3 votes

Are you paying on a mortgage? If so you need to read this!

I have been researching the mortgage industry for some time now. The foreclosure fraud that is currently in the news has brought to light some fantastic revelations that everyone paying a mortgage needs to know about and look into.

1. MERS, which is the acronym for Mortgage Electronic Recording System, is a total fraud and is completly illegal and decoupled from the legal system of recording property transferrs in the local court house as required by law!

2. Look on your mortgage document and see if you are in the MERS system.

3. If so, call or write your mortgage company and tell them you would like verification in writing of:

A. Any title assingments to third parties
B. Verification that your payments are going to the current holder of your note.
C. A "blue ink" copy of your original agreement

After the stammering stops on the other end, I think you will find that mortgages in the MERS system are a complete fraud. Not only do you not know if your payments are going to the correct party, the mortgage company, more than likely, never recorded your title assignment in the local court house. This means they have no legal document to make you pay or to foreclose on your property.

After several weeks of research, I found that the MERS systmem was developed in the late 90's to save the mortgage companies time and recording fees. However, the fraud has been uncovered and now homeowners have the upper hand! Astonishing stuff my friend! Let us know what your find out!

For more detailed information:
http://www.ritholtz.com/blog/2010/10/foreclosure-fraud-revea...

Excerpt:
“Because of the expense, time and paperwork it would take to record each of the assignments of the thousands of mortgages in each securitization, Wall Street firms decided to just issue blank mortgage assignments all along the channel of transfers, skipping the actual physical recording of the mortgage at the county registry of deeds.

Astonishingly, representatives for the trusts have been foreclosing on homes across the country, evicting the families, then auctioning the homes, without a proper paper trail on the mortgage assignments or proof that they had legal standing. In some cases, the courts have allowed the representatives to foreclose and evict despite their admission that the original mortgage note is lost. (This raises the question as to whether these mortgage notes are really lost or might have been fraudulently used in multiple securitizations, a concern raised by some Wall Street veterans.)

See also The American Banker.

Karl Denniger went so far as to suggest the entire MERS/structured finance industry engages in such systemic illegality as to be guilty of RICO — the Racketeering statute used to bring down drug lords and mafia kingpins. If he is right, and I suspect he is, our Banana Republic status is getting ever closer.

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How do I find out who services a MERS mortgage?

Please call our Servicer Information System (SIS) phone number (888-679-6377) and follow the prompts. If you have the MERS 18 digit identification number (MIN), you will be provided the name and phone number of the current servicer. If you do not have the MIN, then you will be directed to our Helpdesk.

Turn Copper into gold http://UgetGold.com and see what it is all about!
YOU EARN COPPER, SILVER AND/OR GOLD!!!
You will need it if we dont get a President!

good stuff

thanks!

Turn Copper into gold http://UgetGold.com and see what it is all about!
YOU EARN COPPER, SILVER AND/OR GOLD!!!
You will need it if we dont get a President!

bump

bump

the mortgage is easy to find,

the mortgage is easy to find, its the note you want to focus on, they are 2 separate issues. If you granted them, as grantor, a promissory note did they give you credit for that instrument? if yes, ask them to use that credit to pay the mortgage, if not, ask them to give it back to you non negotiated.

Got a reply from Wells Fargo regarding my mortgage

They provided me with the name of the investor that owns the mortgage and identified themselves (Wells Fargo) as the servicing agent. They send a copy of the mortgage agreement, my signature is there. They claim they still hold a lien and don't send out original copies of the mortgage.

I checked the recorders office and found that Wachovia is the mortgage holder of record. Wachovia was bought by Wells Fargo. So where are the recordings of the investors?

Shouldn't the Wachovia/Wells Fargo mortgage be shown as Satisfied and a new one in the name of the new holder be recorded? Seems like something shady going on.

Anyone got some advice on how I should proceed?

Thanks for putting this up RW

I was looking for a law firm to help me with this very thing last week. I finally called down to the County Clerk's office to check on the deed of trust for my property, specifically to know what name(s) are affixed. I found out that the lien on my property is currently held by a mortgage company that was paid in full when I re-financed in 2006 through ABN AMRO, which Citi acquired about a year later. State law requires that a lien release be filed in the Clerk's office within 90 days of the loan being paid in full.

This is a small part of the biggest fraud in financial history, and the probability of your being caught up in it are very high if you have a home loan that was originated during the last 5 years.

Best trained lawyers are here

http://www.maxbankruptcybootcamp.com/find-graduates

Graduates of Max Gardner boot camp

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w00t!! RalphWaldo, you are going viral!

http://whatreallyhappened.com/
This thread is near the bottom of the front page already.
He may have just found it, but I did email it to him today.
Pat, pat, pat - OW! threw my arm out! ;)

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Great post, so many people

Great post, so many people think they should only fight if they are in default, and everyone should, lets crank up the heat on the bank.

