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As Regulators and Banks Review Foreclosures, We’ll Be Watching

As regulators launch an unprecedented plan to compensate victims of wrongful foreclosures, ProPublica will be watching closely.

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A bank-owned sign stands outside of a foreclosed home on June 15, 2009. Regulators are launching an unprecedented plan to compensate victims of wrongful foreclosures in 2009 and 2010. (Photo by David McNew/Getty Images)

The country's bank regulators are launching an unprecedented plan to undo some of the damage done by mortgage servicers, compensating victims of shoddy or illegal foreclosure practices. Part of the plan involves a massive outreach effort to contact the potentially millions of borrowers affected.

Exactly how this will unfold is, for now, unclear; if regulators hold true to form, the process figures not to be transparent. Homeowner advocates applaud the idea of the banks righting their wrongs but are skeptical the process will be thorough and fair. The regulators don't "have a good track record at identifying or fixing servicer misbehavior," said Diane Thompson of the National Consumer Law Center.

ProPublica will be watching closely. We'd like to hear from current and former homeowners who wrongfully faced foreclosure in the last couple of years. Much as we've tracked the administration's mortgage modification program, we'll be tracking what happens with these cases.

Last week, regulators released "consent orders" that laid out problems at many of the country's biggest servicers (see sidebar for the list), which collectively handle almost 70 percent of the country's mortgages. The orders followed an investigation prompted by widespread revelations last fall that servicers were regularly filing false affidavits signed by so-called "robo-signers." According to the orders, regulators found that servicers weren't properly evaluating homeowners for loan modifications, had wrongly foreclosed on some homeowners, and in addition to doing a generally poor job, had broken the law. (None of this should surprise those who've been reading our coverage.)

You can see the regulators' report on their investigation and all of the orders here.

To fix the ongoing problems, the orders lay out broad principles that servicers should follow -- basics such as having sufficient staff, training them adequately, not losing documents, etc. But because the orders are so general, borrower advocates have been vocal in saying they won't be enough to fundamentally change the industry's cost-cutting ways or to ensure that homeowners are properly evaluated for a modification.

The orders include a requirement for the banks to do foreclosure reviews to address problems that have cropped up during recent years. The process will start immediately but won't culminate until early 2012.

Each bank is required to hire an outside firm to review all of its foreclosure actions in 2009 and 2010. The firm will be tasked with looking for certain violations (see our list below), ranging from robo-signed affidavits and forged documents to foreclosure sales that occurred without a proper review for a modification. Based on those findings, banks will compensate the victims, or as the orders put it, "remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies."

So, how exactly will this work? Many of the details remain unclear, but we spoke to regulatory sources who provided some additional information.

Over the next couple months, the banks will hire the outside firms to conduct the reviews. The actual reviews are expected to begin this summer. They are supposed to cover all mortgages that were in the foreclosure process at any point in 2009 or 2010, but because that involves more than 3 million loans, the firms will use sampling to do their analysis.

The process won't be strictly internal, however. Regulators also will require some form of outreach. It's likely, for instance, that all the banks will be sending letters to every homeowner who was in foreclosure in 2009 or 2010.

Of course, some of these people are likely to be former homeowners who may well no longer reside at the same address. There might also be a kind of ad campaign, but regulators acknowledge these people will be tough to reach.

However it's done, there will be some way for homeowners to submit their complaints to banks. Those who think they might be eligible for reimbursement or remediation should "get their documents together," said one regulatory source. When the reviews launch in the summer, it should become clear exactly where those complaints should go. (You can be sure we'll post that information when it's available.)

It's still anyone's guess what will happen after complaints are submitted. Among the important unanswered questions: whether the review will involve homeowner interviews; how the outside firms will investigate claims of violations; whether those who complain will receive some sort of explanation if they're denied; and how banks and regulators will calculate what victims are owed.

Thompson, of the National Consumer Law Center, said she worries the reviews will "shift the burden onto homeowners" to prove they were wronged. Homeowners won't necessarily have kept the documents that demonstrate harm, she said. Even those who do have documentation may not know they were wronged, she added. They wouldn't know, for instance, whether the fees they were charged were improper or whether they were considered for a modification.

