Corp. and Bear have been charged with "unfair and predatory servicing ... Class action lawsuits. Predatory lending prevention....
http://www.mortgagedaily.com/LawsuitBear121207.asp -

I think the legal firm behind this lawsuit may again be James, Hoyer out of Orlando Florida. Whether it is a lawsuit based on mortgage servicing fraud in general or a class action based on *discrimination* the technicalities and logistics of forming your own class action are prohibitive.

I’m not an attorney so I can’t offer professional legal advice but as a savvy layman I would feel best going with experts like James, Hoyer or do what I am doing and file your own individual lawsuit based on your own specifics if you feel you have a very high chance of success as I do.

I’ll cover the pros and cons of a class action vs. an individual lawsuit in a subsequent post. I’ll also cover my layman’s opinion on going pro se as well. Either way Bear Stearns (residential mortgage unit) which owns and has taken over the defunct for all practical purposes EMC corporate hull, is in even more trouble than EMC.

No offense Danielle but I think it would be wildly reckless for others to email you their strong and weak points on their individual situation.

*****
Layman Advice: Send that extraordinarily sensitive
information to a class action law firm like James,
Hoyer or to your own private attorney.
*****


Ed Cage | Plano Texas | ecagetx@gmail.com  |  972-596-4363

 

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Mortgage Servicing

Ed, I am somewhat with Joe B. here on mortgage servicers going out of business.  Generally speaking, there has been a vast increase in the concentration of the mortgage servicing business over the past several decades.  The original FNMA / FHLMC servicer model was that the origiantor tended to retain the servicing.  So there tended to be a one for one correspondence between true FNMA / FHLMC originators and servicers (excluding the small originators acting as correspondents for larger institutions).  I seem to recollect that at one time a servicing capability may have been required to be a FNMA / FHLMC Seller / Servicer, but I might be mistaken about this.

Mortgage servicing rights turn out to be an interesting asset to own in conjunction with a fixed income portfolio because the value of mortgage servicing rights is negatively correlated with the value of fixed income assets.  Holding mortgage servicing rights together in conjunction with a portfolio of fixed income assets such as bonds or mortgage backed securities tended to give a good portfolio effect and stable long term returns across interest rate fluctuations.

But some large servicers tended to master efficiency and become low cost servicing providers.  This meant that the mortgage servicing rights were more valuable to the low cost servicers than to higher cost servicers and the higher cost serviecrs found that they could realize greater profits by selling their servicing rights.  Later, it appears that some large servicers found that they were able to furhter profit by engaging in eggregious fraud and even profit from default and foreclsoure.  Also, investment banks may have found that having captive servicers allowed them to profit from inside information relating to prepayments, delinquencies and defaults in various mortgage pools subject to trading.

I think that it is axiomatic that when originators collapse that their servicing presence may collapse as well.  But precisely what happens to the servicing operation and servicing portfolio depends on its size, character and efficiency.  Small, inefficient servicing operations are probably just closed.  Larger more efficient servicing operations are probably sold and merged into a larger servicer.

The servicing portfolio itself might be sold together with the servicing operation or with separately.  Generally, it appears to me that aggregation continues to occur and that concentration in servicing continues to increase.

It doesn't appear to me that Wall Street yet fully appreciates just how toxic these servicing operation might be!  Bank of America's purchase of Countrywide seems to me to be emblematic of just how naive the major institutions remain about the coming disaster!  Bank of America could have simply purchased certain of the origination infrastructure -- bricks and mortar plus origination and underwriting operations -- or the servicing portfolio.  Buying the entire company is going to saddle Bank of America with virtually ALL of the liabilities.

I still am inclined to think that after Bank of America completes its due diligence that this transaction will FAIL and that Bank of America will then cherry pick Countrywide assets after a bankruptcy filing.

Overall, I haven't yet seen indications of a generaized failure of major servicers.    
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Blossom
 
Quote:
Also, investment banks may have found that having captive servicers allowed them to profit from inside information relating to prepayments, delinquencies and defaults in various mortgage pools subject to trading.

