Need Good Help Please! 10 posts by 4 users

Posted: 02/07/2008 at 06:28AM

Hello.

I've just recently rejoined bigger pockets. I was reviewing the posts and it seems like there may be some good real estate professionals on here. So I've got a good scenario to go over for those of you who know about the foreclosure process.

The ??? of the day is what does someone do to find out who actually owns their mortgage note? Especially when it's been proven a servicer doesn't know who their collecting for? And everyone rolls the ball saying this person owns, this one owns and yet no one has proven ownership? The assignment that's been provided to a court of law is blank. Servicer was dismissed without prejudice for not having standing to bring suit. But yet still wants to foreclose?

This is for a 2nd lien. In the process of doing dd on file it's also been found that there various issues with TILA, Respa and such. Enough to get a full recisison of both loans and probably then some.

Of all the cases I've seen never have I found such a legal malfeasence all the way around from origination, servicing, as with the 2nd there was no hello/goodbye letter either.

Also could prove the courts aren't protecting people the way they should.
While I know a lot about this business I'm trying to get some honest answers. The people who've been prejudiced have been told to file things in state court. For the 2nd. But upon DD on the 1st the other issues have come to light so how does one make a complaint to address both loans when they've both been sold? And the holder in due course could be eliminated because 1st merged with original originating lender/servicer?

PLEASE just don't say ask an ATTORNEY! I've tried to find various answers of what I was told not to be true with all the laws involved. And know I've been hung out to dry by the whole judicial system currently.

In all honesty the only reason why I know is because of the profession I chose some years ago for a long time. That of being the bill collector. But I only did my best for all parties to be fair and honest. Cause usually I had to work with people to own up to the responsibility to pay their debt.

That also means everyone is human. Debtors, note buyers, investors, attorneys I've worked with everyone of them and feel really betrayed for always being fair, honest and believing to do onto others as I'd want them to do onto me.

Which means sometimes bending the rules not in a legal sense but usually to make up for another's errors. While I don't want to go after the attorney who prejudiced us the servicer should be stopped. But now with so many banks involved how does one address such a case? Is there any way to find out what security instrument actually backs up the note that I signed? They've only shown copies of things to the court. No original promissory note or security instrument. And the gosh darn assignment is blank. The way this is I could be paying someone who isn't giving my money to the rightful owner. The debt isn't disputed as not being owned. But even the judge agreed they shouldn't be paid. After 60 days of waiting and producing the blnk assgn doc.

Thanks,

Kathy

Posted: 02/18/2008 at 10:57PM

John, good call. That is exactly why I didn’t respond when I first saw it. I too read it several times and didn’t know which way to start to respond... So it was easier just to skip it.

I guess I should have been more proactive and taken the time such as you did to ask what she was after…

So for today John... You get an A+

Posted: 02/22/2008 at 09:02AM

Kathy,

A bit of a tangent.

A OH judge threw out some foreclosure actions because the documents submitted by Deutche Bank did not accurately reflect the actual owner of the notes/security agreements. It took place in 2007.

The judge said that the claims were potentially valid. All the servicing agent needed to do was accurately show the chain of ownership for the notes so the action could move forward.

Posted: 02/24/2008 at 01:42AM

John,

In the OH case the person or entity bringing the action for non-payment could not show they had any claim. Hence they could not show that they were even owed money or that they had a claim on the specific property. Almost a case of mistaken identity.

The judge was fine with the idea that the borrower was not paying and someone should take action. He just could not see how the entity taking action was the lender or representing the actual lender.

Otherwise I agree. If someone signs up for a loan and they need to pay. If they are not smart enough to know what they agreed to then do we ban them for being ignorant? When we start judging people as not being smart enough where do we draw the line. If documents are complicated should people be smart enough to ask for legal advice or should they just sign?

Posted: 02/25/2008 at 12:38PM

No I'm not putting the money away until the owner is located. I've been to court. Was demanded to show in atty escrow money I was behind to creditor last year. I did this. When I did this judge agreed with us that they shouldn't be paid as I did show standing to be able to rectify voluntarily if requested to do such.

If I hadn't done this yes judged would of let them foreclose. I came to the table to do the right thing they've yet to do so. Accounting records aren't that difficult to figure out. Someone has ownership somewhere. Someone could easily check and see who they received funds from on my debt. Or who their paying my funds to once payments are received.

For whatever reason though the servicer or originator has refused to do this even though they've been requested in court to do such. So much so that the judge ordered no pymts to them at all. No arreages or future pymts until ownership is known.

Therefore, please the ??? I made this post about was to find out who owns the debt I created? Is there a way to find out? Isn't there someway to figure it out thru the security instrument they created?

Thanks to all of you,

Kathy