For those exiting “Forbearance” or Moratoriums — Be Careful What You Write!

After a few extensions, the mortgage payment pause officially ended — or will be ending soon — for 1.2 million out of an estimated 1.7 million loans that remained in forbearance as of August, according to CoreLogic.

Wall Street is busy churning out even more disinformation than before because they are trying to avoid a mass revolution from consumers. The latest message is that some homeowners are struggling but “market conditions” will prevent a new tidal wave of foreclosures. The object is clearly to distract anyone in government from paying attention to this monster.

see https://www.bankrate.com/mortgages/cares-act-forbearance-runs-out/

So they’re using this opportunity to (a) pretend there is no crisis and (b) engulf consumers in another round of deceit.

Wall Street wants you to “stay in touch with your lenders” because they want you to communicate with companies who are pretending to be lenders or servicers. They are neither lenders nor servicers. They’re not “Servicers” if “servicer” means a company that receives or disburses proceeds of scheduled payments. And they are not lenders if “lender” means someone who paid money to originate or acquire ownership of your underlying obligation.

Nearly every consumer transaction that offers a payment schedule is actually concealed securities scheme, Which means that for the apparent “lender” there is no loan. there is only payment to or on behalf of the consumer to inspire them to “sign” documents that launch or help launch a securities scheme that enables the participants in that scheme to get paid many times that amount of what the consumer is deceived into believing is a simple loan.

The bottom line of all that is there is nobody who maintains the “ledger” that is in the mind of the consumer. There is no loan account. There is no company that reduced its cash account and added it to its receivable account.

So maybe securitization is a true innovation. But as it stands it is illegal and unenforceable. If you were pursuing the same companies for payment you can bet that they would do what I am suggesting — refuse payment unless you could document proof of payment and the present existence of a loan or other debt.

That documentation must be from the records of the party named as the claimant — not from some company claiming to be a servicer. If the designated named claimant is not a creditor to whom the debt is actually owed then the self-serving unsigned claims of servicing authority are empty statements designed to deceive consumers, homeowners, and students to make payments that are being converted from debt to profit.

Every effort to bring pressure on a consumer to pay it is basically Suing For Profit. Even if the consumer pays, it won’t reduce any loan account because no such account exists — except the illusion of the account on the books of the “servicer” who is not serving anyone other than the investment banks on Wall Street and who handles no money.

So here are the general rules of all consumer transactions that end up with some scheduled payment:

  • Do not address the company claiming servicing rights as the servicer. Instead, challenge who they are and what they’re doing. You never made a deal with that company. Send a Debt Validation Letter and in the case of a mortgage, a Qualified Written Request. If you do admit they are a servicer you are reinforcing the illusion of a receivable account maintained by that company on behalf of some other entity who never actually shows up on anything. No officer or director of any REMIC trustee or other designated named creditor ever signs anything. The creditor is merely there as a hood ornament.
  • Do not admit you owe any money to the servicer or anyone else. You don’t know what happened to that account so stop pretending that you do know.
  • Do not admit you are delinquent or in default or that either the lawyer or servicer can declare you find default. Note that you will never receive a direct statement from the named designated creditor saying you are in default. They have simply rented out their name to maintain the illusion that the creditor is a financial isntiutiotion. It isn’t.
  • Do not concede that the payment history is accurate or is a legal or acceptable substitute for an account receivable on the books of a creditor. It isn’t.
  • But DO realize that every time you make life difficult for this vast game of suing for profit, you are helping not only yourself but millions of other consumers.
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Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
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Neil F Garfield, MBA, JD, 74, is a Florida licensed trial and appellate 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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