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

I am not much for politics, because it seems obvious that the banks have bought virtually all government functions at the state and Federal level. And I don’t know much about the new Governor of New York except that he apparently understands what the banks did on Wall Street and understands the stakes to the people of his state and all states, with respect to homes lost, homes being lost and homes that are going to be lost if we don’t reverse the entire paradigm right now.

But his inauguration speech did catch my attention in that it had the urgency of actual action and results now and not merely words and rhetoric. It is obvious that as Governor of a state where the banks are the strongest that he will have to compromise politically more than we would like and possibly undermine the goals. So it is all the more important, that we, as listeners to such a speech, pick up the theme of extreme urgency and drop our notions of waiting for government to do anything.

If you had a home and it was taken from you find a way to fight back and regain it. It IS possible. Get a lawyer and look at the details of the the standing of the entity that initiated the foreclosure, for a wrongful foreclosure, slander of title and quiet title action, look at the the actual sale to discover anomalies and illegal maneuvers such as submitting a credit bid when they weren’t the creditor and transferring title to yet another entity that wasn’t the creditor etc.

If you have a home that is in the process, do the same and raise the issue of whether the party doing this, or trying to do this is the right party who could execute a satisfaction of mortgage that would be accepted by a title examiner. The answer in most cases is most likely “no.” That being the case, what are they trying to pull here?

If you have a home that is underwater or where you are in danger of going into some type of foreclosure procedure, then take the initiative — don’t wait — put them on the defensive. In virtually ALL cases if you are current or nearly current in your payments, they have yet to execute ANY paperwork transferring the obligation, loan, note or mortgage to anyone from the originating lender. Sue the originating lender after you have done our title and securitization analysis and ask for a declaration from the court that they are the lender of record  but that they were not in fact the lender and therefore the mortgage is unenforceable, entitling you to quiet title. This will convert the obligation from a secured obligation to an unsecured obligation.

If you are in bankruptcy, don’t list the lender of record or anyone else as a secured creditor unless you are SURE that they are secured. They probably are not secured, because of a variety of factors. The real creditor is the investor who put up the money into a pool from which money was funded for your loan.

Take the initiative, don’t wait for government help and don’t get stuck in the modification process with a party who has no right to modify your mortgage much less foreclose on it. Demand proof that they are the decider. In discovery ask for information that shows where the servicer was sending your payments when you were making them. Ask whether they are still making payments even if you are not making the payments (if they are, how could the obligation be in default to the claimed creditor?). Demand proof that the party who is trying to steal your home could execute a satisfaction of mortgage.

In the final analysis, the entire securitization scheme was an illusion. Documents that were called for in the securitization infrastructure were neither executed nor even prepared. It never really happened. And now that we are in the unraveling stage, the banks are working successfully to get people thinking that it DID happen because if it didn’t they are screwed. But if it didn’t happen and title is really very simply as it was on the day of closing and not as they represent it to be now, then whose fault is that?

Homeowners didn’t write or read the documents that were piled in front of them. Somehow we are the position, that Judges are increasingly resistant to, that all these mistakes should be ignored and that homeowners should take the hit even though they were the victims of a fraudulent scheme that deceived the world. Somehow they want us to believe that this world-wide deception was the collective fault of the homeowners.

Just who had access to the world stage? Was it a homeowner in Kansas who had never been out of the state, or was it a multinational banking corporation with trillions of dollars in deposits and hundreds of thousands of employees? That’s a tough one, but I’m going out a limb to say that the Kansas homeowner had no idea about what was going on in Wall Street or the world economic and political stage and that the megabanks knew all the relevant information because they created it.

Go Get’em NOW!


21 Responses

  1. I’m a former New Yorker who had to leave 25
    years ago. I could not stand the corruption and
    incompetence I saw all around me.
    Growing up in the 60’s NY was a great place
    to be. The schools were excellent and most of
    the politicians were basicly competent and honest.
    Then came the corruption of the monetary system in 1968. The results in NY were immediate.
    Real Estate prices surged and pretty soon rents,
    mortgages and taxes were out of site. Women had
    to work outside the home just to make ends meet.
    As a result, children were ignored and juvenile delinquency soared. Drugs became rampant and
    NY started to resemble a police state.
    Then the mass exodus from NY began and it has gone downhill ever since. When I return to
    visit, I can not believe what has happened to it.

