Recruiters are hiring for a job that shouldn’t exist: finding “missing” documents required to “complete” broken chains of title on mortgages entering foreclosure.
Since all assignments of mortgage should have been prepared and recorded within days of the transfer or sale — and the failure to do so irreparably ruptures chain of title — the companies would seem to be looking for time travelers or magicians.
Or maybe they want to manufacture false evidence to introduce into courts as a means to take away people’s homes.
Without a chain of title documenting the sequence of historical transfers of title to a property, foreclosure proceedings cannot continue in a legal fashion.
Alluvion Staffing, a recruiting firm from Jacksonville, Florida, posted a listing on Career Builder for a “Default Breach Specialist” for an unnamed mortgage company, who would be tasked with locating “missing assignments needed to complete the chain of title prior to foreclosure referral.” The ad follows a separate search from Select Portfolio Servicing, a Utah-based mortgage servicer, for someone to “provide assistance in demonstrating the Investor has the appropriate legal authority to initiate actions through a complete Chain of Title.”
As I detailed in my book Chain of Title, the various companies packaging loans during the housing bubble routinely failed to follow the precise steps to transfer mortgages into the tax-preferred trusts used to create mortgage-backed securities.
For the most part, these breaches cannot be reversed, because the governing securitization documents, known as pooling and servicing agreements, specified a time limit for conveying mortgages into trusts.
Regardless of this rigid deadline, mortgage companies hired third parties to mock up after-the-fact documents, making it look like they held an unbroken chain of title and had the ability to foreclose. The obvious fabrications have been challenged in court numerous times, and were the focus of a national settlement with leading mortgage servicing companies in 2012.
However, the focus of the settlement — false documents submitted to courts in foreclosure cases — continues to this day.
The multiple job listings for specialists to fix broken chains of title only confirms that nothing has changed in the industry. No mortgage company would require a chain of title specialist if the documents needed to foreclose existed.
It’s possible the missing documents merely need to be located. But the presence of an entire industry of third-party “default services” companies that recreate mortgage assignments suggests that this isn’t a case of lost-and-found. Last September, one such third party, Security Connections of Idaho Falls, Idaho, was caught soliciting individuals to forge mortgage documents.
The Alluvion Staffing advertisement says the Default Breach Specialist must maintain a caseload of delinquent loans “to ensure timely preparation, execution and/or recordation of all needed assignments prior to foreclosure referral.” Alluvion adds that two years of mortgage default servicing and a high school diploma are required for the job, with “college education a plus.”
Select Portfolio Servicing’s job listing seeks individuals who can “facilitate document requests in a timely manner,” while exhibiting a “comprehensive understanding of proving up all Chain of Title requirements.”
The qualified applicant would have document-processing experience, proficiency in Microsoft Word and Excel, and mysteriously, the “ability to lift boxes weighing 25 lbs.” The company does not specify a pay range. Company officials could not be reached for comment.
Over 6.2 million families have lost their homes to foreclosure since the financial crisis began in September 2008, according to a report Monday from CoreLogic. It is not known how many of those foreclosures were executed with false documents. But we do know that the failure to follow longstanding property records laws in securitization contracts was so systemic that eight years later, special teams of chain of title specialists must be hired to make the problem vanish.
Michael Redman of the recently restarted 4closurefraud.org blog found the initial listing from Select Portfolio Servicing. Foreclosure defense attorney April Charney sent the Alluvion Staffing listing.
Filed under: foreclosure | Tagged: DAVID DAYEN, foreclosurre fraud, securitization fraud, time travel fraud |
@ Vincent Malfa ,
re: short sale.. I’d try to nail down who “owns the note” as best you can… they will lie but get something in writing out of the servicer … write a QWR demanding a copy of the ESTOPPEL LETTER for each and every assignment of mortgage you have… AND demand an ESTOPPEL LETTER regarding the short sale FROM “THE LENDER” along with their agreement to hold you harmless for any shortfall. We all know there is likely no “lender” and the letters will be fake but if they cannot get a letter from the lender authorizing the short sale that puts the servicer on the hook in my book. IANAL
I have had 2 civil cases dismissed and now the BK,spoke to servicer yesterday and they say they see no sale date,asked me about loan mod,said ok,then sent an email to the posting company they tell me today sale has been canceled.Not postponed but canceled.
I dont trust them,I dont trust lawyers even more,they want your money and thats it as of today I have been taken and I mean taken by 3 lawyers for 5k each,did nothing and vanished,first lawyer lied several times about moving my case to a certain judge that he said he has a a good relationship with,I google her and she has a still open case pending against her and another judge for running a deed stealing racket out of their court,along with a former head of the bar.
