Bank of America Suspends Foreclosures in All States

We have been saying for some time that the affidavit problem that has led GMAC, Bank of America, and JP Morgan to suspend foreclosures in 23 judicial states could not be limited to these states. The robo signing of affidavits was clearly done across all sorts of court actions. As we indicated, the bogus affidavits are used in all foreclosures in judicial states; they aver various things about the plaintiff’s indebtedness, including the plaintiff’s ownership of the debt that are integral to the process. Providing an improper affidavit is considered to be a fraud on the court.

But the same fraud takes place in non-judicial states whenever a foreclosure is contested (which happens routinely in bankruptcy cases). So the false affidavit situation affects all states, just in much bigger numbers in judicial states.

Even more important, as we have stressed, the affidavit abuses are mere symptoms of much deeper problems with the mortgage securitizations. Why, pray tell, are law firms and servicers engaging in false representations and widespread document forgeries? It is because, as we have stressed, they made a botch of getting the notes (the borrower IOU) into the trusts, and simple fixes don’t work, hence the need to create a phony document trail. The Bank of America suspension of foreclosures in all states appears to be a tacit admission that the problems are as pervasive as we have suggested.

From Bloomberg:

Bank of America Corp., the biggest U.S. lender, will halt foreclosures in all 50 U.S. states to determine whether documents used to seize homes from people had the correct data.

“We will stop foreclosure sales until our assessment has been satisfactorily completed,” the Charlotte, North Carolina- based company said today in a statement. “Our ongoing assessment shows the basis for foreclosure decisions is accurate.”

Bank of America already froze foreclosures this month in the 23 states where courts supervise home seizures. The new policy extends the moratorium to the entire nation. Banks are being pressed by state officials to halt foreclosures amid allegations that employees used unverified or false data to speed the process. Attorneys general in Ohio and Connecticut have said the practices may amount to fraud….

At least seven states are investigating claims that home lenders and loan servicers took shortcuts to speed foreclosures. Attorneys general in Ohio and Connecticut have said some of the practices used by banks to take away homes may amount to fraud. Acting Comptroller of the Currency John Walsh last week asked the nation’s seven biggest lenders to review foreclosures for defective documents, spokesman Bryan Hubbard said.

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  1. purple

    Even more important, as we have stressed, the affidavit abuses are mere symptoms of much deeper problems with the mortgage securitizations.

    Or a much deeper problem in society. Lying, cheating and ‘spinning’ (or threatening) when caught, is how way to much business is done. You cannot run a society on greed alone no matter how much it is defined as self-interest.

    1. MyLessThanPrimeBeef

      Read my lips, no new lies, unless, well, um, it depends on the meaning of is and how you can cheat the meaning of cheating.

      No one is a crook here!

      The battle against recession is over. It’s contained, if not defeated already. We won.

      Actually, I don’t remember.

      1. Paul Tioxon

        Bill Clinton was entrapped into lying under oath about his sexual activities, which had no relationship to the office he was elected to. He was tried and impeached for it. The systemic lying by the banks, represented as true to the courts is no different. What is the problem with the Democrats not making this into the end of Western Civilization and Christendom? The Republicans have their gun nuts, where is the professional piano wire and meat hook faction of the Democrats. While stopping all foreclosures nationally, for a to be determined duration, is coming, making one TBTF bank an object lesson would be an even better good thing. Completely destroying Bank Of America would be like chaining 5000 lawyers to a sinking air craft carrier, a good start.

        1. foppishD

          There’s a reason why the Dems don’t make this an issue like the Lewinsky affair. They would incriminate themselves.

