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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arkygirl

Unverified, but interesting if proven to be true....


Last week, when I learned that U.S. banks were systematically canceling the merchant accounts of firms offering loan modification services, thus preventing the firm from accepting payment by credit card, I was stunned. And I thought to myself… well, now I’ve heard everything.

I was wrong, however, I had not yet heard everything.

Today, I was informed that Wells Fargo Bank is unilaterally closing the business checking accounts of companies simply because they are offering loan modification services. Yes, you read that right. Business checking accounts. Because you offer to help people obtain loan modifications from banks… like Wells Fargo.

http://mandelman.ml-implode.com/2009/06/wells-fargo-closes-accounts-if-firms-offer-loan-mod-services/
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Sara
Arkygirl,

This is wild!!!  I wonder if it's true...

We shall see...

S
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Knows About Loan Mods

arkygirl:

IF true, this is hardly sinister at all.  To the contrary, Wells is probably doing a rather substantial public service.
 
Virtually ALL of the "loan modification" firms are SCAMS anyway.  Thousands of people have been ripped off.  Attorney Generals throughout the country have been shutting these operations down as quickly as they popup.
 
The loan modification scams typically take large UP FRONT FEES from distressed borrowers giving oral assurances that they can FIX the default problems with mortgage servicers.  They put the defaulted borrower through a variety of paperwork drills while the distressed borrower falls further and furhter behind.  Money that MIGHT BE GOING to a good attorney to mount an effective foreclosure defense OR to file for bankruptcy simplylines the pocketsof unscrupulous scam operators.
 
The distressed debtor is further fleeced and any remaining hope of avoiding foreclosure is lost.
 
IF WELLS IS ASSISTING AUTHORITiES IN SHUTTING SUCH OPERATIONS DOWN IT WILL BE ONE OF THE FEW MERITWORTHY AND CREDITABLE THINGS THIS FIRM IS DOING WHICH MAY BE ACTUALLY BENEFICIAL TO MORTGAGE BORROWERS.

 



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4 Justice Now
Knows About Loan Mods:
 
If what you say is correct, and WF is in deed closing bank accounts of so-called mortgage modification businesses. I absolutely doubt it could in anyway related to helping and/or assisting home owners, in even manner slightest possible. In fact, if this is actually taking place it is much more likely a mistake on their part, one which, I'm quite sure they will happily correct immediately once they become aware of it.

 

IMHO
 
4J



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4 Justice Now
Oops,
 
The following text is what I had meant to post in place of the words above:
 
Knows About Loan Mods:
 
If what you say is correct, and WF is in deed closing bank accounts of the so-called mortgage modification businesses. I absolutely doubt it could in anyway be related to helping and/or assisting home owners, even in slightest manner possible. In fact, if this is truly taking place it's much more likely to be a mistake on their part, one which, I'm quite sure they will happily correct immediately once they become aware of it.

 

IMHO
 
4J

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Knows about always the same story. U never come out of the woodwork. Wf just can't handle the compeitition. Just another way to continue with what control they have. Which must be shrinking if their worried about a loan mod firm.


While I'm sure there are some that have done horrendous things. There's no one worse than these bankers. Or the attorneys and judges. I think you'll have a hard time selling us this cup of make believe lemonade...

Besides you do have corrupt attorneys as well...Go stick up for them some where else...
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    In my experience, WF is a giant bureaucracy where it is almost impossible
to get anything done.
    My home dropped from $140 to $70, but I managed to find a first time
homebuyer who was willing to assume my $112 FHA mortgage of $670/mo because he was paying $1,000/mo for a 2br appartment in Tampa. He had
a good job, with the tax returns to prove it, of $36,000/year. Unfortunately,
his credit score was below 600 due to some past student loan lateness etc.
All his loans and credit cards were now paid in full, I did my own credit check
which WF verified. WF would not let him assume the loan, inspite of Obama's
first time home buyer credit of $8,000.
    Then I applied for a loan mod, given the negative equity situation. All they
would do is give me a three month forbearance due to my recent layoff from
work. Apparently they like "jingle mail". As a last resort, I rented half the house to a friend, who got foreclosed on. So much for Obama's plan! It is
every man for himself in this crisis. Forget about any Government help, unless
you're a mega-bank like WF, then you get $25 billion as a little favor so you
can buy up Wachovia for 5 cents on the dollar for $15 billion, and still have
a tidy sum left over to play with. WF, you've got it made! As a Libertarian,
I tip my hat to you! Did you really need the Government Loan?
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4 Justice Now
Mike H.

I couldn't agree more! We are clearly on our own.

Thx!

4J
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