BK lawyer did nothing but cost me another 20k,this on a so called interest only refi that wasnt assigned into the trust until 2012 6 years late and not by who I was told owns or originated it,but by the servicer who is also listed as lender,beneficiary,master servicer,servicer,and securities administrator to unregistered ,not considered real securities and what is this crap all about?
The “Trust” was in BK years ago before being revoked by the SEC,then liquidated,and they listed the servicer,lender as a Non Priority,Unsecured Creditor,canceling any agreements.
This is all public record and if I wasnt so freakin slow I may have got it from the beginning and I personally believe this is all about the lawyers,on both sides,the judges who are holding billions of dollars worth of MBS in their pension funds,and once you enter the court system they have you.
Its like this blog has been talking about for years and that once you acknowledge the loan and then enter your docs as evidence your screwed,its almost better denying it ever happened.IMO
I cant say because the truth has been so hard to come by,Im sure its not over,thank you all for the input and support.
Can a homeowner file suit for predatory loan if they get a short sale done from servicing company?
David, if your bkruptcy was dismissed and not discharged, I would thing the bank can continue doing what they were doing before u filed bankruptcy. Why would you believe anything the bank is telling you? Wake up. not a lawyer, but just giving my opinion.
Reblogged this on Deadly Clear and commented:
CoreLogic is full of baloney. The foreclosure crisis started before Lehman died…and there were over 14 million foreclosures by 2010. Think about the numbers. By 2009 the banks’ PR was being released in percentages. MERS depos talk about 72 million MERS mortgages. Another 20-30 million were no MERS. Figure roughly 100 million homeowners were scammed and on the way to the foreclosure slaughter. 6.2 million, baugh humbug! Way low. Maybe in 2009 alone – or they got it confused with jobs lost…
David,
I can’t give legal advice, only an opinion that you can choose to use or get some ideas from.
Get what you can in writing from the people telling you this.
If you don’t have a fax machine, the local office store for office supplies and printing needs have a fax machine.
They can also create a pdf scan of a signed document and email it to you, and you can print that out at at office supply store if you don’t have your own printers.
If you are in a nonjudicial, contact the court where they would conduct the sale and see if the clerk of the court can give you documents, certified copies are for a fee, [certified if you can ] if you can pay get the copy of the document in the file or on the record that the case is dismissed or anything you can documenting the foreclosure attempt.
If the sale is cancelled there has to be something that can be signed and certified, or something they just print from the court filings that is signed by someone authorizing the cancellation.
Rethink your strategy to refile that bankruptcy, without learning what you can without filing it.
You do not want them to think/claim you are abusing that process only to delay foreclosure
Standing gives the court SMJ.
This was ignored initially because the courts did not believe in the fraud, but the AG’s took the time to document the fraud and sue, and even then the courts didn’t believe in the fraud until the california Supreme Court listened in Yvanova, What’s interesting is the courts were telling Yvanova she had no standing to challenge docs that were executed by a long dead entity that was used to give a trust standing to sue.
“Our ruling in this case is a narrow one. We hold only that a borrower who has suffered a nonjudicial foreclosure does not lack standing to sue for wrongful foreclosure based on an allegedly void assignment merely because he or she was in default on the loan and was not a party to the challenged assignment.”
The above listings appear to be someone trying to get standing. How many cases were filed where the standing did not exist?
Banks don’t run anything, they just pretended they did and law firms and attorneys helped them at our expense.
That’s my opinion.
Trespass Unwanted, Creator, Corporeal, Life, Free, People, Independent, State, In Jure Proprio, Jure Divino
“Since all assignments of mortgage should have been prepared and recorded within days of the transfer or sale — and the failure to do so irreparably ruptures chain of title”
Well apparently in the State of California they do not have to record in the County Records office. So how is this even possible to really know the Chain of Title. – HOW?
I have a friday the 8th posted sale of my home,its on nationwide posting
in Cali and when I call Wells Fargo they say that there is no sale date as of now.
Strange isnt it?Case was dismissed,judge was rotten,corrupt,my lawyer was working for the judge and taking my money,100% fraudulent ,never assigned until 2012,fictitious signers,fabricated docs,the whole thing.
Was in BK until last friday,it was dismissed and now this,does anyone have any Idea whats really going on?
Wells says no sale date but I see it online,do I file another BK tmro or wing it and hope that I can get it back?Pretty scared.
TO marinayrr, I’ll help you, as I am like you. I have been trying to get this unscrewed for 10yrs to the day of NOT SIGNED documents.
We are on 5th time of trying to get these fraudulent,manufactured documents thrown in the face of BONY and their document creators. Just found out by this post of Dave Dayen, that real docs have to be recorded in a select time frame. Not weeks after a Purpored signing, Which Never Occurred.
i would be happy to dig up their dirt… i am head over heels on my own FC
Marina c. Yiu 510 407 2178
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