  2. I certainly hope that Cuomo can do something to help the people of New York State. I was born in New York and lived there many years. The property taxes are out of control. There is no doubt about that. Their last Governor, Paterson, seems to be a bit wacky. He does not make sense. Spitzer did some bad stuff, but it was a shame since he has a brain. He was getting stuff done.


  4. This article in the Rolling Stones is really good Explaining MERS, and why it is hard to sue them. And why really it has been so difficult to get the Judges and the People on our Side.

  5. Cuomo, as state Attorney General – was very active against fraud. Hope he follows through as Governor. If so, predict he will be future president (Mr. Cuomo — marry your live-in).

    Problem with modifications is this — insurance was involved for non-conforming/non-compliant/non-performing – “mortgages”. Once insurance kicked in — no longer a mortgage with valid mortgage title. So what are they modifying???— nothing but mortgages now converted to default.

    If modifications were easy — it would be done — they are not easy because they are no longer a mortgage. Relief from 1099C is extended through 2012 — but, if not a mortgage, as I state, is there any relief at all?

    Ian –not knowing your CURRENT lender/creditor is the BIG problem. Is it NEVER the party who claims to entitled to foreclose — or “grants” a modification.

    How did we get here? Deregulation.

    Mr. Cuomo — do not let us down. (I am not a NY resident — but Mr. Cuomo has always caught my attention).

  6. Anyone have any ideas on this thought? I got the “lender” to knock 60k off my rental property mtg.,all signed by my atty and plaintiff affty. My question? Turns out through much research on my part, the plainiff ain’t the lender. So… is anyone going to send me a 1099C IRS form for forgiven debt (which is now income), so they can take a writeoff in the eyes of the IRS, even if they bought the loan for 100 bucks? And there was more than 60k fraud,bogus atty fees,undecipherable charges of all types. Whether they do file a 1099C or they don’t, somehow I think I can use this against them-any accountant types out there? Thanks and Happy New Year to all.

  7. Good for him if he can change. I’m sure he remember what they did to Eliot Spitzer for being too tuff.

    Keep in mind that Andy was part of the problem as Attorney General:

  8. “All u need is ink, paper and postage.”

    Well, a doctorate in law wouldn’t hurt either.

  9. […] This post was mentioned on Twitter by kim thomas, Financial Wellness. Financial Wellness said: COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary I am not much for politics, bec… […]

  10. All u need is ink, paper and postage.

  11. If only we all had the resources to “go get em.”

  12. (I think I got it now) Step aside Samuel White, I’m coming at you Capital One!

  13. Here’s an article about Cuomo’s tenure at HUD:

    He had nothing against YSPs.

  14. The City of Bell in Californiacase study is the only way out of this.

    Convincing the District Attorney and the City counsel of Cities that it would be in the peoples and their interest to rid ourselves or limit the exposure of the Banksters.

    Expose the Fraud etc…. and prosecute on the city County level. Just like Medical Marijuana just like Walmart etc…. And put the corrupt officials on notice and jail Just like the City of Bell.

    Once we do that the Attorney Generals will have to take all of us Borrowers seriously. This includes the Cities Counties and States whow owe alot more than we do and are really in the same boat.


  15. Here is a good!
    We got our house back at sherif sale as highest and only bidder. Judge confirmed the sale in August 2010. Now deed is in our name only. On 12/3010 BOA paid the taxes on a property they no longer own!!!!

  16. These loans are like giving a needle to an addict…
    Thursday, December 30, 2010
    The payday loan industry has no interest – and no means – of doing business in Montana anymore.

    Shackled by a voter-passed initiative capping the interest rates they can charge on short-term loans, payday and title lenders are boarding up stores across the state. Many of them left right after November’s election, when voters overwhelmingly passed the initiative.
    read more »

  17. I’m giving you a B+ for this one Neil only because you left out the investors’ knowledge, involvement and identity as they play a much more signifigant role in this than even the servicers and have much more power than the homeowners.

  18. NEIL has made some excellent litigation points in this post.

    Here’s something else to take note of.