If the reviewers do no investigation of their own and simply reply on homeowners to submit proof of wrongdoing, she said, it will miss most of the problems: "The process and remediation will serve as a whitewash for servicer misbehavior without actually either remediating past errors or preventing future ones."

The reviews are expected to culminate late this year or early next year, when checks are scheduled to go out to victims. Regulatory sources told us that the total amount sent to eligible homeowners would likely be disclosed. Even before this phase, observers may get a hint of what's happening if, as expected, regulators levy financial penalties against the banks. The findings of the reviews will determine the size of those penalties, regulatory officials said.

Regulators have done similar reviews in the past to compensate victims of bank wrongdoing, but not on this scale. In 2008, the Office of the Comptroller of the Currency (one of several regulatory agencies for the biggest banks and servicers, such as Bank of America, Wells Fargo, JPMorgan Chase, and Citibank), oversaw a process that resulted in Wachovia Bank issuing $150 million in checks to more than 740,000 consumers for the bank's role in a telemarketing scam. Regulators acknowledge, however, that the foreclosure reviews, which will involve 14 banks, millions of consumers, and billions of dollars in claims, is in a class of its own.

If you think you're a borrower who should be compensated through this process, we want to hear from you. We also want to hear from homeowners who have mortgage servicers not covered by this process (there are some large ones), because they might be covered by efforts from other regulators down the line.

Here’s the language from the Consent Orders that describes the scope of the foreclosure review:

The purpose of the Foreclosure Review shall be to determine, at a minimum:

(a) whether at the time the foreclosure action was initiated or the pleading or affidavit filed (including in bankruptcy proceedings and in defending suits brought by borrowers), the foreclosing party or agent of the party had properly documented ownership of the promissory note and mortgage (or deed of trust) under relevant state law, or was otherwise a proper party to the action as a result of agency or similar status;

(b) whether the foreclosure was in accordance with applicable state and federal law, including but not limited to the SCRA and the U.S. Bankruptcy Code;

(c) whether a foreclosure sale occurred when an application for a loan modification or other Loss Mitigation was under consideration; when the loan was performing in accordance with a trial or permanent loan modification; or when the loan had not been in default for a sufficient period of time to authorize foreclosure pursuant to the terms of the mortgage loan documents and related agreements;

(d) whether, with respect to non-judicial foreclosures, the procedures followed with respect to the foreclosure sale (including the calculation of the default period, the amounts due, and compliance with notice periods) and post-sale confirmations were in accordance with the terms of the mortgage loan and state law requirements;

(e) whether a delinquent borrower's account was only charged fees and/or penalties that were permissible under the terms of the borrower's loan documents, applicable state and federal law, and were reasonable and customary;

(f) whether the frequency that fees were assessed to any delinquent borrower's account (including broker price opinions) was excessive under the terms of the borrower's loan documents, and applicable state and federal law;

(g) whether Loss Mitigation Activities with respect to foreclosed loans were handled in accordance with the requirements of the HAMP, and consistent with the policies and procedures applicable to the Bank's proprietary loan modifications or other loss mitigation programs, such that each borrower had an adequate opportunity to apply for a Loss Mitigation option or program, any such application was handled properly, a final decision was made on a reasonable basis, and was communicated to the borrower before the foreclosure sale; and

(h) whether any errors, misrepresentations, or other deficiencies identified in the Foreclosure Review resulted in financial injury to the borrower or the mortgagee.

Thanks, Paul.
1.)  Please put loan mods back into the home page header, it got bumped out this week.

2.)  Please tell us who is overseeing the contractors - whom can we contact to insist on oversight that is rigorous? We can at least ask for them to have our backs. Is it the OCC? Please tell us it isn’t.

3.)  Readers who have PO boxes, at the post office or a ‘mail box’ store, should use that address in all correspondence with the lender and local property tax agency. Maintaining a post box costs $40/yr. or less and is a godsend in situations like this, where after-the-fact contact is needed for f.c. families. Using a current email address, a post box address - these are ways to make sure you are found. Keep your same cell number also. FWIW, those who used a lawyer or non-profit (or government) housing agency will be reachable thru those professionals. Let’s not give the “I could not reach them” excuse to the banks.

Starry - OCC is handling compliance.

Well done, Paul.  Although Thompson expresses concern over the “burden of proof being placed upon homeowners,” I can guarantee we ALL have MORE THAN ENOUGH proof of wrong doing in our files, especially in dealing with CHASE.  Aside from emails from Chase employees, transcripts of endless circles of conversations, I also have my forensic audit - INCREDIBLY REVEALING.  Talk about corrupt.

Let’s see what happens. It’ll definitely be interesting. :)

Great article.  I just discovered your site a few days ago and I have already put you on my bookmarks.  To wit:

Given the history of government regulators and their seeming ability to miss things right under their noses, there MUST be close scrutiny by others and ProPublica can be that scrutinizing party.  What needs to be guarded against: The banks hiring firms that have direct or indirect ties to them through holding companies and the like.  Reviewers need to be from companies that are not financial beholden to the banks. Remember wen we got into this mess, it was largely because the Feds, under GW Bush accepted the industries promise to police themselves.  Poppycock!  History did indeed repeat itself there: re the Great Depression.

Well done Paul. Does anyone know if commercial real estate foreclosures will be included in the review?
Thanks

Who pays my $8,500 hospital bill from a horrible panic attack I had last summer when IndyMac/One West was constantly losing my paperwork and threatening to foreclose—-and what about the people that DIED from heart attacks?  Who is looking into that? 

At least Propublica makes us feel like we’re not alone…God bless them for that!

Congratulations on the Pulitzer…you guys deserve it!

What about Saxon Mtg Services subsidiary of Morgan Stanley & Deutsch Bank. they foreclose on you then send you modification papers with a trial payment hold all payments in a suspended acct
take 3 payments to make one monthly payment which the trial payment is in place for and add $70,000.00 interest on to your loan at.
I wnt to a Congressman, Assemblyman, Attorney Genral of New Jersey
Attorney General of Texas, Banking and Insurance CEO of Saxon,
Federal Trad Comm.and also the orgianal Attorney that foreclosed on me, This going on for 2 years and I have gotten no help at all. But the bank, auto, Fannie Mae Freddie Max etc got billions of dollars. Saxon
has so many complaints by the goverment does nothing about them.
its time they get what is coming to them.

Pauk:

Very nice article but this whole alleged process to right criminal wrongs misses the point completely and is being designed by the bad guys to cover up.

If you stand back and look at the forest instead of the trees, you will see that REAL problem here was and is the courts. Banks and their hand picked attorney have purchased the court system. .

If the judges handling foreclosures wanted to open their eyes to the crimes being committed, this entire fraudulent loan and then foreclosure process would have been shut down years ago, right in its tracks. 

It took 40 years to stack the courts with these bought off jurists but the Banksters and Big Business did a very good job, slowly chipping away at the 3 estate one judge at a time, one ruling at a time.

The laws to stop this garbage have been on the books for almost as long as this country has existed but they were ignored by a selected few,  to the distinct disadvantage of millions.

Only a very few jurists saw the law as more important than their position, Judge Schack in NY is one and there are a few others. Most didn’t want to miss out on the Law firm habdling foreclosures Christmas Parties, the use of those same firms vacation homes and the like,  that are the"quiet quid pro qou” that goes on all over this country daily. What’s really sad is these selected jurist are just small time politician that get bought up for chump change.

I remember a time when litigants and the lower courts had to turn square corners and if they didn’t there were appellate courts to right the process. Now we have the likes of Sam Alieto and Clarence Thomas to make it certain that the entire mess is covered up.

BUT Paul-please keep scratching. This mess is big enough and bad enough that even the likes of Alieto and Thomas won’t be able to stop the collapse of the American Empire.

