Neil
I am going to continue my fight with Quiet Title. After talking with a lawyer, it seems I should probably do two things: seek a prelim title insurance declination as Dave discusses, but also two, send the QWR letters to everyone asking to inspect the wet ink note. Not asking for opinion here, just as an FYI.
However, I believe it’s time to find a lawyer for the mortgage pool. It seems to me that having the actual names/addresses for all current and past borrowers in one specific pool should be a path to at least a lawyer driven collective bargaining attempt, all the way to a class action suit (action TBD).
Your email/blog has great reach, and the lawyers who listen are borrower side generally.
Would you consider posting a blast that asks:
“Is there a law firm willing to discuss representing a specific mortgage pool, where the pool names are known. This may not be only a contingent based engagement, as there are 1200 (+/-) borrowers against a pool whose current par value is $700M. All borrowers are paying 6 1/2% or more (so the rates are not market rates), and 1/2 are underwater on their first mortgages. Even a borrower upfront fe of $250 could aggregate to quite a sizeable retainer as a start point. If interested, email john94404@hotmail.com to discuss”
Thanks for listening regardless.
John
Filed under: foreclosure |
I would be surprised if a class action could do quiet title, but it sure would be nice if it could. Perhaps a mass preliminary injunction in conjunction with it.????
In the meantime, we need the governor of each state to do their job, protect the public, and execute an executive orders as a emergency measure, quieting title on all homes within that state with bank-securitized mortgages.
….and a foreclosure moratorium as a companion executive order, also stating the full burden of proof is on the servicers & ‘trustees’ to prove with best evidence, their mortgage is not securitized or decoupled, before proceeding or evicting in any way.
Private loans of course, exempt.
All this fraud demands 50 executive orders, now! Otherwise the governors are as sold out and complicit as Treasury is.
I know that attorneys are looking for a “big ticket” item like this to retire on … but the homeowner will not benefit on a quiet title class action lawsuit.
The statutes are very clear on this. This is individual piecemeal stuff. Class actions benefit the lawyers; individual actions benefit the homeowners. You can not have it both ways. You cannot help others when you are swimming in debt. All similarly situated homeowners cannot prove their equity as a class; according to statute and all of the annotations they can only claim individually.
This is why I talk about 5,000 suits a month being the ticket to frustrate these banks into settling.
The biggest problem with most people looking at this scenario is negative equity. How can you prove you have money invested and have any kind of equity when you don’t have anything but receipts to show for improvements and you’re upside down? This is where a lot of people are strategically defaulting, as I talk about in the book.
You can find it at http://www.cloudedtitles.com …
This is where you have to decide whether it’s cheaper for you to take a 150-point credit report hit by just living in the house as long as possible while saving your money and then strategically relocating to a kinder, gentler economic situation.
I have one case in Texas where the homeowner is upside down to the tune of her down payment. She has a portfolio of stock in reserve, wherein the portfolio will make the mortgage payments for her for five years, until her interest-only note resets itself. Why anyone would take on a 10%-interest only note for 10 years is beyond me … but you do the math. If your payments are $2250 a month and your $150,000 portfolio can make the payments for 5 years, that means you can sock money away and at the end of 5 years, you relocate and let the bank have the house back.
This is the price the bank will pay for appraising your house at $510,000 when it’s only worth $350,000. When the bank makes a predatory loan like this, you have no equity and so … what’s the point in filing a quiet title action when they have collateralized everything cent you have?
True, part of the quiet title action is proving you have title in fee simple to the court; that’s not hard to do. You can also demonstrate that you have a title company letter that says they will not insure because of clouds on title (showing exceptions) … but the title companies have not come around completely to our way of thinking. It won’t be long before some bank decides to get into the title business and our PR strategies will be shifting to anti-bank title policies. If no one will insure against foreclosures … the claim is that the “housing market will not hit bottom”.
Excuse me? The housing market has already hit bottom and we are now dealing with the remnants of it … that’s why I wrote the book CLOUDED TITLES. THIS IS THE AFTERMATH of the problem created by the banks themselves. Unfortunately, it affects all of us.
Class action lawsuits do not address personal issues.
Read the oral arguments on Lacy J. Dalton et al v. Citimortgage if you don’t believe me on how judges think.
I am working with this Law Firm in CHASE HELOC
Class action .The may have already a lot of
Info in foreclosure stuff .
Here is the Web from NY :
http://www.murrayfrank.com/CM/Custom/Custom121.asp
I am looking for the same. The loans that the trustee has been foreclosing on on behalf of the pool have all missed the cut off date of the PSA. I can be reached at KPPI2U@gmail.com.
It would be easy money if it were not for the fact that all the banks are insolvent.
HERE IS AN EXAMPLE OF THE PATH OF A LOAN. IT IS HARD TO FIND THEM AND THEN IT IS HARDER TO GET HONEST DISCOVERY.
