PRETENDER LENDERS ARE ARGUING FOR FREE HOUSE FOR THEMSELVES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

LIVINGLIES-GARFIELD CONTINUUM BLOG

Editor’s Note: I thought this exchange between myself and a reader might be instructive.

2010/11/17 at 12:10 am

BILL RILEY: What I do find funny is that the people on this site think that they are going to get there property for free. I am sure a bunch of them refied and spent money on other things. My favorite to read is the ones who think they had a fraud committed because the paperwork was not right and so they get a free house. I guess if you demand the right paper work someone will come up with it and they will have to move. The guy who says hey I am an American I just want to see the right paperwork. Ultimately if you have not been paying the mortgage and the house is worth less than what you borrowed you know that the game is up regardless of the perfect paperwork. After not paying for 6 months that should give you a clue.

Why dont you all come clean and just admit you are trying to get a free house and really have no where else to go? That would show a lot more dignity and garner some respect.

billh899@gmail.com

Bill riley

NEIL GARFIELD: Bill Riley: Maybe some homeowners are looking for a free ride but the overwhelming majority simply want truth and justice. You paint all people who have been the victims of appraisal fraud, predatory lending and violations of nearly every lending law in existence as not having integrity. YOU would be more credible if you addressed the facts. It’s not that they can’t afford the bogus deals they were sold on false pretenses, it is all about that they SHOULDN’T have to pay on a deal to an unknown new party who never lent them the money.

YOU ARE ARGUING FOR A FREE HOUSE MORE THAN THEY ARE. IN YOUR SCENARIO THE FREE HOUSE GOES TO COMPANIES WHO COMMITTED A PONZI STYLE SCHEME OF FRAUD.

What homeowners want, is what every other victim of fraud wants — to be put back in the position they were in before the fraud. That is now impossible. What we are all looking for is a resolution to the crisis caused by the banking industry where everyone is at the table and nobody is excluded and normal market forces are at work. Under the proposals advanced on this blog by me and other contributors, the thousands of homeowners seeking a modification of their loan (not extinguished as you state as a “fact”) get the matter settled. It is not their fault that the title is all screwed up. They didn’t set up the obligation, note or mortgage and they didn’t perform the closing. Why should homeowners take the responsibility for the screw-ups of the so-called professionals? They just signed what was put in front of them like everyone else does when they go to closing. If the failure to perfect the lien gives them a little more negotiating power, that is only justice, giving them the opportunity to make right what was done wrong.

23 Responses

  1. What Mr. Riley (and, in the above reply post, Niel also) have missed is that the “bankers” filing the foreclosure litigation in fact typically have no money at risk, having bought a Note that was already fully paid by the insurance (the “credit default swap”) for some nominal sum, typically ten dollars. For example, when the cops started sniffing at the doorstep of GRP Financial in White Plains, NY, GRP folded its tent and sold the “loans” (already paid by others) to Credit Suisse, taking an $81 million write-down on the paid paper. The latest players are thus classic bottom-feeders, scum that comes out of the woodwork to take up paper that is paid (just not paid by the original Obligor) and then go to a befuddled Court with the posture that the Note is “unpaid” and thus as the ten-dollar purchasers, they should receive the $400,000 house. And the befuddled Courts agree, mostly because they cannot get their minds around the complexity of the scam.

    So who is getting the house for free? Guess what, folks, it is the scum that is scooping up all the left-over and paid paper, and claiming that the money is still owed – never mind that it was paid by others.

    I predict that this will continue until we start seeing cases of these pseudo-bankers (and their attorneys) hunted down and shot by enraged victims. With some 400 million firearms loose in the US, I further predict this will not be long in the offing. At this point, enraged homeowners are simply bulldozing their houses – a futile gesture, as the pond scum is speculatively placing forced-placed insurance on those properties, precisely as they expect that reaction. That response is certain to change.

  2. Oh boy!!! Bill Riley gets more attention from us here than the homeowner EVER does from the Pretender Lenders when calling for a loan mod or a short sale!!!. Now I know what to do to get the PRETENDERS attention. 🙂 by the way Bill, you are NOT that special, simply ignorant of the facts, it must be that diet you are on.