Just occurred to me that there's no reason why some of the ill gotten gains from shorting CDO's couldn't have been funneled back to captive servicers providing traders with insider info. Kickbacks and referral fees do seem to be looming large in the scheme of late.
Quote 0 0

Bill the reference for "rx7addict" is listed by me two posts above your post: 

Ref: http://www.topix.com/forum/us/T7SD7L4F9H534BHNV/p54 

This particular one is an example of alleged mortgage servicing trickery by EMC. 

rx7addict wrote:

This is for Ed, hope you can help with tihs one.
in 2005 we had a short sale of our home who go figure was EMC mortgage, well at

closing the guy who bought the house called from the lawyers office and told us we had

 to do a loan for $10,000 we never filled out the loan app and did not agree to it. Well

EMC did sell the guy the home and now it is 3 yrs later we get a letter from a collection

agency wanting us to pay for a loan we did not apply for. I have all papaerwork on this

sale and the blank laon application what can we do because they are hurting out credit>

Any help will be great.      rx7addict” 

 

Although this person feels they were swindled by EMC I felt in this case they*

were looking for artificial “feel good” reassurance based on one-sided garble

designed to elicit a quick dose of support and temporary (as in worthless)

support. Two valid points are made here by my response/answer:

1)  The servicer or lender isn’t always in the wrong.

2)  Styling your questions to ferret out a friendly “feel good” response is a

dreadful way to seek meaningful advice from a forum and especially legal

counsel.  No long term good can come from that formula.    Garbagé in;

garbagé out.

 

* Coincidentally this “rx7” poster (not that it matters) is likely the most prolific

abuser of multiple bogus aliases that MSF has ever seen and frequently

posts on numerous forums.

 

-       -      -

 

As for servicers going out of business it’s true that it doesn’t seem logical

that servicers would immediately be put out of business like a lender or

insurer but indeed the reason both AMC and EMC have failed is two-fold.

Their reputations were destroyed to a point that other mortgage entities

would rather create a “new” (in name) servicer using some key players from

the failed servicer rather than roll out a legendary red flag servicer name

which immediately creates doubt and suspicion by association.  Hence

AMC was downsized and rolled into Citi Residential. Citi Residential was

then promptly downsized even further and rolled into Citi Mortgage.

 

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

MUCH MORE IMPORTANTLY both EMC and AMC were/are drowning

in a truly historic back breaking quagmire of serious lawsuits with real

teeth in them.. Not to mention related criminal investigations by the highest

law authorities in the nation.  EMC also currently faces a class action by

James, Hoyer out of Orlando Florida that will reap colossal judgments with

digits as long as a social security number. 

 

Also please see: http://www.mortgagedaily.com/LawsuitBear12120...

Lawsuit Alleges Predatory Servicing - Bear, EMC sued over minority ...Dec 12, 2007

... EMC Mortgage Corp. and Bear have been charged with "unfair and predatory

servicing ... Class action lawsuits. Predatory lending prevention....
http://www.mortgagedaily.com/LawsuitBear121207.asp -

 

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

    There’s a couple examples of some of the bigger servicers who failed.

               Don’t be fooled by the task of answering the phone.

          You can still get an “answer” at Enron or Arthur Andersen.  

 

 

Indeed the Assistant to the President of AMC personally admitted to me on

the phone that “AMC was out of business.”  Do they still answer the phone? 

Sure, but they are kaput for all practical business purposes.  R.I.P.  

 

Same goes for the infamous EMC who began very quietly downsizing after

the summer of 2005. Their personnel roster is but a fractional shell of what it

was 18 months ago. First came layoffs, next came ominous not so subtle

signs like encouraging their own customers to refinance with their owner

Bear Stearns!!  

 

EMC executive office players now have @bear.com addresses.  

 

Rank and file CS representatives at EMC have been largely replaced by

recordings. To get one of the few left you now have to press the button

for “make arrangements to pay” even if that’s not your purpose!  EMC RIP.

The (har-har) EMC Legal Department?  That’s long gone replaced by

Bear Stearns.  

 

I’d venture to say that most of the people that ultimately initiate their own

lawsuits or join a class action will be suing their servicer rather than their

lender. I have sent two notices of “Intent to Sue” to AMC, ACC, and EMC

and none to my lender Town & Country.

 

Ed Cage | Plano Texas | ecagetx@gmail.com  |  972-596-4363  

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Tip #25 from Mr Ed

This past Friday I finally received a book I ordered on 10/22/07 entitled

"Foreclosure Self-Defense For Dummies" by Ralph R. Roberts, Joe

Kraynak. See:

http://www.dummies.com/WileyCDA/DummiesTitle/Foreclosure-Self-Defense-For-Dummies.productCd-0470251530.html

The first page I randomly opened had what I know is a fundamentally well

known pitfall for those faced with foreclosure:

Tip 25 from me is take action of some sort. Incredibly there are some

that take the absolute worse course possible: Doing nothing.

However the fact that you are just reading this forum means that this "do

nothing" approach is not a likely consideration for you. But it is worthwhile

to remind others that this is the most dreadful path they can take if they

wish to save their family's home.

Ed Cage  |  1804 Cross Bend, Plano Texas  |  ecagetx@gmail.com  |  972-596-4363

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