AFTER THE SALE: PART II

Submitted by VivianJ

Finally got on the list. A servicer, (not on the deed of trust) tried to execute a power of sale. Thanks Neil for your wonderful posts. I’ve been reading for months.
I showed up. Spoke to the ‘appointed’ trustee. Said, according to your appointment you have the Deed and the Note? She said, “I don’t want to talk to you.”. I told her I had a complaint for identity theft and consumer protection in a real estate transaction with the Attorney General. She gives me the law firm she’s helping (in another city) and I told her, I was disputing the sale. It was fraud. I informed her I would capture the sale with my cell phone. Eventually I was told they would not call out my home for sale. I waited through all the foreclosures. Those she called out, she stated she was authorized to bid for the “lender” (term used loosely) and she’d place the first bid, and of course had the highest bid, and would say ‘sold’. She read mine, and I started recording, I spoke while she sold, and said I never did business with this company. They are not a lender nor a creditor to me. They are not recorded in the real property records. The title is clouded. etc…so on, and eventually heard her say, sold. So I stopped talking and asked what it sold for and a person sitting by her gave a value. I said, that’s all I need and stopped recording. The cell has my voice over hers, but the point is, I was there, and have video of a fraudulent sale. I waited. No filings yet to try to transfer the title from the original trustee to the ‘substitute trustee’ (term used loosely). The acceleration (power of sale) can only be done by the ‘lender’. That definition is in the Deed of Trust. Without an ‘Assignment/Transfer’ in the Real Property Records…no one else can claim the status of the “lender’. Only the ‘lender’ can appoint a substitute trustee. The entire process was flawed. I got information from the ‘lender’ I never paid, that should prove I owed them the money (without an assignment) but their note was a certified copy from a title company, their copy of the Deed is different from a certified copy I can get from the official real estate records. I got the law firm to send their proof they have the Note and Deed as per their appointment. Their note does not match what the ‘lender’ sent, and their copy of the Deed does not match what the ‘lender’ sent nor the copy on file in Real Property records. They made it easy for me to prove to the attorney general the fraud. Problem was the AG represents that ‘state’ whereas I needed someone to represent me. Attorneys in non-judicial states do not know this part of the process so they avoid it. I found one who was new to the state, needed clients, and said if I could tell her what was wrong she’d try to help me. Well I’m on my way to either ‘reverse the sale’ (if they file something to show it was done…seems there is a delay to complete that fraudulent process), and to seek quiet title to remove all claims to this property. Sad thing is the ‘lenders’ (that term will always be used loosely) only wants the legal title to the property. They could care less about me, my payment or the house. But they can’t get it from the Trustee on my Deed of Trust because they aren’t the original Lender. The original Lender was merged away into another entity, and the Trustee would only recognize the holder of the Note and Deed. Good luck with that.

America’s property is held by legal title by the origianl Trustees of our Deeds/Mortgages and the Bankers can’t get to these titles because they split the Deed and Note. A shame the fraud they’d go through to make sure an attorney is not the final holder of all the property titles. Makes it hard to flip homes over and over again as people buy, sell, or lose their homes doesn’t it. Can’t back out of the bad documents. They did get sloppy in their greed.
They assign a substitute trustee, then force a sale or foreclosure, then get the original trustee to transfer the legal title to the substitute trustee so the substitute trustee can transfer it to the banker. The fraud is deep, pretending to pay taxes so they can set up an escrow and charge higher mortgage, pretending to not receive payments, canned letters no matter how you communicate in writing telling you they didn’t get your documentation even if you sent it three different times and three different ways. Then if you refinance to get from under them, the bank that refinanced is bound to assign you to them as a servicer again to go through the same pains over and over until they get that title!
Good luck to all. I admit, stay in the language of Love, ’cause when you operate with Love in your heart, you can see through all the darkness and all the fraud and all the deception. With Love, your eyes are open and you see the slightest details in their fraud and can expose the evil side of the business. Stay in Love, that’s the language that will open the doors to victory. Forgive the players. They are working and earning a paycheck. A few at the top caused the problems. The rest of us on both sides are the pawns and expendable. Love your neighbor, they may be the very person to help you. Keep an amount of cash, (coins) in your possession for emergency situations. Lately, there has been interruptions weather related or not, where ATMs, gas stations, food services, etc.. have not been able to process credit and debit. Seems like a test for something later to come. Not fear mongering, just making an observation and giving a heads-up. Neil, keep up the good work.

Bank Accuses Investment Houses of Lying About Mortgage Backed Bonds

“(T)he differences between the values ascribed to these properties and the prices at which the properties were sold in foreclosure are significantly greater than the declines in house prices in the same geographical areas over the same periods,”

Editor’s Comment: BINGO! Use this complaint for both discovery and as a pleading guide. Send me a copy of al pleadings when you get them. There a bank that gets it. They are manipulating the home values on the back end the same as they did on the front end. First they lied to borrower (debtor) and investor (creditor) about the value of the property when the loan was funded and then they lied about the value when the house was sold in foreclosure. Charles Koppa is close to publishing a study that shows that the price of most homes sold on the courthouse steps is dropped the morning of the sale to a price far below the fair market value of even the most distressed property.

‘About That $19 Billion …’

By DAVE TARTRE

SAN FRANCISCO (CN) – The Federal Home Loan Bank of San Francisco demands $19 billion from major banks and investment houses it accuses of lying about the quality of the subprime mortgage-backed securities they created and sold. The FHLB sued Deutsche Bank, Credit Suisse, JPMorgan Stanley, UBS, Banc of America, Countrywide Financial and others in two Superior Court complaints.
The FHLB claims the lending giants, including now-defunct Bear Stearns, Greenwich Capital Markets, RBS Securities and others failed to disclose material facts about the mortgages, such as how much equity the borrowers had in their homes, and that the omissions and misrepresentation led to much greater rates of foreclosures than promised.
The firms used exaggerated property appraisals so the loan-to-value ratios of the mortgage loans in the securities’ collateral pools understated the risks, according to the complaint.
“(T)he differences between the values ascribed to these properties and the prices at which the properties were sold in foreclosure are significantly greater than the declines in house prices in the same geographical areas over the same periods,” the FHLB says.
In addition, the number of borrowers who actually lived in the houses was lower than the defendants represented, and the borrowers’ credit scores were lower too, the FHLB says.
The lending giants did not tell the FHLB that their loan “originators were making frequent … exceptions to underwriting guidelines when no compensating factor was present,” and the originators systematically failed to detect or prevent borrower fraud, according to the complaints.
According to one complaint, “the Defendants sold or issued to the Bank 98 certificates in 80 securitization trusts backed by residential mortgage loans. The Bank paid more than $13.7 billion for those certificates. When they offered and then sold these certificates to the Bank, the defendants made numerous statements to the bank about the certificates and the credit quality of the mortgage loans that backed them. On information and belief many of those statements were untrue. Moreover, on information and belief the defendants omitted to state many material facts that were necessary in order to make their statements not misleading.”
The other complaint states: “the defendants sold or issued to the bank 36 certificates in 33 securitization trusts backed by residential mortgage loans. The bank paid more than $5.4 billion for those certificates. When they offered and then sold these certificates to the bank, the defendants made numerous statements to the bank about the certificates and the credit quality of the mortgage loans that backed them. On information and belief, many of those statements were untrue.”
The FHLB would like its $19.1 billion back. Its lead counsel is Robert Goodin with Goodin, MacBride, Squeri, Day & Lamprey. 

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