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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please anybody's thoughts on this please feel free to email me help


§ 6.1-473. Securitization transactions; no interest retained by transferor

A. Notwithstanding any other provision of law, including, but not limited to, § 8.9A-623, to the extent set forth in the transaction documents relating to a securitization transaction:

1. Any property, assets, or rights purported to be transferred, in whole or in part, in the securitization transaction shall be deemed to no longer be the property, assets, or rights of the transferor;

2. A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person, to the extent the issue is governed by the laws of the Commonwealth, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterize as property of the transferor any property, assets, or rights purported to be transferred, in whole or in part, by the transferor; and

3. In the event of a bankruptcy, receivership, or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the issue is governed by the laws of the Commonwealth, such property, assets, and rights shall not be deemed to be part of the transferor's property, assets, rights, or estate.

B. Nothing contained in this chapter shall be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person. Nothing in this chapter shall change the tax treatment of securitizations that take place pursuant to this chapter.

C. "Securitization transaction" means a transaction relating to the issuance or transfer by a special purpose entity of beneficial interests or undivided interests, which entitle their holders to receive payments or other distributions that depend primarily on the cash flow from assets, including financial assets and other credit exposures, in which that special purpose entity has rights or the power to transfer rights.

(2004, c. 600.)

 

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SORRY FORGOT TO SHOW EMAIL

PETER.WEBB@MOORECADILLAC.COM
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Bill

This statute is pretty self explanatory.  If you transfer your interests in a property in some kind of Securitization agreement you no longer have an interest in the property.  Did you have a specific question?

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PETER
THANKS FOR READING MY POST BILL, MY QUESTION IS, IF THE MORTGAGE COMPANY TRANFERS IE SALES THE NOTE SAY GMAC IS THE SERVICER MERS IS LISTED AS BENE AND FANNIE IS THE INVESTOR AND THEN YOUI HAVE THE TRUST THAT LOAN ENDED UP POOLED WITH OTHERS DOES GMAC HAVE ANY STANDING?
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William A. Roper, Jr.
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Peter said:
THANKS FOR READING MY POST BILL, MY QUESTION IS, IF THE MORTGAGE COMPANY TRANFERS IE SALES THE NOTE SAY GMAC IS THE SERVICER MERS IS LISTED AS BENE AND FANNIE IS THE INVESTOR AND THEN YOUI HAVE THE TRUST THAT LOAN ENDED UP POOLED WITH OTHERS DOES GMAC HAVE ANY STANDING?

 
Peter:
 
I refrained from responding because it was UNCLEAR to me what you were asking.
 
Right off the bat, you need to bear in mind that Virginia is usually a non-judicial foreclosure state where foreclosures are by private sale without court involvement.  A court is usually required only AFTER the foreclosure by private sale to obtain physical possession of the property.
 
Standing is a legal concept that pertains to the right of a party to go to court to seek legal redress for a wrong or injury.
 
Since the foreclosing entity does NOT usually need to go to court to accomplish a foreclosure in Virginia, the standing concept is usually NOT applicable.
 
There might be some circumstances under which a foreclosing entity would need to go to court.  The two most common instances would be where the borrower has sought bankruptcy protection and the mortgage investor goes to Bankruptcy Court to make a proof of claim and to seek a relief of stay and the instance where the borrower/defendant is deceased and the foreclosing entity is required to go to probate court to file a claim against the estate and to litigate the claim when the claim is rejected or otherwise denied.
 
Another instance might occur where there was some original imperfection with the deed of trust and the mortgage investor needs to go to court to get a reformation or judicial declaration as to the intentions and legal effect of such deed of trust.
 
You need to take great care in seeking to apply discussions of standing as these concepts are applied in judicial foreclosure states to a private right of sale in a non-judicial foreclosure state.
 
It may be that you can set up a situation where the standing argument may be interposed by a timely and well conceived bankruptcy attorney.  CONSULT A REALLY CAPABLE AND EXPERIENCED LAWYER WHO SPECIALIZES IN CONSUMER DEBT/BANKRUPTCY/FORECLOSURE.
 
It is probably appropriate to note that under the UCC it is the holder of the note that typically has the right of enforcement.  It is therefore the identity of the holder rather than the owner of the promissory note that is most critical to a determination of the rights and standing of the foreclosing plaintiff.
 
I AM NOT AN ATTORNEY AND THIS IS NOT LEGAL ADVICE!
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