Again, looking at the forest-this entire empire was structured on trhe ability of individuals to own land (and real property), that system is going down day by day and once its gone, so is this empire.

‘The regulators don’t “have a good track record at identifying or fixing servicer misbehavior,”

YA THINK?

“remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies.”

ALL FINANCIAL INJURY?  THAT’S A JOKE, RIGHT?

‘Thompson, of the National Consumer Law Center, said she worries the reviews will “shift the burden onto homeowners” to prove they were wronged.’

OF COURSE IT WILL!

‘It’s still anyone’s guess what will happen after complaints are submitted.’

PROBABLY ANOTHER TYPE OF FRAUD…

I DON’T KNOW ABOUT YOU, BUT I HAVE OUTRAGE FATIGUE…

AND WHAT OF MERS, CHAIN OF TITLE, ILLEGAL SECURITIES SHENANIGANS, AND THE WALL STREET FRAUDSTERS THAT BEGAN THIS WHOLE THING? AND OUR GOVERNMENT WHICH AIDED AND ABETTED?

SOME QUOTES:

“the mortgage industry never received legislative authority to replace the traditional paper trail of local property records with an electronic data base (MERS). “We don’t have that chain of title anymore. Hence lenders are now scrambling as they endeavor to foreclose on loans, to come up with the requisite paperwork.”

“They’re working at the margin of the ability to foreclose,” maintains Georgette Phillips, Professor of Real Estate at The University of Pennsylvania’s Wharton School. “This entire debacle is a symptom of the Wild West, ‘shoot first, ask questions later’ attitude of the securitization industry that took hold of the mortgage process.”

Where do we go, and what do we do to get help? When I read articles like this instead of feeling better (maybe help is on the way) I feel a deep sense of hopelessness. So much talk, so little action for those who need help. I remember calling Bank of America just for to refi and was appalled at the fact they would not even call me back. No foreclosure, top credit rating, longtime BofA customer. I can’t imagine what those in need of loan modifications went/go through. President Obama said we need more transparency…....it appears it won’t be in my lifetime. Books are written, experts go on talk shows to give their points of view…...........I would love it if Charlie Rose had a group of people whose homes were foreclosed and those who tried to get loan modifications. That would be a glimmer of hope.

We will know in 45 days if this is real or not. The banks have 45 days or May 28 to sign a letter of intent with a independent firm and submit a plan for the Foreclosure Review (Article VII of the Consent Order). The question is will the banks hire a firm that knows what they are doing or not.  The right independent firm will know what to look for in review and will design the program accordingly.  It remain to be seen if OCC will allow the banks to hire a non qualified firm to provide the service.  The banks plan for review must be approved by OCC.

Remember, the banks must hire a firm, I suspect an accounting firm that knows and does real estate and auditing work, that is NOT financially beholden to them.  Unilike when I was growing up in the 60s and 70s, banks have their hands in everything now.

acmodspecialists

April 21, 2011, 10:29 p.m.

As always, Propublica is on top of this issue excellent article, The first and most important and fundamental problem that I see: “Each bank is required to hire an outside firm to review all of its foreclosure actions in 2009 and 2010. This is the same as asking the felony to check himself it had done any wrong doing are you kidding me??? This review should be done by a completely independent agency with no ties to Banksters

acmodspecialists

April 21, 2011, 10:32 p.m.

Gary, Yes even if it was commercial as long as it was a wrongful foreclosure and you have proof It should be ok

Let me tell you how all this will turn out. If the regulators investigate and find wrong doing on the part of the lenders in the transaction, they will make a deal with the injured homeowner for a few bucks and get them to sign a waiver that they will not pursue further action against the lender, courts, judges and the like. Make a note of this because this is how it will be. The regulators did not do their job in keeping this mess from happening in the first place so I’m sure they are not going to penalize the lending institutions for carrying out the orders of the federal government.

acmodspecialists

April 21, 2011, 10:53 p.m.

