6 votes

I just received a letter yesterday for a Fannie Mae Loan Modification

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Record Everything

Check your state laws. In VT, there aren't any consent laws for recording video and audio. If you don't know, start picking up the phone and answering with "Hi this is (name) and I will be recording this call for my own personal use".

You need to do this from the first call. Take snapshots of your letters that you get in the mail.

You can't keep enough records these days.

You should bring charges against them for fraud.

Go listen to episode 653 at this link (scroll down a little), and click the orange listen button for a pop up player. He starts talking about your specific problem at approximately 22:00 minute mark.

http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=4...

When you signed the note at the bank, they were supposed to take that to the Treasury window and discharge the debt under the 1933 Bankruptcy. Look at USC Title 12; Section 411.

There is no money; all public debt is to be discharged as I explain here: (Read the comments too)

http://www.dailypaul.com/244590/want-to-stick-it-to-the-bank...

Your home has already been paid (discharged); they are conning you into make monthly payments on a note that should have been discharged through the Treasury window.

We are to this day, still operating under the 1933 Bankruptcy.

Good work!

I'm glad to see the truth is starting to get out! People have to wake-up! There was never a loan to start with! The borrower is the lender to the bank! Without your promissory note there is NO money! NO where in the bank contract does the bank tell you this!

Do this....go to your county courthouse deed of trust records. Get the recorded deed the bank put on your house. Now look to see who signed the deed contract! You will find that the bank did not sign the contract! WHY? Because if the bank signed the contract then they would have to really loan you their money! By the bank not signing the contract this lets the bank not have to honor the contract...therefore they can take your promissory and deposit has a loan from you and give it back to you as a loan!

Couldn't have said it better myself!

You nailed it, right on the head. There is no money! The bank has zero skin in the game; they never loaned you anything.

You loaned THEM money by signing the note. Your signature is what created the Federal Reserve Notes (McFadden - Congress). They were broke-busted-couldn't be trusted, until YOU signed that note with your own handwriting; that's where the money came from.

When people finally wake up around here and understand what's really happening, you won't be able to find anyone, claiming to be a banker in this country.

We are ABSOLUTELY still under the 1933 Bankruptcy, and ALL public debt is to be discharged through the Treasury window.

People aren't aware of this (it's been hidden), therefor the banks are able to capitalize on their ignorance and trick them into paying for the home, once with the signature on the note; and again with $900.00 monthly payments.

The whole system is setup for confiscation. They just kick you out of your home that you've already paid for, and sell it to someone else and repeat the process - over and over and over and over again.

Send them this...

Why are you trying to get a modification when there was never a loan to start with? Send them this....let them know you know the truth!

Non-Negotiable
NOTICE AND DEMAND FOR FULL DISCLOSURE

Date:
From:

To:

ATTN: MORTGAGE LOAN DEPT.
Re: Loan Account #:
hereinafter "Loan", dated:
For property listed as:

Notice to the Principal is Notice to the Agent and Notice to the Agent is Notice to the Principal.
It has come to the Borrower's attention, after checking the records for the Loan, that there appears to be a material omission in the Loan agreement concerning the deposit and disposition of the Borrower's promissory note during the execution of the Loan.
Pursuant to Federal and State laws and regulations under the Home Mortgage Disclosure Act, the Truth in Lending Act, the Real Estate Settlement Procedures Act and the Mortgage Disclosure Improvement Act, the Borrower is hereby giving the Lender Notice and Demand for Full Disclosure of the terms and execution of the Loan. Please mail to the Borrower, certified and verified copies, or schedule an opportunity for the Borrower or his CPA to make a physical inspection of the following documents within twenty (20) days of the receipt of this Notice:
1. The original promissory note, front and back, associated with the Loan.
2. Any allonge, front and back, affixed to the Borrower's promissory note for endorsements.
3. All bookkeeping journal entries associated with the Loan.
4. The deed of trust associated with the Loan.
5. The insurance policy on Borrower's promissory note associated with the loan.
6. The Call Reports for the period covering the loan.
7. The deposit slip for the deposit of the Borrower's promissory note associated with the Loan.
8. The order authorizing the withdrawal of funds from Borrower's promissory note deposit account.
9. The account number from which the money came to fund the check given to the Borrower.
10. Verification that Borrower's promissory note was a free gift to the Lender from Borrower.
11. The name and address of the current holder of the Borrower's promissory note.
12. The name and address of the Lender's CPA and Auditor for the period covering the Loan execution.

