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Just back from Orlando where I had a 4 hour trial scheduled for five minutes. Of course nobody except the court knew that. Needless to say the trip to Orlando was a bust. Neither counsel — Plaintiff and Defendant — was pleased. The system is badly in need of change. Now we are told that it might be 2016 until we get a judge who can give us 4 hours.
Meanwhile, the Orlando Sentinel reports that Florida is back to #1 in foreclosures, even though major “lenders” are giving people a “break” from wrongful foreclosures by not pursuing evictions during the holidays. see http://www.orlandosentinel.com/business/os-orlando-foreclosures-december-20141210-story.html
But in the meanwhile, BOA and Ocwen has been cited for not following the rules of the “settlements” that stopped criminal and civil prosecutions from the US Department of Justice. see BOA Fails tests: They still don’t care if the foreclosures are wrongful. Both BOA and Ocwen are citing computer problems as the cause of their multitude of violations. see mortgage-deal-monitor-ocwen-review-may-flawed-171850867–finance.html
MOST INTERESTING ABOUT THE OCWEN SITUATION IS THE ADMISSION THAT THEY GENERATED DEFAULT LETTERS WITH THE “WRONG DATE.” this is an admission that their computer was backdating documents “accidentally.” If that were true, where are the random mistakes being made where homeowners didn’t get a letter or received a letter that was post-dated?
The fact is simple. The “banks” are pursuing foreclosure for reasons other than the loan, the note, the debt the mortgage or to mitigate damages. They are breaking the back of neighborhoods because they want the foreclosure judgment and sale. THAT is the only thing that MIGHT keep them out of hot water — i.e., the liability for refunds and buy-backs of loans that were entirely and fatally defective.
This also reveals how the parties pursuing foreclosure are NOT doing for the creditors (investors) but rather doing it for themselves to the detriment of both the creditors and the debtors. How many of those houses would still be occupied and paying taxes, paying a mortgage payment and keeping the neighborhood alive if a workout had been pursued in earnest?
BOA has been ordered to pay $1 million to a couple who received about 1,000 calls from a robo-calling center regarding their mortgage. This might wake up lawyers who are looking for a big payday. A lawyer who takes such a case on contingency need not litigate the merits of the mortgage or the foreclosure, but merely sue for violation of the fair debt collection laws. See CNBC: BOA Ordered to Pay $1 Million to Homeowner
More bad news for cities who built up infrastructure to accommodate all the new housing in the bubble caused by Wall Street. Experts who are conducting reviews and investigations for local government are all coming to the same conclusion: the only thing to do is demolish the homes that were foreclosed. This again leads to the as yet unanswered question: Why would REAL LENDERS pursue foreclosure on a home they don’t want, won’t keep or even sell? see http://www.wset.com/story/27646534/danville-council-hears-housing-study-findings
Filed under: foreclosure |
@Christine – re: 4:48 post – just read your list -Well done! I also agree with KISS I have an accounting problem Ocwen can only give me accounting dating to when the servicing was transferee to Litton they sent me a letter in reply to a QWR for complete accounting and said they do not have earlier information. How can they be sure it is correct if they don’t have accounting for the first few years of my loan?
@ neider. I sent you an email with an attachment with a WF trust doc – did you ever have a chance to look at it?
PRRFECT Christine!
I agree you saved yourself a lotsa pain Christine
I was not so lucky but eventually I believe my path will lead me where I’m personally supposed to go.
I totally agree that you can’t March into court pleading all kinds of conspiracy stuff ( I’m thinking Ivent too) and expect the door to discovery be made wide open for you. To Pierce the corporate veil is a huge challenge and naked accusations will not do that. best handled by experienced trial attorneys for sure.
Deb,
Nobody is calling anyone a loser but too many people have been led into filing the kind or nonsensical pleading Invent posted on the previous page (and which she doesn’t understand a judge rejected without one word of explanation…)
I’ve seen everything pleaded by too many people who still ended up kicked out of their home to know what does not work. Keeping one’s monthly mortgage statements, reviewing them, comparing the fees listed (usually on the back of the statement) to those really applied, questioning all amounts and asking “Where did my money go” is accounting 101. In fact, it is arithmetic 101. Anyone can do it. We’ve now seen enough cases where people prevailed to know what they prevailed on and securitization, pretend lender and MERS are not part of it. Nor is Sherman’s antitrust violation and other nonsense.
K.I.S.S.!
Sometimes- its about biding your time.
Christine said ; “more likely the homeowner is to lose track of common sense 101. Too many players, no clear understanding of who and where they are on the totem pole.”
Sometimes the only way to get what you need TO find out is five years in court becayse what they file as exhibuts/ enter into evidence you might use later, you know- that proverbial neck noose.
Woops again that was meant to read- Appraised value.
The bigger question is where did the ” money” go ” derived” frommthe appeaised ” value” and what was the real value based upon. Accounting 101 i think not, its so complex theres no way a simple home buyer totally unsophisticated in accounting could have a clue even if they tried. And not one of us are loosers.