One more thing.. How an outside firm hired by the Banks is going to to review the whole Ponzi Scheme that was no more than a lot of digitized fakery? The mortgage loans that never existed and the scammers that just digitized all of the fraud on Wall Street? If there was never anything to securitize. It was all just an illusion.  They took that illusion/ deception and tricked a lot of innocent people into thinking they owed a mortgage and were buying a home or investors were investing in Mortgage Backed Securities. Then the scammers used Mortgage Derivatives like CDO’S and speculated wildly on their WALL STREET CASINO and made trillions off of thin air like the Enron Business Model. 60 trillion on Mortgage Derivatives in 1999 alone… They used digitized fraud to make it all look real and then created many ways to dice up the fakerey to hide who they were like the origination fraud, MERS and Foreclosure Fraud. The criminals made trillions off of the mortgage derivatives scam with their use of algarhythms to hide the fraud and the fakery. The mortgage loans and the MBS’s were all no more than a grand illusion for Wall Street to speculate on. That is why they never had any skin in the game. THE LOANS NEVER EXISTED.. IT WAS ALL A GIANT PONZI SCHEME RUSE.

I just found out that the house next door which was foreclosed on is selling for a ridiculous price.  How the heck does this work?

Let me say this is a struggling neighborhood about 60 percent white and 40 percent minority.  It’s not a slum but its hard hit. 

The prices of houses I hear people talk about here will probably make most of you wonder what kind of dump I live in but its not a dump, it sure as heck ain’t fancy but not a dump and I have done a lot with it.

I bought my house in 1993 for $43,000.  Due to having a lot of credit card debts I refinanced and now the principal I owe is $69,000. 

About 5 years ago, before the bottom fell out, the house next door to me which is about the same as mine, different layout and about 500 sq. ft more living space but it had an old roof and mine was brand new.  Anyway, about 5 years ago, right at the peak of high prices the house next door to me sold for $110,000.  That’s one reason I felt okay about borrowing like I did, I figured I still have some equity.

Well the house was foreclosed on last winter, I think probably the people just walked away but I can’t say really.  But I just found out it is for sale for $35,000.  I was thinking of trying to sell mine for what I owed basically.  I have seen a few houses in the neighborhood selling for around $70,000 to $75,000 but with one next door to me very similar to mine going for $35,000 I figure I have zero to zip chance of selling my house at all so maybe I will just say the heck with it too because this house is draining me of everything with taxes very high especially for what I get out of it, streets in bad shape, etc.

This whole thing just keeps getting worse and worse and I just don’t know what the heck is going to happen.  I need to find out what I would get a month in Social Security in 4 years because depending what it is I might be on the way out anyway.  I am already on disability but I get about $650 a month disability from my last employer but at 65 that ends and unless I get more for social security than I do for disability I’m sunk what with losing the $650.  I haven’t got any info what I would get on my Social Security if it still exists by then since we are being painted as being on the dole and draining the country.  NOTSO, what destroyed Soc. Security is all the “borrowing” they did from SS Funds for years and years and now we are painted out to be the ones ruining the country.

I would really like to go someplace peaceful and quiet for whatever time I got left but who knows what is going to happen.  I’ve had dental bills I couldn’t pay so I had to get my teeth pulled rather than fixed but now I have one in front and I really can’t see me missing a tooth in front if that happens then I give up I will never leave this house again because that is like wearing a sign say BIG FRIGGIN LOSER ON YOUR FOREHEAD.

acmodspecialists

This is just and FYI. Nothing in the industry has changes. Loans are still being boarded onto the Mers system as we speak.Mers still is not a party to the transaction and still has no right to foreclose.One thing, Mers is owned collectively by the big banks so if any of us think it will be dismanteled, we re mistaken.

to Anne in KC

To answer your question ( I am in a position of knowledge) how the houses are selling for rock bottom prices.
The lender continually monitors a property sited for foreclosure every three months. Once they get the property back, they send in a realtor and an appraiser to give written estimates based on the lenders desires and instructions: ie. the lender says they want “as is” value on the property meaning no repairs are to be made. They will also ask the realtor to submit a bpo or brokers price opinion. The lender will instruct the appraiser in some manner say they want a liquidation value that ill reflect a quick sale in 30 -90 days.Based on both opinions the selling bank will price the property less than the last sale or listing in the neighborhood so that they can attract bidders.Problem is, the next house that comes to the market through any lender will be handled in the same manner. My prediction is that as long as this process continues, houses won’t be worth a thing in the next few months or year.This method applies to all residential properties throughout the nation, low priced homes to mcmansions. Just thought you should know.