          1. Paul Tioxon

            If the Dems are worried about self incrimination, then why are there so many ethics investigations being held by the Dems about Dems? The Reps had scandal with Duke Cunningham that started in the Justice Dept. not the House Ethics committee. There are internal battles among the ruling class, there are internal battles among the Reps/Tea Party and there are internal divisions among the Dems. Dixicrats, Blue Dogs, Catholic pro lifers, unionists, are some of the factions that would like to see others in the party twist in the winds of scandal, investigations or worse. There is going to be a lot of blood letting, and the survivors will get to survive. That alone will be saying a lot in the coming months and years before we emerge from this economic crisis which is turning into a crisis of the entire social order. Petty politics is being dwarfed by an event larger than the media capacity to measure. We are falling apart like the Berlin Wall. The military is not getting its war and it can not be funded to fight underwear bombers. Social security is under attack to maintain the profits of capitalism. Guns and butter are in a mortal combat. It is difficult if not impossible to justify military spending and attack social security at the same time. The largest group of Americans in history is now retiring and the Reps pick this moment in history to destroy the main pillar of the New Deal? It is their death warrant. The Dems can afford to kill a big bogeyman like BofA. It makes for good headlines, feeds the blood lust and makes the Reps look so good defending the right of banks to foreclose based on property rights of corporations over that of actual voting citizens. Along with attacking minimum wages, social security and home ownership, the reps are proposing to preside over the liquidation of the America where over 96% of Americans reside. Again, it is their death warrant. All that is needed is one good lesson. BofA is as good as any. Delenda est BofA

  2. Sufferin' Succotash

    Now that the foreclosure factory seems to be grinding to a halt, who’s going to get hurt the most?

  3. F. Beard

    Lying, cheating and ’spinning’ (or threatening) when caught, is how way to much business is done. purple

    All the lies originate from this one:

    “Your deposit is available on demand even though we lent it out.”

    Our money and banking system is based on theft of purchasing power from all money holders including the poor. No wonder then that it is unstable even in this year of our Lord 2010.

    1. MyLessThanPrimeBeef

      Actually, it’s a religion.

      Out of ‘creatio ex nihilo,’ money is worshipped. Thou shall worship nothing except money – it’s jealous god.

  4. John Dugan Paulson

    Taxpayers will be hurt if they have to put up another bailout.
    Short of a revolt, it appears they’ll have no other choice if it comes to that. But Gentle Ben today blew wind and said we cannot afford the p.a.y.go.
    Banks should come to their senses, and immediately cram down to 2001 prices, eat crow, admit they f#$ked up, and remember that insolvency doesn’t destroy wealth. If Citibank were to go belly up, that’s ok with main street, no more outlays for their wicked ways.

  5. ella

    Affidavits, perjury and fraud on the court.
    An affidavit is a legal document which can substitute for live witness testimony in court. All testimony in court is governed by the rules of evidence or by statute. All testimony requires that the witness swears to tell the truth, is competent and has personal knowledge of the facts they are testifying about. An affidavit is no different, in most if not all jurisdiction, the affiant swears to tell the truth by being placed under oath by the notary, the affiant states in the affidavit that they were sworn, are competent and that they have personal knowledge of the facts in the affidavit. The notary attests to the oath of the affiant and that the affiant is who they claim to be.

    If a witness lies in court or in an affidavit then they could be charged with perjury. Perjury is lying to the court.

    The affidavit issue is being portrayed in the MSM at a paper work problem. Lying to the court is not a paper work problem. Attorneys are prohibited from making a material misrepresentation to the court of fact or law. Further, attorneys in most jurisdictions have an affirmative duty to report known perjury by their clients to the court.

    The problem with the affidavits is perjury on behalf of the affiants and possibly the notaries depending on the notaries’ knowledge that the affiants had not reviewed the files, the promissory notes, the mortgages, or the records of default.

    Further, you can reasonably argue that the entities pursuing foreclosure (banks or servicers) have perpetrated a fraud on the court by submitting perjured affidavits. If the attorneys representing the entities have knowledge of the fraud or are preparing questionable documents then they may also be involved and subject to penalties.

    At the heart of any trial or hearing is the determination of the truth of the matter. It is the very purpose of the rules of evidence and what law and fact is presented to the court. If the affiants lied, as it appears, then the truth of whether they owned the note and held the mortgage and the borrower was in default is at issue. Courts, Attorneys General, and bar associations need to serious consider actions that will assure compliance with the rule of law.

    This country cannot stand as a democracy if there is one set of law for the banks, corps, elites and another set of law for the rest of us. Perjury and fraud on the court is very serious matter. It is not a mere paper work problem.

      1. Tao Jonesing

        I second DownSouth’s assessment.

        Thanks for the comment. The issue needs to be reframed as one of a crime that goes to the heart of the legitimacy of government and not as a legal technicality involving ancillary documentation.

      2. i on the ball patriot

        DownSouth says: “That is an abolutely superb comment.”

        Its an absolutely superb TEXT BOOK FANTASY comment.

        The reality is that cops commit perjury in courts across the land every day and absolutely nothing is done about it, and in fact it is expected of them.

        This country is not a democracy and there IS “one set of law for the banks, corps, elites and another set of law for the rest of us.” Perjury and fraud on the court is NOT a very serious matter at all and cops smilingly refer to it as testilying or joining the Liar’s Club.

        This country has been hijacked by gross corruption and now stands as a rogue self empowered gangster government. The legal system and law enforcement reflect that reality.

        Deception is the strongest political force on the planet.

        1. Chris

          If there was a fan or like button, I’d mashing that mf’er until my finger bled. THIS is a good comment, and so true.

  6. curlydan

    wow, somebody just pulled hard on the train’s brakes. I can hear the high-pitched screeeechh!!! a housing mini-debt jubilee appears ready to get started. enjoy it while it lasts.

  7. Ron

    Good explanation of the process:

    “The top tranche is triple A because it includes the mortgages that did NOT default; but no one could know which those were until the defaults occurred, when the defaulting mortgages got assigned to the lower tranches and foreclosure went forward. That could explain why the mortgages could not be assigned to the proper group of investors immediately: the homes only fell into their designated tranches when they went into default. The clever designers of these vehicles tried to have it both ways by conveying the properties to an electronic dummy conduit called MERS (an acronym for Mortgage Electronic Registration Systems), which would hold them in the meantime. MERS would then assign them to the proper tranche as the defaults occurred. But the rating agencies required that the conduit be “bankruptcy remote,” which meant it could hold title to nothing; and courts have started to take notice of this defect. They are concluding that if MERS owns nothing, it can assign nothing, and the chain of title has been irretrievably broken. As foreclosure expert Neil Garfield traces these developments:

    First they said it was MERS who was the lender. That clearly didn’t work because MERS lent nothing, collected nothing and never had anything to do with the cash involved in the transaction. Then they started with the servicers who essentially met with the same problem. Then they got cute and produced either the actual note, a copy of the note or a forged note, or an assignment or a fabricated assignment from a party who at best had dubious rights to ownership of the loan to another party who had equally dubious rights, neither of whom parted with any cash to fund either the loan or the transfer of the obligation…. Now the pretender lenders have come up with the idea that the “Trust” is the owner of the loan … even though it is just a nominee (just like MERS)…. They can’t have it both ways.”

  8. Francois T

    “We will stop foreclosure sales until our assessment has been satisfactorily completed,” the Charlotte, North Carolina- based company said today in a statement. “Our ongoing assessment shows the basis for foreclosure decisions is accurate.”

    Translation: “Even tough our ongoing assessment so far shows no problem, we soooo feel compelled to freeze the process altogether.”


        1. emca

          Here’s a post from Corrente that look at the “memorandum of dispproval” in another light, from another time:

          (aside – I believe the author comments here from time to time.)

          It was suggested that one George Bush in his disapproval of HR 1585 was attempting a pocket veto, which is not subject to override by Congress, but simultaneously, by sending a memorandum of disapproval to the House, which could imply he was also vetoing the bill, which is subject to override and/or re-submittal with corrections for final Presidential acceptance.

          The Presidents legal specialty is Constitution Law, so my guess is he’s aware of what going on here.

  9. Leviathan

    Is anyone interested in pursuing a class action suit for those who have already been foreclosed on by BofA and the other retrograde TBTF banks?

    It’s all about the timing, ain’t it? Knowing when the govt gravy train is set to arrive and getting your “fair share.”

  10. Dick

    If it is true there are mortgage title issues relating to foreclosures (and that is one reason for some of the fraudulent documents — to paper over the title problems), why isn’t this a problem for any ordinary sale of a home that had a mortgage loan?

    A buyer in an ordinary non-foreclosure sale still needs a mortgage satisfaction to be recorded to make sure the buyer gets a lien free title. If there are problems in the chain of title to the mortgage loan, how can a buyer be sure the mortgage satisfaction is legitimate and from the true owner of the mortgage loan?

  11. fred

    BTW , Clusterstock has reported ( by way of a Charlie Gasparino tweet ) , that Wells Fargo and Citi are set to freeze foreclosures as well. I interpret this as all foreclosures , not just in states requiring a judicial order. As this is from Gasparino and not a press release from WFC or C , take this on a FWIW basis – however , after the BAC’s move today to halt foreclosures nationwide , it makes sense everyone else will fall in line. If WFC and C move , GMAC and JPM Chase won’t be far behind.