This is the Borrower's good faith attempt to clear up any confusion in this matter before taking any further actions. Failure to respond within twenty (20) days of receipt will be deemed a dishonor of this Notice and Demand for Full Disclosure.

Sincerely,

Want proof that this is real?

Ask yourself the following questions:

1. Were you told that the Federal Reserve Bank Policies and Procedures as well as the Generally Accepted Accounting Principles (GAAP) requirements imposed upon all Federally-insured (FDIC) banks in Title 12 of the United States Code, Section 1831(a), prohibit banks from lending their own money from their own assets or from other depositors? Did the bank tell you where the funds for the loan were to come from?

2. Were you told that the contract you signed, the promissory note, was going to be converted into a 'negotiable instrument' by the bank and become an asset on the bank's accounting books? Did the bank tell you that your signature on that note, makes it 'money', according to the Uniform Commercial Code (UCC), sections 1-201(24) and 3-104?

3. Were you told that your promissory note would be taken, recorded as an asset of the bank, and then sold by the bank for cash, without "valuable consideration" given to obtain your note? Did the bank give you a deposit slip as a receipt for the promissory note you gave them, just as the bank would normally have to provide when you make a deposit to the bank?

4. Were you told that the bank would create a new account at the bank that would contain this money that you gave them?

5. Were you told that a check from this new account would be issued with your signature, without your knowledge, and that this new account would be the source of the funds behind the check that was given to you as a "loan"?

If you answered "No" to any of these questions, YOU HAVE BEEN CHEATED! How does that make you feel? It is now up to you to demand your deposit back and to challenge the validity of this bank loan Agreement. Since the banks and other lending institutions cannot allow "full disclosure" of your loan Agreement and cannot answer your challenges about it, their silence is the key, along with other necessary steps that can be learned by you, to get your deposit back and/or "payoff" their alleged loan to you.

Sorry for the multiple posts.

Sorry for the multiple posts. The website was acting weird and it didn't look like my post had actually posted but it had.

A few years back I tried to

A few years back I tried to get a loan modification as I was having a hard time paying my mortgage. My loan was with IndyMac which is now OneWest Bank. My experience was not good.
I gave them all the documents necessary for the modification. They approved me and lowered my payments from 1200 a month to around 800 a month. That was huge and it helped a lot. I payed my payments on time. Around the end of the three month trial period I had not heard anything from IndyMac/OneWest so I called. They told me they were backed up and to continue paying my trial payment and they would get back to me. This process started in June of that year so my trial was over in September. Every month I would call because I did not hear anything from September until December. They kept telling me they were still working on it and to continue paying trial amount. In January I still hadn't heard anything and again I called, finally they had told me that I had not been approved and that I was now on the hook for the difference of all the trial payments, about 400 dollars, plus the interest on it which came to be around 7500 dollars. Mind you, they were not going to call me to tell me this. They told me I had a month to pay the amount. I could pay the amount, short sale, or foreclose. Also, they started foreclosure proceedings on me and now my credit reflects that. Luckily my father came to the rescue with a loan for that amount. Basically it was a scam. No where in the documentation did it say if not approved you'd be on the hook for the difference plus interest on the trial period payments. I looked on the internet and there were a lot of people that get hit with this scam. Especially those who were not underwater and had put down a large down payment on the house. The bank could easily get the home and then resale for a profit. I would be very cautious about these programs.