I find this whole thing ALMOST funny, hysterically funny maybe, like losing it.

Why do these money grubbing bankers act like you are trying to sever a limb or a major organ before they dare give you any kind of modification but then they go selling house for 30 percent of what they cost 5 years ago.

As usual nothing decent coming our way out of DC

Well, okay, get this, the house has been vacant for six months or so and its still sitting there empty.  It’s a pretty decent house, way better than my starter home and you can’t give it away apparently.

ok Anne,
If you are ready I will tell you how this works but you are not going to like it. I don’t like it either but here it goes. The lender takes the houses in foreclosure and does not want to make a mod or any deal that keeps the homeowner in the property. Why? Because if they do, the investors in the transaction are going to sue the lender for loss of income that leaves the banks and lenders to foreclose which washes out the investors interest along with the homeowner. When the property is sold, the lender gets all the money from the sale plus the interest and or servicing fees they have collected over time. Then, if that’s no bad enough, the F.D.I.C. comes along and pays the lender 80% of the loss, that is the difference between the sale price of the house and the loan amount that was in place to begin with. Then the final blow comes when the mortgage insurer shows up with a check that represents 17% of the loss. Figure it out. There is more money to be made by the lenders in foreclosure than modifications and they don’t get sued. Way to go, huh. As to ss, I know the gov stole the funds and replaced it with iou’s. Go to the ss site and check to see what you will get. ss will still be here in 4 years and I think you could be eligible for supplementary income.

Anne,
FYI, the house may be vacant but not yet a completed foreclosure.

You are right, i don’t like it but then I never dreamed I would either.

Everywhere I look, in the courtrooms, everywhere, crooks and liars doing just fine.

Anne,

I think we have lived in the world long enough to know the bad guys always make out. The good guys that keep their noses clean, head down, pay their bills on time and cause no problems for society usually get the short end of the stick.I know this from personal experience as so many of us do.

Somewhere along the line, someone is going to make some big bucks and it’s not going to be people like Anne in KC.  The banks will turn it around so they will look like the ‘knight is shining armour.’  I’ve worked public employment most of my life and I know why: The few jobs I’ve had with private entities. I and other employees were treated like dirt.  If a register did not balance at the end of the day, the copany assumed the employee was stealing..  The days of the frienly banker down the street are over. Yes, they still may live in the community, but their boses on Wall Street is calling the shots.

Okay, come on.  Where is the link for “borrowers” to use for help in this effort.  If enough of us spread the word, just think about how many people this will help.  Haven’t they gone through enough?  Give me the link, pretty please!!!!!!!!!!

Insanity:

It’s now been over a year of trying to get a loan mod with IndyMac/OneWest—-sending, resending, screaming on the phone, being nice on the phone, sending again, resending again, faxing, re-faxing, calling, searching the internet for help,—-then someone gave me a fax #  for an “escalation specialist”—-and I MASS faxed my info with letters of disgust to him—-( I also sent emails over and over to the “customer care” email address for OneWest Bank in Pasadena, CA), and finally I get a phone call ( I think they just got sick of my rantings), and get assigned an email address for my very own “escalation specialist”...Just to get that took 6 months…THEN of COURSE I had to send ALL the information AGAIN to him——oh, I forgot to mention that all this time I am getting things in the mail OVER AND OVER saying “We want to work with you to keep you in your home!”—-HUH?  As if I haven’t been doing ANYTHING all this time…Also I wrote to my “investor”—-Deutsche Bank—-in New York…THEY sent my letters to the SERVICER…
So…FINALLY someone decides my profit and loss numbers are acceptable (or they are just trying to pretend like they are helping me), and they send me a “trial payment plan”...I have made ONE payment—-I’m about to send my second one…but I told them in an email (and a QWR), that I would like the following information:

1. WHO owns my loan?

2. WHERE is my ORIGINAL promissory NOTE?

3. I would like a COPY of the Assignment of Mortgage…


And this is what I get over and over:

” I have forwarded your email to the appropriate department.”

