Tag Archives: homeowner

Does this sound about right….


Does this sound about right….

This following is one of the most common stories throughout the United States that you will hear when discussing someone's personal foreclosure story .

“… all of this started with the servicer telling us to stop payments to make sure we would be in a better position for a modification.  We were current on our mortgage, however, were discussing our personal financial issues that we saw coming up on the horizon for us that concerned us and we were trying to make arrangements.”  The servicer tells a homeowner to go behind if they wish to obtain any government sponsored relief.  Homeowner goes behind and is now in default.  A judicial foreclosure or a non-judicial foreclosure begins.

The Servicer immediately cashes a credit default swap for some percentage of the mortgage balance and has some split with the investor.  Then they send 10 or 15 sets of mortgage modification applications to the homeowner and collect payments of $300 ea under their HAMP servicing agreement with the fed.  Then they offer a trial modification to the homeowner and promise that it will convert to a permanent mod if the homeowner makes all of their payments on time.  The bank loses the paperwork 3 or 4 times and charges the fed each time they process a new application and charges the fed again for sending the 3 new applicatons to the homeowner.  Less than 3% of the time. the homeowner is approved for the temporary modification and starts paying the narrowly reduced payments while the servicer dual tracks the homeowner for foreclosure and hires LPS, the parent company to LSI Title to file some fraudulent assignments in the name of the deceased bank the servicer bought the servicing rights from (countrywide, world savings, indymac, whoever).

The servicer shoplifts the temporary payments while the homeowner thinks they are going to the MBS towards P&I thus putting the homeowner further behind and fucking their own MBS investor. The servicer gets paid a fee by the fed for servicing the temporary mod under their HAMP servicing agreement. The servicer denies the modification and forecloses on the property and collects a fee from the investor for servicing the foreclosure and collects an 80% FDIC loss share payment from the FDIC which it splits with the investor. The house is sold, and as in our case to a company that buys foreclosure properties in bulk for less that their retail value which is done to manipulate the real estate market, and the investor recovers the reo value less the banks reo sale fee.  The company that buys the foreclosed property works with the servicers in order to manipulate the market as a whole.  The Non Judicial foreclosure process is a fast food style of law where the Unlawful Detainers get stream lined and rubber stamped by the Judges because the Judges are making a profit on each property in the process as a percentage to look away.

The only reason any of this could take place is due to the fact that the Legislation changed the Servicing powers and the ability to transfer the Trusteeship of the Deed of Trust.  The Registrars and everyone else mistook this legislation to mean that the Trustees can be reassigned by the Beneficiary or Servicer and possess the rights of the primary Trustee named on the Deed of Trust that was originally signed by all parties.

The illegal government rubber-stamped dismantling of the middle class. How can you ever stop a ruling class from doing something that is this lucrative???

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