*IMPORTANT*

GOTO
http://www.ffiec.gov/consumercenter/default.aspx

FIND OUT WHO REGULATES YOUR FINANCIAL INSTITUTION, THEN FILE A COMPLAINT, ONLY AFTER YOU HAVE COMPLETED SOME SORT OF ADMINISTRATIVE PROCESS, HAVE A THIRD PARTY NOTARY, OR SOMEONE WITNESS THE MAILING TO CERTIFY A NON RESPONSE/NOTARIAL PROTEST OR CERTIFICATE OF NON RESPONSE, DEFAULT THE BANK. TAKE THIS PROCESS AND WRITE AN AFFIDAVIT OF EACH STEP YOU TOOK ADMINSTRATIVLEY AND WHAT THE BANK FAILED TO DO, INCLUDE YOUR EXHIBITS AT ATTACHMENTS AND FILE A COMPLAINT HERE
http://www.occ.treas.gov/customer.htm

Thanks so much!

That looks like our next move. We have been sort of dangling... We also need to go back and have another chat with our attorney. Maybe NOW he is ready to play a little rougher.

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Sample Letter that Lawyers use for this

Qualified Written Request under the Mortgage Servicing Act of RESPA and Request for Information Related to the Owner and Holder of Note under the Truth in Lending Act

In the Matter of:
John Q. Public
Mary E. Public
XXX
City State ZIP
SSN:
File Date:
Our File No:
Your Account No: 1234567890

Dear Sir or Madam:

Please treat this letter as a “qualified written request” under the Federal Servicer Act, which is a part of the Real Estate Settlement Procedures Act, 12 U.S.C. 2605(e). This request is made on behalf of my Clients, the above-named debtors, based on the pending dispute in their Chapter 13 case about the proper application of payments from the Chapter 13 Trustee and from the debtors to interest, principal, escrow advances and expenses (in that order of priority as provided for in the loan instruments); about your use of suspense accounts in connection with your receipt of Trustee’s and debtors’ payments; about your use of legacy late charges with respect to post-petition mortgage payments; about your use of automatically triggered property inspections and broker price opinion charges and fees based on pre-petition legacy accounting for pre-petition arrears; and about legal fees and expenses that have been attached to this account in the form of corporate advances that have neither been applied for nor approved by the United States Bankruptcy Court. Specifically, I am requesting the following information:

1. A complete and original life of loan transaction history prepared by the Servicer from its own records using its own system and default servicing personnel.

2. A copy of your Key Loan Transaction history, bankruptcy work form, or XLS spreadsheet of all accounts associated with this mortgage loan (this would include both recoverable and non-recoverable and restricted and non-restricted accounts).

3. The Transaction Codes.

4. The Code definitions in plain English.

5. Please attach a copy of the MERS Milestone Reports and MIN Reports.

6. Please identify the full name, address and telephone number of the current holder of the original mortgage note including the name, address and phone number of any Trustee under the Trust or other fiduciary. This request is being made pursuant to Section 1641(f)(2) of the Truth In Lending Act, which requires the servicer to identify the holder of the debt.

7. Copies of all collection notes, collection records, communication files or any other form of recorded data with respect to any communications between you and the debtor.

8. An itemized statement of the full amount needed to reinstate the mortgage as of the date of your response along with an itemized pay-off statement.

9. Copies of all written or recorded communications between you and any non-lawyer third parties regarding this mortgage (including but not limited to LPS Desktop communiqués, NewTrak communications, NewInvoice transmittals, Newlmage transmittals, electronic communications by email or otherwise, collection notes, and any other form of written or electronic document related to the servicing of or ownership of this loan).

10. All P-309 screen shots of the history all of the accounts (principal, interest, escrow, late charges, legal fees, property inspection fees, broker price opinion fees, statutory expense fees, miscellaneous fees, corporate advance fees, etc.) associated with this loan.

11. In accordance with Section 131(f) of the Truth-in-Lending Act, 15 U.S.C. Section 1641(f), please provide me with the full legal name, street and mailing address, and telephone number of the true owner and holder of the promissory Note signed by my clients and secured by the deed of trust in my clients' mortgage loan referenced above.

To the extent that the servicer of this mortgage loan has charged the debtor’s mortgage loan account, subsequent to the filing of their bankruptcy case, any appraisal fees, broker price opinion fees, property inspection/preservation fees, legal fees, bankruptcy/Proof of Claim fees, recoverable corporate advances and other fees or costs that were not disclosed to the debtor(s) and approved by the bankruptcy court, the debtor(s) dispute(s) any such fees and costs and specifically requests that the account be corrected.

With best regards, I remain.

Very truly yours,

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EVERYONE ought to read this post by bobbyw24 right here!