I asked him yesterday:

” Why would I continue paying on a “trial plan” for a mortgage which you can’t even find this incredibly important information for? “

Nothing…

@ Anne in KC;
I understand completely your dilemma, but you have options.  Putting your house on the market today will not make any sense for anyone at this point; the competition is REO’s and there are millions of them.

The rental market is booming right now and will for a number of years to come.  Rent it!  It appears that you may be able to recover your monthly payment and perhaps taxes and insurance if your mtg payment is based in the 69k range (I hope you don’t have an ARM). 

Check http://www.rentometer.com for rates in your area, learn how to become a landlord and always always do background checks on potential tenants.  Check FICO, criminal, landlord references and judgements.  Don’t accept just anyone, it’s your home.  I use http://www.ezlandlordforms.com for application, lease and other documents.  When you go through the lease section, it will guide you and help you understand the laws in your state.  Then rent yourself.  Good luck and I wish you the very best!

acmodspecialists

April 22, 2011, 12:43 p.m.

Pam, great explanation

acmodspecialists

April 22, 2011, 12:57 p.m.

Annie in KC, you can also short sale your home, which means that the bank would be willing to accept the sale at the price value of the house , and you will be free and clear of that debt, In other words if you owe 69K but it sales for 35K they will accept the 35K as a settlement Its call short selling

I would like to know if there is a lawyer who is not afraid to go after
Saxon and does not want a million.

my original comment did not get posted for some reason. First of all I would like to thank all that have responsed back to me.

I called the Attorney Generals Office in Texas this morning and asked
why I don’t see Saxon being investigated for the fraud they are commitng against homeowners stated Saxon is not a National Bank but I may see some action beting taken against Saxon in 60 days I need action know not in 60 days. I continue to asked if Saxon is a subsidiary of Morgan Stanley and Deutsch Bank of New York they are under Federal Guildines would’t Saxon be under Federal Guildines he did not comment. Unless Saxon can prove to me it is legal to take
3 months trial payments put them together for one payment is illegal.

I have called and called and the majority of attorneys talk about
mediation well what about taking our money not putting it toward
our loan amt then adding lates fees and interest to your loan amt.

I have talked to several lawyers and they want a million plus an arm and a leg. did you know when you have a short sale the bank is
compensated by the goverment for the funds they lost in a short sale
the banks never lose we are the ones that lose.

Oh, you can also Land Contract sell but be sure your bank will allow for this.  Of course, if they don’t hold the note, they won’t know if it’s allowed or not, right?  Interesting thought…

Joe:

Lawyers are afraid to do anything unless and until there is a “precedent making decision” from a judge (regarding your issues), in your particular state…

I’ve been with the Office of the President since June 2010.  A lot good it has done me.  I am finally in touch with the Treasury Department due to emails I sent to the Fed.  They called me last week and I have spoken to them 3 times this week.  I would be willing to share the phone numbers I have to help others.  I have checked the box for responses, so if anyone is interested in the number for the Treasury HAMP Escalation Departments phone number or BOA Executive’s numbers, please respond and I’ll post them.

NANCY

I WOULD LOVE TO HAVE THE PHONE NUMBER OR E-MAIL (FED) ADDRESS OF THE TREASURY DEPT AND THE TREASURY HAMP ESCALATION DEPT PHONE NUMBER OR BOA EXECUTIVE’S NO.


THANK YOU

THANKS NANCY

I WOULD LOVE TO HAVE THE PHONE NUMBER OR E-MAIL (FED) ADDRESS OF THE TREASURY DEPT AND THE TREASURY HAMP ESCALATION DEPT PHONE NUMBER OR BOA EXECUTIVE’S NO.

acmodspecialists

April 23, 2011, 12:23 a.m.

Nancy, thanks for posting this info I will compare with mine, do you happen to have Fax numbers too?

I to have had dealings with Saxon, and was lied to constantly! They told mr that the foreclosure would be stopped! Well lo and behold, 60 days later I got notice that the house was not mine! And to think the Gov. Gave the parent corp a stimulous package. I fought them four years and when I went to get a rental, my bureau showed I was Evicted! I moved on my own free will, who is monorting these fraud con men?

This is so depressing.  In my own small way, I am conducting as little business with banks as I possibly can.

JPMorgan Will pay $27 million in cash to 6000 active-duty military personnel who were overcharged on their mortgages, and return the homes that were wrongfully foreclosed upon!

(Thank you for your excellent article)

Here’s a bombshell article that may be of interest to anyone who’s conducting an investigation about mortgage fraud.  If allegations are true (claimed to be verified) then a RICO suit should be appropriately filed against those who committed these heinous crimes against the American people.

WHISTLEBLOWER: How Bank Hid Mortgage Fraud From Regulators

http://livinglies.wordpress.com/2011/01/11/wells-whistleblower-reveals-black-hole-for-documents-and-procedures/


The lender’s conspiracy to hide fraudulent activities from regulators was calculated, premeditated and concise. They KNEW what they were doing. They KNEW that govt regulators were underfunded & understaffed. By (purposely) keeping their scheme under the radar, they were hoping that it would slip by unnoticed. If LPS was involved, it may be likely that other lenders also participated.

My heart goes out to homeowners who were put through the wringer in their desperate attempts to save their homes. The few who managed to get loan mods never realized that they were simply used to squeeze more money out of them.

Please share and pass it on to those who need to know

More information to educate yourself.  The MHA Handbook for Servicers and the MHA Supplemental Directive 10-15…10-15 applies to my situation, but you can look up all Directives as this program evolved.

https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/mhahandbook_30.pdf

https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1015.pdf

acmodspecialists

April 23, 2011, 2:44 p.m.

Thanks Nancy, do you have Fax #  for HAMP Escalation Dept at the Treasury? I’ll compare with my notes thanks

acmodspecialist:

No fax for the MHA Escalation.  I’ve only have been dealing with them for a week.  I’ll ask next time I talk to them.  It might be on-line somewhere.

Found it!  Hope it’s correct

(866) 939 - 4469 - Fax MHA Escalation

matthew weidner

April 24, 2011, 7:37 a.m.

Here’s an easy way to start….take a county in Florida, any county, and review the cases that are being voluntarily dismissed.  They are dismissing cases en mass….these dismissals are evidence that they did not have proper grounds to proceed in the first place.  Next, you could probably look at just about any case with a plaintiff name that includes the trust name, i.e. U.S. Bank as trustee for the IXIS 2006-a Trust.
Next, and here’s a biggie….do a simple record search in any county of deeds issued in say 2009…..just wait until you see how many deeds are transferring properties between banks….if US Bank owned and held the note and had the right to foreclose, why is US Bank deeding the property (with no consideration) to Chase Mortgage?  This is occurring among all the servicers….very easy to see and track.

acmodspecialists

April 24, 2011, 11:36 a.m.

matthew weidner,  This is all part of the GIANT PONZI SCHEME RUSE.

This article is part of an ongoing investigation:
Foreclosure Crisis

Foreclosure Crisis: Banks and Government Fail Homeowners

Banks and the government have fallen short in helping homeowners in danger of foreclosure.

The Story So Far

Systemic failures at the country’s banks and mortgage servicers have exacerbated the most severe foreclosure crisis since the Great Depression, and government efforts to limit the damage have fallen short. ProPublica created an unrivaled database of homeowners who have faced foreclosure, opened a Facebook page to encourage homeowners to share their stories, wrote profiles of some of them, and incorporated their experiences into our reporting. We also provided a comprehensive rundown of the numbers behind the crisis.

More »

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