THIS LOAN WAS ALLEGEDLY PUT INTO THE INDYMAC RAST 2007-A5, PASS THROUGH SERIES 2007-E WITH THE PSA DATED 3-29-07.
THE FOIA CONFIRMED INDYMAC WAS SERVICER AND IT SOLD ITS SERVICING RIGHTS VIA THE FDIC
http://www.scribd.com/doc/32462622/FOIA-LETTER-RESPONSE-FROM-THE-FDIC-SECOND-REQUEST-TO-DETERMINE-LOAN-OWNERSHIP
HERE IS A CHART OF ALL THE SALES AND ASSIGNMENTS. THE POOL IS IN-0705.
http://www.scribd.com/doc/31203535/Chart-Rast-2007-A5structure-With-Indymac-Dbntc-MBS-CDO-TRUSTEE-OF-RAST-TRUST-INDENTURED-TRUSTEE-THIS-SHOULD-BE-REVIEWED-THE-ACCOUNT-NUMBER-IS-PRODUCTION-1-WHILE-LOOKING-AT-MY-DBNTC-PRODUCTION-OF-DOCUMENTS-SET-3
THE TRUSTEE AND SUPPLEMENTAL INTEREST TRUSTEE DIAGRAM FROM THE POOLING AND SERVICING AGREEMENT
http://www.scribd.com/doc/31203535/Chart-Rast-2007-A5structure-With-Indymac-Dbntc-MBS-CDO-TRUSTEE-OF-RAST-TRUST-INDENTURED-TRUSTEE-THIS-SHOULD-BE-REVIEWED-THE-ACCOUNT-NUMBER-IS-PRODUCTION-1-WHILE-LOOKING-AT-MY-DBNTC-PRODUCTION-OF-DOCUMENTS-SET-3
THIS IS THE POOL IN07050—–
THE PSA FROM DEUTSCHE BANK WEBSITE
http://www.scribd.com/doc/40116857/INDYMAC-PSA-3-1-2007-RAST-2007-A5-IN0705-PSA-20100301-O
DEUTSCHE BANK LETTER TO SERVICERS AND CERTIFICATE HOLDERS 10-25-10 REGARDING FRAUD
.http://www.scribd.com/doc/40116426/DEUTSCHE-BANK-NATIONAL-TRUST-COMPANY-AS-TRUSTEE-NOTICE-TO-CERTIFICATE-HOLDERSForeclosure-Practice-Notice-10-25
OPTEUM FINANCIAL ON MY NOTE AND WENT OUT OF BUSINESS PRIOR TO THE CHANCE TO MAKE ANOTHER MBS AS DEPOSITOR
http://www.scribd.com/doc/40112411/Opteum-Mortgage-Acceptance-CORP-Form-FWP-Received-06-07-2006-06-01-40
DEUTSCHE BANK CURRENT ACCOUNT FOR RAST 2007-A5, SERIES 2007-E,, PSA 3-1-10
http://www.scribd.com/doc/40147798/DEUTSCHE-BANK-STATEMENT-ON-RAST-2007-A5-10-1-10-POOL-IN0705-STMT-20101025-O
LOAN LEVEL FILE DISCOVERY WITH OBJECTIONS.
http://www.scribd.com/doc/40114663/DEUTSCHE-BANK-NATIONAL-TRUST-COMPANY-AS-TRUSTEE-OBJECTION-TO-PRODUCTION-OF-THE-LOAN-LEVEL-FILES-Dbntc-Set-2-Pro
WE SURE NEED A LAWYER FOR THE JPMAC2006-NC1 POOL!! THE INVESTORS ARE SUING CHASE FOR THIS POOL.
IN DISCOVERY WITH NEW CENTURY (THE ORIGINATOR) OF THIS BILLION DOLLAR POOL, THERE WAS AN ADMISSION THAT ONLY LOANS WITH AN EVENT, SUCH AS DEFAULT, HAD AN ASSIGNMENT DONE.
THE NEXT PIECE OF DISCOVERY WAS THAT THE ASSIGNMENTS WERE DONE IN BLANK!!
I HAVE AN ASSIGNMENT THAT SKIPS CHASE COMPLETELY EVEN THOUGH THE LOAN WAS SOLD (ACTUALLY PRE-SOLD) TO CHASE SHORTLY AFTER MY CLOSING. THE ASSIGNMENT GOES DIRECTLY FROM NEW CENTURY TO U.S. BANK AND IT WAS DONE SOME 15 MONTHS AFTER THE LOAN WAS SOLD TO CHASE AND LONG LONG AFTER THE ‘CUT-OFF’ DATE FOR THE SECURITIES (PSA, PROSPECTUS).
THUS–IT IS BELIEVED ALL 4200 LOANS IN THIS POOL WERE NEVER IN THE SECURITIES TRUST AT ALL.
BIG BIG REMIC PROBLEMS!!
YES—THIS POOL NEEDS AN ATTORNEY. EASY MONEY.
I hope i am in the same pool!