Email this to everyone you know. EVERYONE with a mortgage ought to do this.
We did, about a year ago. We called a week after we faxed it and confirmed they got it. They wrote us and asked if they could talk to our attorney, we said, "OK, but you have to talk to us, too." (Our attorney really did NOT want involved, we have a slightly more amiable one now.) They NEVER RESPONDED to us or our attorney. After the time was up, we stopped sending them money. Next, we got three notices: First, they said they had sold the note to another servicer. Then they said they were turning us to collections. Then they sent us a packet to complete for a loan modification (we never requested it.)
The new servicer keeps sending us things "welcoming" us to their company and asking for money, and now they want to "help" us, too. We have not acknowledged they exist, although I am considering calling and asking if they would like to join me in a complaint against BofA, as they were sold my note under highly suspect circumstances.

We sent nearly $50K to someone for this house, and now we cannot figure out who got our money, or who has our contract, or who has the deed to the house. If you do not know where you money is going or why, do you really want to keep sending it away? And if you only think you know, you probably are wrong.

Love or fear? Chose again with every breath.

If the letter gets NO RESPONSE-Get DAMAGES

Dodd-Frank Act: QWR Timelines Shortened and Other RESPA and TILA Changes

by Kevin T. Dobie
Usset, Weingarden & Liebo PLLP – USFN Member (MN)

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010. The Act changes the timelines for qualified written requests (QWRs), prohibits various servicing practices, significantly raises the stakes for certain RESPA violations, and makes a few TILA changes.

Shorter QWR Timelines
Servicers now have less time to acknowledge and respond to QWRs. The Act changes the acknowledgment deadline for QWRs from 15 days to only 5 days. The Act also changes the substantive response deadline from 60 days to just 30 days. It does allow a 15-day extension, if the borrower is notified of the extension and the reasons for the delay; but even with the extension, the time frames are still short enough that servicers must act quickly. Procedures for promptly responding to QWRS are now even more imperative.

Important QWR Practice Tip: Designated Address
If a servicer has not already designated an address for QWRs, now is the time to do so. A servicer may set up a specific and exclusive address for QWRs by sending notice to the borrower in a notice of transfer, or a separate mailing. 24 C.F.R. § 3500.21(e)(1). Such an address should help servicers process these requests in a timely fashion. The address will also protect servicers from liability, if the borrower sends the QWR to the wrong address.

General Prohibitions & Requirements
Servicers should also be aware of the new general RESPA prohibitions regarding force-placed insurance, as well as charging fees for responses to QWRs and general responses. The Act imposes new requirements for escrow accounts. For example, after receiving a full payoff, any escrow balance must be returned within 20 days. The Act also implements a 10-business day deadline to respond to a request for the identity and address of the owner, or assignee, of the loan.

Damages

The Act raises the available damages for failing to respond to RESPA requests as required. The available damages for each violation under 12 U.S.C. § 2605 changed as follows:

(1) Individuals: actual damages plus $1,000 increased to actual damages plus $2,000; and

(2) Class Actions: the cap for class action lawsuits increased from the lesser of $500,000 or 1 percent of the servicer’s net worth to the lesser of $1,000,000 or 1 percent.

http://www.usfn.org/AM/Template.cfm?Section=USFN_E_Update&Te...

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Just remove the Ch 13

Just remove the Ch 13 bankruptcy language and you are good to go

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Nice find!

But this is specifically for a response to a foreclosure, it seems. Can it be used (altered, of course) to demand the original note when no bankruptcy is at hand?

I may not know the truth, but I know when I'm being lied to...

NO it is NOT just for people in foreclosure or in bankruptcy

I send one out every year to my servicer to make sure that escrow is correct and that payments are being properly applied.

The letter is used by better consumer lawyers in the US.

I posted it to help all DPers who own homes

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I want to know the same

I want to know the same thing. I want to send my servicer a request on a current good standing mortgage.

Should this letter be notarized copied and the copy

sent via return receipt (proof it was delivered I forget what it's called)?

AND THE TRUTH SHALL SET YOU FREE

My attorney had me call a week after I faxed it.

I noted the name of the person I spoke with and the time and date of the call, then sent that info to my attorney.

Love or fear? Chose again with every breath.

Certified Mail.

And yes, have it notarized so there is no question about your signature. Can't hurt. What you want here is an acknowledgment that they received your letter. That is 'proof' you sent it. That is all that is needed in court. Proof they received it.

This is where they 'dishonor' themselves under unified commercial code if they 'ignore' your requests after it shows for the record they received it. They must respond or you win.

Please post any results to your Mortage queries.

I'd like to get a feel whether this is a dream scenario or just the PTB stalling until they get laws passed in their favor.

I hear people say: But you made a contract and you should stick to it.

Well maybe. This whole mortgage loan industry is a monopolized racket. I had no negotiating power. It's here sign these, it will cost you such and such for the rest of your life. essentially.

The whole way it is done is accounting trickery/treachery.

To me a loan for 100K @ 10% interest should total 110K

If they need more then just make it plain. Say 50% Then 100K would cost 150K Seems well reasonable. The first 50K paid back is all interest and then the principle.

The way it is done is that a 100K loan will cost you 600k. Insane! they call it 7% interest. That's 600%

My numbers are not of actual values... but not far off.

So No I do not feel bad for taking any advantage over this monopolized racket.

Homeonwers entered into a contract where they would

know with absolute certainty that they were paying the correct people and their payments would be accurately accredited to their account.

However, with MERS homeowners don't know who holds the note nor if they are paying the correct people or not. The could make every payment for 30 years and then realize their money was going into a black hole!

They also relied in good faith on the mortgage company to abide by the local laws of property and title assigments. The bankers have perpetuated this fraud not the homeowner!

EXACTLY!

I am SO tired of hearing about "overbought" and "can't do math."
Money was tight, don't get me wrong, but we had not missed a payment. Not one. We asked to see the note, they acted VERY suspicious, we quit sending money. Now they get their media goons to smear me, and half the DPers buy the lie when they ought to be calling their mortgage company and demanding to see the note.
THEY CANNOT ACCOUNT FOR THE MONEY I SENT NOR THE DOCUMENTS I SIGNED. That is in NO WAY, my fault.

Love or fear? Chose again with every breath.

Sounds Right By ME!

Tip of the Hat to you Sir!

All this is not

to even mention that they don't even have the money... They create it "out of thin air"... You create their Wealth!
They should pay you!

.. I need you to create 100K... I'll pay you back 90K in real money.

It's all insane.

Is this the Black Swan event

That will bring the whole thing down?

No clear title, no foreclosure. No threat of foreclosure, no mortgage payments. No mortgage payments, no profits for banks. No profits for banks, no deposits--runs on banks! No deposits, no banks. No banks, no loans. No loans, no residential or commercial real estate business. No real estate business, no economy. Plus hyperinflation as they try to stop the runs with a printing press.

As I said in another thread: invest in precious metals: gold, silver, brass and lead.

This article sheds new light on why the robo-signers

where signing these docs.

Excerpts:
I
These robo-signers are signing affidavits that state that certain documents needed to foreclose had been “lost, or destroyed”… in every single instance at every single financial institution? What are we talking about here? A “mass misplacement”? The “widespread destruction of critically important paperwork?” Wow… now that’s quite the coincidence, wouldn’t you agree? Downright spooky.

II
Why are the banksters finding it necessary to fraudulently and flagrantly create documents in order to foreclose on homes? What’s the problem here?

The answer is as simple as it is universal. Banks are falsifying documents and having robo-signers sign things because they’re trying to hide the fact that the notes were never assigned to the trusts that are now trying to foreclose on the homes. The trusts are quite simply empty. They hold nothing inside them. Certificates in the trusts that facilitated the sale of mortgage-backed securities to investors all over the world are missing the “mortgage-backed part.” Now the trusts want to foreclose, but they can’t prove they hold the loans… BECAUSE THE FACT IS… THEY DON’T.

III
“The banks simply digitized mortgage titles into a privatized system, called the Mortgage Electronic Registry System (or MERS),” he said. “And it did the transfers by trading Excel spreadsheets among the banks and trusts, rather than endorsing the notes as required by their own contracts, by state real estate law and by IRS rules.” He stated that 60 million properties are recorded in the name of MERS — 60% of the mortgages in the USA, and 97% of the loans made between 2005 and 2008.

http://www.godlikeproductions.com/forum1/message1218274/pg1

No, I'm one of those idiots who bought my house with cash

I'm not paying on my mortgage. I'm one of those idiots who bought a house with no mortgage. O-well, I didn't pay a huge amount. Moved to a relatively inexpensive part of the country.

I'm against paying interest. So I just couldn't bring myself to having a mortgage. So since I work online, I was able to move to a depressed part of the country and pay cash for a house that cost me about as much as a down payment to buy a house where I was renting previously.

So it was a bad move if I had really wanted to take advantage of the super low interest, but great not to have a mortgage. Makes me feel a little more free, which is always good. Now if we could just get rid of property tax......

hehehe - fishy has a mean idea...

Call and demand to see the note anyway. Pick a bank, any bank, or call them all... In the current climate, imagine how freaked they will be when they can't even find your account...
hehehe...

Love or fear? Chose again with every breath.

Wrong Victim

"Mean" is right. Why would you try to make some poor employee spin their wheels pointlessly? It isn't as if they own the bank, even if you hate banks and are willing to be so mean.

What do you think? http://consequeries.com/