  3. To Bill Riley,
    You, obviously don’t have a clue of what’s happened to 100’s of thousands of people! I thought I was the only one this was happening to until I started searching who else is having problems with Saxon & Deutsche. And their story is so much like mine.
    The economy slowed. We stood by at my husands used car lot and watched thousands of used cars being crushed, that were in good condition, that could’ve been sold, but that was part of Obama’s cure, to crush them if they bought new cars. We heard about the modification program and decided to sign up. We were told to skip a payment and we’d be eligible. We did. The 3 mo. trial period went to 5 months, then 7 then 9 and so on. In Jan. they told us we’re not eligible because we missed a pymt! (The pymt. they told us to skip! So we made an extra pymt. They sent us a letter saying they were accelerating the loan in March. And after them saving us $9,000 over the year, they told us they were foreclosing unless we came up with $28,200!!! For penalties, fines, saved pymts etc. We went to make our April pymt and they wouldn’t accept it and sent us a foreclosure letter in June to foreclose in July. Mind you we NEVER, EVER missed a pymt in 5 years. After getting upset and wanting to fight this, I found this WONDERFUL site and saw thousands of others with the same story. When I pulled out all our documentation from the closing (which I never really looked at after the closing) I found things that I didn’t even realized we signed! First of all, I had lost my job, so they could only go by my husbands income $75,000., in this “no income verification” loan, they put on the paperwork that he made $139,000!!! Just to make the #’s work! They went to 4 other towns, to make the house appraise for the sale price. Then after making payments of $3200 for 30 yrs on a $350,000 loan, it shows a baloon pymt due of $205,000!!!. I got so sick from the stress of all this, I was out of work for a month. My family almost broke up! I had to hire atty’s! After we filed bankruptcy, Saxon then did an assignment to Deutsche, who then stepped in to foreclose (even though they weren’t even in the picture at the onset of the foreclosure! And you think we’re fighting for a free house!!!! Get your facts straight before you start shooting STUPID comments from the hip! I wish to God you were in the position that many of us are! And I wouldn’t normally wish that on anybody!

  4. To Bill Riley,
    You, obviously don’t have a clue of what’s happened to 100’s of thousands of people! I thought I was the only one this was happening to until I started searching who else is having problems with Saxon & Deutsche. And their story is so much like mine.
    The economy slowed. We stood by at my husands used car lot and watched thousands of used cars being crushed, that were in good condition, that could’ve been sold, but that was part of Obama’s cure, to crush them if they bought new cars. We heard about the modification program and decided to sign up. We were told to skip a payment and we’d be eligible. We did. The 3 mo. trial period went to 5 months, then 7 then 9 and so on. In Jan. they told us we’re not eligible because we missed a pymt! (The pymt. they told us to skip! So we made an extra pymt. They sent us a letter saying they were accelerating the loan in March. We went to make our April pymt and they wouldn’t accept it and sent us a foreclosure letter in June to foreclose in July. Mind you we NEVER, EVER missed a pymt in 5 years. After getting upset and wanting to fight this, I found this WONDERFUL site and saw thousands of others with the same story. When I pulled out all our documentation from the closing (which I never really looked at after the closing) I found things that I didn’t even realized we signed! First of all, I had lost my job, so they could only go by my husbands income $75,000., in this “no income verification” loan, they put on the paperwork that he made $139,000!!! Just to make the #’s work! They went to 4 other towns, to make the house appraise for the sale price. Then after making payments of $3200 for 30 yrs on a $350,000 loan, it shows a baloon pymt due of $205,000!!!. I got so sick from the stress of all this, I was out of work for a month. My family almost broke up! I had to hire atty’s! After we filed bankruptcy, Saxon then did an assignment to Deutsche, who then stepped in to foreclose (even though they weren’t even in the picture at the onset of the foreclosure! And you think we’re fighting for a free house!!!! Get your facts straight before you start shooting STUPID comments from the hip! I wish to God you were in the position that many of us are! And I wouldn’t normally wish that on anybody!

  5. It’s unfortunate, but Bill’s perspective is one of the many who simply do not get it.

    Millions of people just one day decided to create this mess and try and get free houses?

  6. hey BIll HELL,

    i bought a fixer upper property for over a million and spent our own 700K money to fixed the property, to be livable thinking and believing that real estate is a good investment once we retires. if we have known that real estate will tank and design for FRaud, we should have sold our property before this mess happen and would net 1.5 million. now tell me bill the hell what about our investment we put in those property? we will just give it away to an entities that has claim to own our notes even it was a debt collector? these entities has no penny ‘s investment to our property and will get our house for free. Would you allow that bill the hell? your writing seems that you are an investors buying this fraudulent notes during the foreclosure auction, and will take you a lot of money hiring an attorney to evict the homeowners. you greedy bill hell. shut up if you have nothing to say to us. it shows that you enjoy buying up foreclosure properties out of homeowners misery.

  7. At no time have I ever entertained the idea of a free house. Restructure my mutha phuckin loan and I will gladly make timely payments again.

    Before the economic collapse, which btw, the banksters brought upon us, we ALL met our financial obligations. They took away our ability to
    pay our debts. We lost our jobs. Then when we approached our servicers to modify our loans, guess what? They said “no.” We weren’t out for a free house. Just some assistance to help us through this recession. They owe us that! They put us in this position therefore they owe us.

    The home is not worth what I was lead to believe it was worth. Demanding principal correction is not the same as wanting a free house.

    I have a prime loan. This is not a subprime issue. The subprime problem might have triggered the economic downward spiral but a lot of us that were responsible borrowers with prime loans and living within our means were dragged into this too. We’ve all been affected by this regardless of how responsible or credit worthy we were.

    We were shammed. Don’t you all get it yet?

    So, which of the banks do you work for Bill?

  8. I would like to add to NEIL’s great response:

    The banks choose to create MERS and have it operate outside the rules of law, therefore it does not deserve to be protected by rules of law.

    In addition: Because the homes where never legally secured. Any non-judicial foreclosure only amounts to theft of the home. The debt should have been handled no different than an unsecured credit card debt.

    Finally: A fraudulent foreclosure is also Extrinsic Fraud,
    in that consumers have been barred from their right to Due Process and Equal Protection.

    https://sites.google.com/site/mersfatalflawsincalifornia/MERS-Fatal-Flaws

  9. It’s only a little bit of paperwork…

    I guess then per – Mr. Riley – we should simply print a Certificate of Satisfaction – and that’s good enough…

  10. Well, Mr. Riley, I can’t admit that I am just trying to get a house for free and have nowhere else to go….because it’s NOT TRUE. Of course, there are always isolated cases of this type, as there are in any controversy. There could be the odd racist in the Tea Party movement, for example. Your scenario does not represent the bulk of us, however.

    I have invested more into my property over the last 15 years than it cost me in 1995. That is NOT free. The bank takes my home (and under false pretenses), I lose my investment and my health.

    I’d say nearly all of us tried to work with these bankers and got nowhere. That led to anger, to suspicion, and then to educating ourselves as to the facts. That was an inevitable outcome. The facts are a real eye-opener. When you find lipstick on the cartel’s collar, it is time for a REAL CHANGE.

    Some folks gave up and walked away from their homes. I don’t blame them. The constant stress of meeting the learning curve and maintaining the will to prevail is, at times, unbearable. But we hang in there because we know it is the right thing to do.

    This fight has taken on a life of its own now. It’s not even about homes anymore. Our homes are only symbolic of the larger issue at hand: The JUSTICE, DIGNITY, and INTEGRITY that we all deserve. The mortgages symbolize the rampant FRAUD.

    I cannot in all good conscience walk away from the issues of my basic human rights. The very survival of our way of life in this country that we have worked so hard to uphold, is at risk. I don’t want to live in a third world nation with the banks and government controlling my life and preventing me from my right to life, liberty, and the pursuit of happiness. And, I’d like to add…the fulfillment of my own destiny.

    If we remain silent, we acquiesce to whatever comes our way.

    The public has been misled by the HAMP and TARP rescue programs. They have run us through a form of federally-imposed HARDSHIP, and forced an increase in the rate of homelessness!
    What a waste of time and resources. The ends they go to, to put the lives of our families in jeopardy is unconscionable.

    If you continue to support the criminal activities by paying your alleged mortgage, go for it! That’s your business.

  11. Look Billy Boy: I never gave Wall Street permission to horn in on my loan and gamble with the proceeds. They and their pals at MERS have damaged my home by clouding the title. Furthermore, you need to stick your big nose into a PSA and READ.

    Your precious banksters have violated the agreement from the get-go. Surely, you MUST feel something for the investors? Not everyone is trying to get a “free house” and most homeowners would be happy to cut out the middle-man profiteering banksters (send them to jail on fraud charges) and deal directly with the investors on a win-win deal for both of us.

    Why should the servicer (your precious bankster) get a “free house”. It has no skin in the game at all. It can’t even prove it has standing to collect or foreclose. It never advanced any money to anyone at any time.

  12. Zoe: Yes, I heard RK Arnold prattle on about how homeowners willingly accept MERS. I call BS on that.

    Most of us who sign the mountain of loan papers in the title office (within a 30 minute or 60 minute span) don’t get a chance to read through them. Even if we do, we don’t understand what MERS is or does. If we question what it is, we are told it is just a registry to keep track of the loan. The AVERAGE CONSUMER has NO IDEA WHAT MERS IS. I certainly didn’t.

    Yet, what if we refused to sign the deed with the wording that agrees to use MERS. We wouldn’t get the loan would we? Isn’t that a form of duress?

    Get you to the closing table, know that your options are limited. Time is of the essence: You’ve already made arrangements to move. How do you go about getting a NON-MERS loan without starting all over again with the qualifying, etc.? What if the new people are moving into your old house and you are moving to the new house and you HAVE TO BE OUT?

    To me that is some form of duress. For if you don’t sign the MERS deal, you don’t get the loan & your life is turned upside down.

  13. Typical Fox News krap! Always blame the victim. If we had known that our mortgage and note was not legal and that the entity supposedly loaning the money was not valid, we would not have signed the closing documents. My loan was even more fun than most–the attorney who did my closing went to the Federal pen for 3 years for wire fraud related to flipping houses with 2 transactions. AHMSI was in on the fraud. I have one of the worst assignments ever. What bank advertized on FOX? FOX is so full of s#$% that I do not see why people watch it. Lies, lies and more lies. Bill o’Riley is just another liar in a long line of liars.
    http://www.challengingforeclosure.com Sirak@challengingforeclosure.com

  14. Bill Riley supports economic terrorists. Ask Bin Laden or read Mein Kampf by Hitler. Hitler makes a compeling case.

    Heil Bill Riley

  15. Billy

    Blow it our your shorts. I refuse to pay for crimes committed by the banks who used false appraisals and ignored under written standards. There are 6 of us left out of 55 homes. All homes have been deflated to 65% of the original claimed value. I would say something is wrong. This was more than likely calculated deceit supported by the your US Government. Get off my lawn !

  16. Bill Riley: I was told by the Attorney General of my state to ask nicely for a loan Modification to cure the FRAUD in the origination. I signed a 30 year convential mortgage…1.5 years later when I finally received papers from the closing it was a 2/28 with a BALLOON payment EQUAL to the amount financed due AFTER 30 users of payments. GET THAT??? Someone forged our signatures on a crappy loan that no one in their right mind would have taken.
    I TRIED for nearly 2 years to report this to EVERY regulatory authority TO NO AVAIL including the FTC, FDIC,OCC,AG of my state,the FBI,the Treasury,my elected officials,the Police, the OIG for HAMP,the media…FRAUD in the servicing of our loan kept us from ANY meaningful contact with our creditor…the creditor was just”unknown international investors”. We tried everything in our power.
    This homeowner would NOT have found out about the FREE house if the servicer would have fixed the FRAUD when we asked them nicely. I realized that they did not originate the loan and just wanted them to give me the loan I signed up for…the LEGAL one. They are holding the stolen TV…the law does not care if you actually stole the TV in your living room…it is still a stolen TV!
    Of course I owe someone…it is not my fault that they will not tell me who this is…it is not my fault they screwed up the title to my property…it is not my fault that our loan was switched and forged..it is not my fault that the servicer did not apply any money I sent them…it is not my fault that they chose to SUE me instead of dealing in good faith…
    Since they opted for SUING me in public they better not be in a glass house. I had time to discover that the TRUST that is seeking FORECLOSURE was NEVER formed! That we are as a matter of FACT and LAW the ONLY ones left standing with a PROVABLE interest in the TITLE. The broker skipped town, the Title co that handled the closing has been shut down, the “Lender” is bankrupt as are ALL the intermediaries…We are literally the last ones standing…

  17. Neil, on a side note, please see the CSPAN video of Mr. Arnold, concerning MERS. He said MERS’ standing is approved by the borrower at closing, thus MERS can foreclose in two ways–either MERS can foreclose or MERS can assign the mortgage so the lender can foreclose. Then he said, “The note and mortgage COME TOGETHER at foreclosure.” I inferred here that he admitted the note and mortgage are separated with the MERS process. I certainly found it peculiar that this statement is not in his written testimony.

    You can hear this statement at 2:41:30.

  18. Hello Bill , let me tell you my story , how I change my mine.For 26 months , even before I was late , I try to talk to CHASE and was kicked out off the office = you have to be 6 months behind ,then come back .
    I have a business , I can not be late.
    CHASE closed my HELOC,like thousend others , in the middle of my business building expansion .I can put more than $30,000.00 paperwork and permits in the garbage : Expired.
    After that , CHASE raised Credit Cards payoff from 2%
    to 5 % (breach of contract again ) is in the Supreme
    Court in February . CORELOGIC LINK on CHASE Web
    tells me , my Home lost 59 % .I Just have $28,000.00 receives from Home Depot and LOWE in my hand , paid with HELOC for renovation.
    Don’t ask how CHASE w. Corelogic work together .
    I can not sell the house , because I have 2 Server , and
    no MERS,Fannie or Freddie know who is my lender.
    NOW I change my mine : I want a free home and a big Check.

  19. Hey Bill,
    I am so glad that you have a job that allows you to pay your mortgage or else you inherited your house with no lein. I lost my job and went for a modification so I could afford to stay in my home while on unemployment and make my payments. While in modification with Saxon they lost my paperwork 17 times and had to resend every 2 weeks for 9 months all the while they were putting my home on the foreclosure block and never recorded the modification I thought i had. I made my mod payments to them while they sold my home to Ocwen, Ocwen said they bought my home in the foreclosure status and my home was sold 18 days after the lender change. I even made my payments to ocwen and they sent it back to me saying to bad to late. So you tell me Mister Money bags who are you to judge the millions of us that have not been as fortunate as you and lost our jobs our homes and our faith in the system and government……..

    Mary Wyatt Hampstead Maryland

  20. Bill Riley must be in a business that is making money off of fraudulent mortgage origination and/or foreclosures.

    While numerous banks and affiliates were bailed-out during this crisis, homeowner victims were given little help.

    In fact, homeowners are still being held accountable for the inflated mortgage loans (and fees) based on inflated appraisals and egregious terms. And, this is while mortgage loans and questionable derived mortgage securities are being sold at steep discounts enabling nice profits for entities that Bill Riley is likely affiliated with or benefiting from.

    Why don’t you just come clean, Bill Riley, and divulge how you are profiting by the mortgage/foreclosure fraud??

  21. Hey Bill why do you even understand the difference between a secured debt and an unsecured debt? In a judicial foreclosure state all homeowners already own their home. All the borrower did was give the “lender” lien on their house to secure that debt.

    If that lien is not valid for various reasons, including but not limited to the note and mortgage being separated as a result of the MERS scheme, then the home no longer secures the debt but the debt obligation still exists. It’s just that the home no lnger secures that debt.

    It’s the paperwork that creates the security. Not the money. If the paperwork obscured the nature and character of the transaction and the borrower was induced to enter into a transaction that was different from the one tey intended to enter into, that matters under the law.

    The paperwork is what either create a lien under the law or not. It does matter.

  22. BRAVO Neil.

    Thank you for supporting the homeowners.

    I feel sorry for BILL RILEY.

  23. BRAVO Neil.

    You tell him. I feel sorry for BILL RILEY. Pray you are never in a situation like this yourself.

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