Concealed Side Agreements Should be the Target of Discovery Demands by Homeowners

Would you entrust all your money to some thinly capitalized company who wanted total control over all your assets? No you wouldn’t and neither does any bank in an industry that virtually define security and control.

So when I received a recent email regarding a “Power of Attorney” (POA) purportedly executed by Argent/Ameriquest to another company proclaiming itself to be a “servicer” my reply was don’t believe it.

I can virtually guarantee that Argent never executed any power of attorney and that the person who was the signatory was a contract laborer whose signature was stamped or forged. The reason is that no bank or other financial institution would ever sign such a document in earnest. It is all a sham.

This is where knowledge of the industry comes into play. When dealing with assets that are in 6-7 figures, financial institutions have all sorts of protective mechanisms to make sure that the money doesn’t disappear.

Servicing contracts, for example, are very specific if they are outsourced — and nobody gets to change the terms of any mortgage loan without express authority granted in writing by an officer of the creditor company who has been authorized by a corporate resolution from the board to perform that function. It doesn’t happen any other way and that is true for all residential loans regardless of what documents are presented by the lawyers who get them from the servicer who gets them from a document preparation service which is controlled by a central repository (Black Knight) who in turn is operating under strict restrictions imposed by its contract with investment banks or their intermediaries.

So when a modification is executed making it look like the “creditor” is the servicer, without any mention, warranty or representation about the identity of some other group or company that is the creditor, the servicer is not actually doing the modification, even though correspondence is going out on the Servicer’s “letterhead.”

And the servicer cannot then claim that the loan is owned by them because (a) it isn’t, (b) they are operating under restrictions in side agreements that are concealed and (c) the servicer does not actually have any opportunity to handle funds arising from payments from the borrower or from sales of the borrower’s home. All of that is a mirage.

Banks don’t sign or accept real POAs because they are subject to revocation, expiration and in the case of homeowner transactions they are actually quite vague. That is because there are other agreements in which the grantee of a POA agrees that its name can be used but that it won’t really be doing anything.

If that were not true then servicers could have and no doubt would have made off with hundreds of billions of dollars.

This is sleight of hand. They show you one document that looks facially valid, but there are other concealed documents that make it clear that the grantee has no such powers. Every PSA reads that way too. It looks on the front end that the trustee has something to do, but in the end the trustee has nothing it can do.

The side documents to the PSA or POA are the actual servicing agreements and the actual trust agreements that are always concealed. Those are the documents homeowners should be asking for. Accepting the POA or the PSA is a trap. 

*Neil F Garfield, MBA, JD, 73, is a Florida licensed trial attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.*

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One Response

  1. PennyMac pretends to be a “servicer” for some non-existing Trust, and the owner of my “debt” which they “purchased” from some secretive source which nobody can identify.

    But behind the scene it is a very merry collection of companies all of whom are above their heads are in securities, mortgages and foreclosures fraud.

    Most recent trick first. PennyMac pretend to be a Servicer who collects money on my escrow account and suppose to pay taxes from it.

    But PennyMac does not pay taxes and obviously does not maintain an escrow account. So, then who does?

    I went to my local Treasurer to find out that my property taxes were paid by ..CoreLogic, who was the one who initiated this scam from the beginning.

    According to the Treasurer, CoreLogic is a “tax company” who collects taxes for all properties and pay it to Assessors.

    The next reasonable question – that is PennyMac’ s duties if they do not handle tax payments?

    CoreLogic is one of key members in this criminal enterprise, equal to Black Knight,

    First, my “lender” instantly passed my application directly to Black Knight/CoreLogic who on the same day (!) prepared a bogus “determination of flood zone” for the property which never was in the flood zone. The determination was made by CoreLogic who owns a Hazard Map company.

    This easy trick allowed Bank of America (the real party who purchased my Note when they passed money to Black Knight/CoreLogic) to place me under hardship of $100.00 per month for a very modest home.

    My “Lender” forged RESPA disclosures to conceal time when it was signed – Pacific Time, while we both located at Central/Eastern.

    CoreLogic’s appraisal Company (former CWF Appraisal Comany which they implemented into all GSE’s along with CoreLogic’s VendorScape software) appraised my property $10,000 more than the asking price. Why? Bank of Ameica can sell more junk bonds based on appraised value. In 2005 they had to coerce appraisers to increase the price, now Banks can put any value on any property.

    CoreLogic’ partner-in-crime, First American Title sold me bogus Title Insurance via their sham conduits, Bell Title, which does not cover for anything while FAM of course is aware about this Gestapo’s games.

    Worth to mention, CoreLogic has ALL of your financial data, it is a secretive parallel to major Credit Bureaus source of information about every borrower in the US. So, if you thing you can “clear” your credit history – the answer is “no”. ALL your data is collected and stored in CoreLogic’s database even though nobody tells you about it.

    Next, CoreLogic started to sell my information to all possible predatory “Lenders” whose job is to push borrowers into “refinancing” under adjustable rates with cashouts to put them into defaults.

    Next, CoreLogic who handles all tax money, means escrow accounts, started manipulating with my monthly payments by decreasing them.

    About a year later, was hit with a huge “deficiency” letter where I suppose to pay almost $2,000 in “deficient” escrow plus my monthly payments would increase from $795.00 to $1,100 per month.

    This simple trick is used on millions of homeowners who have no idea who is actually play this game – CoreLogic under directions from Big Banks – to guaranteed default. According to public comments, some homeowners receive as much as $15,000 deficiencies and $2,000 increases of payments. As soon as I demanded explanations, my “default” disappeared, and my monthly tax-free gift to Bank of America increased from $795.00 to $894.

    CoreLogic regularly forge “assignments” into non-exsisting Trusts for Bank of America and hire foreclosures mill lawyers via their VendorScape system to file fraudulent foreclosures.

    So, if you deal with a fraudulent foreclosure, the real parties are A Big Bank, Black Knight and CoreLogic.

    All others – including “default debt buyers”, hedge funds, ect- are merely cover ups.

    If here was no debt from the beginning, here is nothing to sell or default.

    A group of criminals from Wall Street use their intermediaries – CoreLogic and Black Knight – to create appearances of legit transactions purportedly covered by Title insurances (which are also a scam) – via lower level mobsters.

    And it is related to ALL debt – student loans, car loans, credit cards.

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