A few years back I tried to

A few years back I tried to get a loan modification as I was having a hard time paying my mortgage. My loan was with IndyMac which is now OneWest Bank. My experience was not good.
I gave them all the documents necessary for the modification. They approved me and lowered my payments from 1200 a month to around 800 a month. That was huge and it helped a lot. I payed my payments on time. Around the end of the three month trial period I had not heard anything from IndyMac/OneWest so I called. They told me they were backed up and to continue paying my trial payment and they would get back to me. This process started in June of that year so my trial was over in September. Every month I would call because I did not hear anything from September until December. They kept telling me they were still working on it and to continue paying trial amount. In January I still hadn't heard anything and again I called, finally they had told me that I had not been approved and that I was now on the hook for the difference of all the trial payments, about 400 dollars, plus the interest on it which came to be around 7500 dollars. Mind you, they were not going to call me to tell me this. They told me I had a month to pay the amount. I could pay the amount, short sale, or foreclose. Also, they started foreclosure proceedings on me and now my credit reflects that. Luckily my father came to the rescue with a loan for that amount. Basically it was a scam. No where in the documentation did it say if not approved you'd be on the hook for the difference plus interest on the trial period payments. I looked on the internet and there were a lot of people that get hit with this scam. Especially those who were not underwater and had put down a large down payment on the house. The bank could easily get the home and then resale for a profit. I would be very cautious about these programs.

A few years back I tried to

A few years back I tried to get a loan modification as I was having a hard time paying my mortgage. My loan was with IndyMac which is now OneWest Bank. My experience was not good.
I gave them all the documents necessary for the modification. They approved me and lowered my payments from 1200 a month to around 800 a month. That was huge and it helped a lot. I payed my payments on time. Around the end of the three month trial period I had not heard anything from IndyMac/OneWest so I called. They told me they were backed up and to continue paying my trial payment and they would get back to me. This process started in June of that year so my trial was over in September. Every month I would call because I did not hear anything from September until December. They kept telling me they were still working on it and to continue paying trial amount. In January I still hadn't heard anything and again I called, finally they had told me that I had not been approved and that I was now on the hook for the difference of all the trial payments, about 400 dollars, plus the interest on it which came to be around 7500 dollars. Mind you, they were not going to call me to tell me this. They told me I had a month to pay the amount. I could pay the amount, short sale, or foreclose. Also, they started foreclosure proceedings on me and now my credit reflects that. Luckily my father came to the rescue with a loan for that amount. Basically it was a scam. No where in the documentation did it say if not approved you'd be on the hook for the difference plus interest on the trial period payments. I looked on the internet and there were a lot of people that get hit with this scam. Especially those who were not underwater and had put down a large down payment on the house. The bank could easily get the home and then resale for a profit. I would be very cautious about these programs.

I found out that this is a gift

I just talked to a mortgage councilor and she basically said that $663 was a gift, take it and said the reason for this was most likely from the National Mortgage Settlement, Wells Fargo's part is 4.34 billion to help home owners.
She said $663 was about 25% of our income and they do that sometimes.
She also said that Wells Fargo already knows the terms and that $663 should stay that.
She said, after telling her our expenses, that they probably came up with that number by forgiving some principal.

So me and my wife are going to do it!
We will send $663 by NOV 1st!

We make $3131

and at 31%, our payment will be $961, that sucks, will it go up that much?

I found a forum

that helps with all this stuff http://www.loansafe.org/forum/index.php

this forum

has all the answers and is very helpful about mortgages!

Your letter

Hi Brian. I actually used to work for a couple of different large banks in the loan modification department where I spent my days speaking to people just like you. After reading your post, it definitely sounds to me that you're a victim of a very common scam in reference to the guy that promised you he'd "pay" off your mortgage for you. I'll say right now that I don't know anything about paying off your mortgage using the U.S. Treasury, Federal Reserve and the IRS, but you know what they say when something sounds too good to be true... Your situation sounds very similar to another scam I'm familiar with though.
I've spoken to hundreds of people who were duped into an agreement with unscrupulous individuals who guaranteed them a modification. Specifically: lower interest rate, reduction in principal balance, lower payments, or simply fixing the rate for those unfortunate people who received an adjustable rate mortgage and suddenly saw their payments increase dramatically when the "teaser" rate expired. Usually the scammer tells you that you need to stop making your payments first because that's the only way the banks will help you. In exchange for the modification and representing you to the banks, they would usually charge a homeowner anywhere from $500-$8,000, but most of the time it was $1500-$3000. After they get your money, they usually stop returning your calls.
Did he charge you for his services?
At the end of your post you mention," the FBI seized all his paperwork and proof that my house was paid for". So did he send you any shred of documentation indicating that he was successful in paying off your mortgage or is this something he simply claimed verbally when you would talk to him?
As for your questions:

#1 In my experience, I never saw anyone denied a loan modification after they completed the 3 month trial period. In addition, i never saw anyone given a modification without first completing the 3 month trial period. Keep in mind that you usually won't get the actual modification documents until after you complete the trial period.

#2 Typically the trial period amount will be the same as the modified amount. I would however call the bank and make sure what they are offering you is a PERMANENT FIXED RATE loan modification. It probably is but I've seen banks offer something called a steprate modification where they fix your rate for a year and then gradually increase it every year until it reaches a "ceiling", typically around 6%. Like i said, it's probably permanent but it's best to call and ask.

#3 I've seen banks offer modifications with only the borrowers income and i've also seen them offer a mod including a spouses income. Since they are already offering you a modification, I'm assuming you've already provided them with your household financial info and those figures are most likely what they are basing their offer on. 31% of your gross income is typically what banks think people SHOULD be able to afford and that is usually their general target when reviewing for a modification from what i understand. For example, if your gross household income is $1000 then they will try to make it so that your mortgage payment (including taxes, insurance and homeowners association dues) are no more than $310 per month.

#4 Hopefully my above comments answered your fourth question. Please keep in mind I'm not offering legal advice, I'm simply speaking from my own experiences. =)

Hope that helps.

thank you

Did he charge you for his services? yes $7200

So did he send you any shred of documentation indicating that he was successful in paying off your mortgage or is this something he simply claimed verbally when you would talk to him? I do have a copy of the UCC1 filed with my county and the Sec of State

as far as #3, We havent talked to Wells Fargo in two years, except submitting files in court.

thank you very much for your insight

You're most welcome

It's quite sickening actually, the major reason they advise you to stop making your payments is simply because most homeowners needing this type of help are extremely tight on cash and the only way to free any up is to stop paying your mortgage. Then when your bank initiates foreclosure proceedings your advocate is nowhere to be found. To make matters worse, the banks are inundated with people asking for help and they have an extremely convoluted process to determine who is eligible. I finally ended up quitting because I couldn't handle the stress anymore. People would call in tears asking for help, people who were very deserving I felt. They would jump through all the hoops, provide all their financials and wait several months only to be denied. In my experience out of 100 people, maybe 10-15 would get some sort of assistance and often not enough to make any difference. So Im glad you were able to at least get a mod approved.

Depends...

But for certain you need legal advice yesterday. Hire a trustworthy attorney. Not a friend or relative.

scawarren's picture

Have you ask Wells Fargo to

Have you ask Wells Fargo to produce the note/ deed?

Individualism-
To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle which any human being can fight; and never stop fighting.
e.e. cummings

Good Idea

I believe I saw a news story indicating that they sometimes have trouble keeping such records, without which they have no grounds for foreclosure.

Also they may have they sold the loan a time or two, which might explain their lack of ability to retain the document.

___________________________________________________________________________
"Bipartisan: both parties acting in concert to put both of their hands in your pocket."-Rothbard