Christine, the money was RENT albiet a very expensive rental, in my case was asset stripped for what I then had, ( and for the foreseeable future) and I was full doc money down and paid cash for a lot of my upgrades ,( that were infact free upgrades for them they tricked me to invest in their scam using the appraised ” value”) also ruined my reputation, I did one of those searches on my name and I look like the biggest looser to a future employer- remember the kind of work i do. At my age I will never recover, so the house means nothing at this point. I chose to fight, it hurt me more. Im not, definitely not saying this to discourage, we must fight, but without the tools and the best attorney(s) its very difficult to prevail, im going over 5 years now, i will contiune to fight until I cant anymore. Arguments take different paths but Your point is great, does it matter where the money went the borrower believed it was going towards ” ownership” of the land and home they cultivated and imporoved, not, a riduculously expensive rental that would be their financial ruin in the end, and, as it is blazingly clear, the economic collapse of this nation leaving tax payers on the hook. I congratulate you on your win smart moves for sure it is encouraging to see someone do well.
“Are the non-bank servicers (Ocwen, Nationstar, et al.) compelled or legally required to adhere to the settlements (Fed, State) as successors?”
Answer: the more remote the relationship to the original loan and the
more likely the homeowner is to lose track of common sense 101. Too many players, no clear understanding of who and where they are on the totem pole.
WHERE DID THE MONEY PAID BY HOMEOWNERS GO? Doesn’t matter which and when. From closing on, where did homeowner’s money go, be it $10, 50 or 100? What was it applied to? Not where lender/pretender, lender/bank/broker, investor money comes from but where borrower’s money went.
That’s all anyone needs to know and research. You want accountable judges? Speak hard-earned, stolen money to them. Speak to them as one of you: “I paid. I want an accounting. No one gives it to me.”
Stop the irrelevant nonsense and get down to reality.
Question: Are the non-bank servicers (Ocwen, Nationstar, et al.) compelled or legally required to adhere to the settlements (Fed, State) as successors? Do the big banks shed liability through the acts (or non assent) of their successors? Been wondering about this.
Accounting.
Where did my money go? Why didn’t anyone answer me when I asked nicely for four years? Why was I forced to ask by filing a QWR no one answered? Why did questioning accounting in my state bank force me to file in federal court versus state court?
How do you expect me to pay for a mortgage and an attorney versed in federal law at the same time? Where did my money go?
You’ll get yours when I know where mine went. You can’t tell me? You want to file FC? Now? Where is my money? Tell me first about my money and I’ll hear you about my house. Oops! Judge wants to know about my money and isn’t too interested about my house, the one you really, really want.
Oh well…! Judge won. He doesn’t want to hear about the house. Too bad. Show him the money. I’m staying put in the house. Til next time. Yeah, please do bring the accounting. Different judge. Same issues.
Accounting. Simple, dumb accounting. Addition, subtraction, elementary-school math.
I won on that strategy, both in federal and state court, never on the defense side, never having to file for BK. I did the math and proved bank’s wrong when I started being harassed and I hated it. I knew I couldn’t overcome legal procedure. I looked for an attorney. I found the best one, fresh out of law school, just on the math alone. My attorney provided procedure and legalese. I provided the math.
It can be achieve if you attack first. It may be achieve on the defense side if you focus on accounting and nothing else. It will not work if you follow every rabbit thrown in your path, such as “Trustee”, “MERS”, “PSA”, “Pretend lender”, and such.
Strategy and focus: to prove the bank/servicer wrong. Goal: to get the value for the investment, be it the money to move on to better and bigger things, the house for memories’ sake or the verdict for jurisprudence and posterity.
Accounting
I must be missing something…
“In my opinion, Edward O’Donnell is the person most responsible for bolstering the bank settlements and holding Wall Street accountable,” said David G. Wasinger, the lawyer for Mr. O’Donnell, who worked at Countrywide from 2003 to 2009.”
WS has been held so accountable that it was able to completely squash any attempt at protecting taxpayers from banks’ ongoing gambling by watering down any related provision of Dodd-Frank. What a charade! Then again, people buy that self-serving crap, hook, line and sinker. And still pay taxes to their tormentors while whining, moaning and complaining. Any question?
http://dealbook.nytimes.com/2014/12/17/countrywide-whistle-blower-to-receive-more-than-57-million/
So…
Sue in Fed on the accounting. Check.
Stop paying mortgage AFTER you filed. Check.
If servicer files for retaliatory FC, defend it and counterclaim. Check.
Appeal if you lose in Fed court the first time around. Check.
Win appeal. Check.
Stay FC until Fed case resolved. Check.
Win a judgment for damages in Fed court and recover all legal expenses plus damages. Check.
Reactivate FC case, amend counterclaim to reflect judgment, send request for prod. of docs, request for admissions and interrogatories, focusing on the lousy accounting servicer never could produce in fed court and won’t be able to produce any more in state court. Check.
Then, sit and wait until servicer finds religion. Servicer just did and is dismissing its FC. Check.
Mission accomplished. What a fantastic year this has been!
From the “BOA Fails” linked article
” Ocwen Financial Corp. and Green Tree Servicing are also subject to the settlement’s terms after buying servicing assets from Residential Capital, one of the settlement’s five original servicers.”
QUESTION: Is “Residential Capital” the same entity as AHMSI/Homeward ??
Reblogged this on Deadly Clear and commented:
Yes indeed, the system is in need of a change and judges with the ability to handicap a horse race… And not be first concerned with the value of their mutual funds. That, however, may well happen with the next crash as all pensions could experience a haircut to non-existent status and not because of homeowners who want to pay but can’t get modifications because foreclosure is more profitable for the banksters.