    Most of the bank affidavits/affirmations of merit in the foreclosure action will be made by a bank employee or servicer employee. The affidavit allegations of fact with respect to the borrower’s account are typically based on the business records exception to the hearsay rule. The affiant will state something like the following:

    “I have examined the books and records of the plaintiff. These records were made in the regular course of Plaintiff’s business, and it was in the regular course of Plaintiff’s business to make such records, and the records were made at or soon after the purported transactions occurred or contemporaneously with the transactions described in her affidavit. The records show that Defendant was in default.” (This last statement should be challenged, as it is a conclusion of law, and not a fact established by the affiant’s personal knowledge.)

    If the affiant is a servicer employee, and not a bank employee, her testimony is not admissible in NY pursuant to the business records exemption to the hearsay rule. The affiant can only testify as to the books and records of her own company.

    In a securitized deal, neither the Plaintiff nor the servicer ever even produce the actual business records, i.e., ledgers and subledgers for Defendant’s loan which would show all payments, disbursements, and funds received from all sources applied against the loan. They just keep repeating the mantra that these are biz records, made in the ordinary course of biz, blah, blah, blah. And this is where you have to nail them with your evidentiary objections. The production of the actual accounting ledgers will tank their case. So they won’t do it. At this point I would make a motion for summary judgmentj or dismissal with prejudice.

    Without the production of the actual business records for examination, properly authenticated by a person with personal knowledge, there are no business records admissible pursuant to exceptions to the hearsay rule.

    One final tip: you may find that the last paragraph of the affiant’s affidavit states something like the following:

    “Your deponent requests that the based on her foregoing testimony, the Defendant’s motion/Answer (that would be your motion/Answer) be denied in its entirety.”

    Well. This is not the statement of a witness testifying to factual matters of which she has personal knowledge, but rather a statement of legal advocacy. The affiant is unlikely to be an attorney licensed to practice law in your state. She has thus engaged in the Unauthorized Practice of Law in violation of most states’ Judiciary Law. The unauthorized practice of law is generally a misdemeanor and is sanctionable. And typically she has done so with the consent, assistance and complicity of counsel. At the very least counsel for plaintiff will be scrambling to try and explain this away, and will more than likely be reprimanded by the judge. Score points for you with the judge.

  19. Neil,
    Now you make me want to google Cuomo’s speech.

    When they rise to a higher office, often they become increasingly corrupt.

  20. I’m clicking my shoes together, I’m saying “there’s no place like home” I’m reading web blogs, so have 1000s of other people, who are either livinf with relatives, in a boarding house in a homeless shelter or under a bridge. Like those that went before them, they’ll realize that being a victim is sometimes completely ignored, their numbers have been continously swelling but the Government seems to be more concerned about middle eastern bad buys.

    As for me, I didn’t go to law school, the circuit courts know they are dealing with a know-nothing, every lawyer that I talk to wants more then 2K just to lift their hands to the keyboard. We’ve been warned repeatedly never to pay up front, but that’s what a suprising number of counsel demands. Have they kept anyone in their homes? Briefly, and at heavy expense.
    Local, state, federal – absolutely no one cares, and the parallel is to foreign wars – we don’t know, we don’t care, we torture, we destroy, we bomb and the majority of citizens have no clue, and the empire rolls on, you are losing your home. Sorry, it’s all political, war is just an extension of politics, whether it’s war on the poor and middle class. They don’t have due process in war zones, I don’t know why we haven’t considered the housing bubble a new kind of war on Americans.

  21. Well, there you go. The standing issue is and has always been the best defense if indeed after you have charted the correct legal ownership of the Note and assignment of note and lien. Oh did they make a lot of mistakes along the way.

    As we have mentioned many times, take charge of your situation and go on the defense with legal claims against the lenders if they have violated any rules, regulations, etc.. For example, did they follow applicable law as they said they would in their Deed of Trust, no less than att least six of the provisions of the Deed of Trust. Escrow collection practices by the servicers have created and been the cost of more defaults than anyone wants to admit. If they are not posting correctly to the account which can only result in payments not being credited and late charges being taken out of money that should have gone as a regular payment, then they were negligent – cause and effect. In otherwords, they caused the homeowner to default such practices and the effect was the foreclosure of his home. Our laws prevent this – but no one appears to be using it as a any kind of defense. Get thos payment histories audited.

Leave a Reply

%d bloggers like this: