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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anon
http://www.nytimes.com/2012/02/05/business/mortgage-tornado-warning-unheeded.html?_r=1
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arrgy
The scariest part of the article is the reason why I am not paying my mortgage until I know who has my note. I have been the victim of an illegal assignment of mortgage by MERS:

The potential for mayhem, the report said, was serious. Anyone who gains control of a note can, in theory, try to force the borrower to pay it, even if it has already been paid. In such a case, “the borrower would have the expensive and unenviable task of trying to collect from the custodian that was negligent in losing the note, from the servicer that accepted payments, or from others responsible for the predicament,” the report stated. Mr. Lavalle suggested that Fannie return the paid notes to borrowers after stamping them “canceled.” Impractical, the 2006 report said.

This leaves open the possibility that someone might try to force homeowners to pay the same mortgage twice. Or that loans could be improperly pledged as collateral by some other institution, even though the loans have been paid, Mr. Lavalle said. Indeed, there have been instances in the foreclosure crisis when two different institutions laid claim to the same mortgage note.



I would rather lose my house and never live in another one again, rather than deal with this mess.



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Bill
arrgy wrote:
The scariest part of the article is the reason why I am not paying my mortgage until I know who has my note. I have been the victim of an illegal assignment of mortgage by MERS:

The potential for mayhem, the report said, was serious. Anyone who gains control of a note can, in theory, try to force the borrower to pay it, even if it has already been paid. In such a case, “the borrower would have the expensive and unenviable task of trying to collect from the custodian that was negligent in losing the note, from the servicer that accepted payments, or from others responsible for the predicament,” the report stated. Mr. Lavalle suggested that Fannie return the paid notes to borrowers after stamping them “canceled.” Impractical, the 2006 report said.

This leaves open the possibility that someone might try to force homeowners to pay the same mortgage twice. Or that loans could be improperly pledged as collateral by some other institution, even though the loans have been paid, Mr. Lavalle said. Indeed, there have been instances in the foreclosure crisis when two different institutions laid claim to the same mortgage note.



I would rather lose my house and never live in another one again, rather than deal with this mess.




Don't worry, don't pay your mortgage, the holder will show up with the note, get a judgment, and sell the house.  You won't have any mess to deal with except ruined credit and finding a place to rent.
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Nye, deserves the attention he is now getting, to bad, the Government, its regulators, along everyone else was not paying attention,
 
Congratulations, NYE!   Oh and Gretchen, you should have been listening back in 2002, or least  reading this site, because what is happening now was said on this site way back then!  And they called it a "Sub Prime Bubble"
 
And thanks to Jack, Ann, and a whole bunch of others Bob, John, and the lists goes. 
 
 
ONLY IF GOVERNMENT OFFICIALS WERE LISTENING   THEN, OH WAIT THEY WERE!
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doh
Fine by me, there are plenty of other houses out there to buy and rent. Credit can only be ruined for so long. And a house is nothing more than 4 walls and a roof. I can slap a year's worth of rent in a good house or apartment on the table right now, plenty of people would take it.

Why keep going on and rewarding banks for the fraud they are committing? Why pay 4x the amount you borrowed when the banks have already made a profit on your mortgage? Why allow deceptive lawyers to do an end run around the constitution? Why people in "non-judicial" states can't get a trial is beyond me. There is NO such thing as a non-judicial state. All citizens are guaranteed a trial by the 7th amendment.

How and why counties have allowed MERS to get away with not paying for fees is beyond me.

More people need to look at what has happened to their mortgages and notes, and stop the nonsense. If you can drag a foreclosure hearing out for 1-3 years, why not? Better yet...light a match.



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