  12. eh

    So I guess a great many deadbeats will now be getting at least a few more months of free housing.

    To borrow from Yakov Smirnov: What a country!

    1. mndean

      Your neighbor behind in his mortgage who doesn’t get foreclosed on = undeserving deadbeat, should be made homeless and destitute

      Major bank that commits fraud = good American citizen, should be given as much money as needed by taxpayers

      Honestly, who’s the bigger criminal here?

      Lovely how some people think.

  13. Tao Jonesing

    There’s an interesting interview with the Ohio attorney general now up at FDL. He seems to agree with my assessment of the now (hopefully) vetoed bill, which is that it would not have had an effect on fraudulent foreclosures (again, there is a difference between being required to accept the authentication of a document by an out-of-state notary and being required to accept the document into evidence or to accept the statements contained in the document as true):

    Q: I’m sure you heard about the President’s veto yesterday of a bill that may have made it harder for individuals to challenge foreclosure documents. It’s a moot point now, but do you think it would have had an impact on your case?

    Cordray: We’re not clear that it would’ve had an impact on the case. We understood that the bill was about out -of-state affidavits. If that’s all, it wouldn’t have had the slightest impact. I don’t imagine the Congress would have said to a court, accept fraudulent evidence in your case. It is a little harder to enforce sanctions on an out-of-state signer, however. But if it did nothing more than put out-of-state signers on the same footing, that would not implicate any of this.

    Incidentally, here is the correct link to the POTUS memo formalizing the veto:

  14. i on the ball patriot

    This mess seems to have the potential to very easily blossom into a run on the banks, especially if people misconstrue what the “freeze” is all about, or, if any of the banks do freeze the funds or credit lines of holders of mortgages that are in contention. Banks are known for small print pitfalls and trapdoors. Given this freeze fiasco what’s your trust level of your bank? Will your money be there Monday morning?

    Deception is the strongest political force on the planet.

  15. MichaelC

    It suddenly (finally) feels like the weekend before Bear all over again.

    Who’s gonna get hurt? Silly question. Everyone is gonna get hurt.

    The ‘freeze’ spin is Orwellian. Does anyone serious believe this is a voluntary act by the banks?, or that they have control over the outcome vs the courts in this round?

    The facts haven’t changed because the banks acknowledge they can’t ride quite so roughshod over the courts, and property law at the moment.

    Who’s going to play the vomiting Paulson in this act? Do the banks have the courts by the short hairs now in any way remotely like they had Congress back in ’08?

    1. curlydan

      The Dow closed over 11K, and Zero Hedge reported that the ratio of insider selling to buying is 2,400 to 1 in the latest week versus 1,400 to 1 the previous week.

      Yeah, it does feel like we’re ready to ski down this mountain.

  16. curlydan

    I’ve got a decent level of trust in my banks, but I know what they’re NPA levels are and exposure to real estate.

    In terms of impacts, though, if I’m barely squeaking by, being a good citizen, skirting the edge of foreclosure, and trying to make my mortgage payment each month, why not take a break for a month or two based on this news? Unfortunately, for the many who many be considering this, they could get burned because the banks will have better luck foreclosing in the future once they get their docs/procedures in order.

  17. Ron

    Interesting take from Institutional Risk Analytics

    “The focus by Washington on the very real mortgage foreclosure mishaps committed by many lenders is the functional equivalent of putting Al Capone away for tax evasion. The real, continuing act of racketeering and criminality being committed by the Big Five banks is the cartel behavior which prevents home refinancing for performing borrowers and also renders Fed monetary policy largely ineffective. Instead of suing American Express (AXP), the Department of Justice should be suing the Big Five for anti-trust violations, price fixing and criminal RICO. Until the blockade erected by Fannie Mae and Freddie Mac to prevent refinancing of performing mortgages is removed, Fed monetary policy will be stymied and no amount of QE will be effective in stabilizing much less re-inflating the U.S. economy.”

  18. Benedict@Large

    Excuse me, but could we stop calling this a foreclosure crisis? Just as it was not limited to 23 states, it is not limited to morgages in foreclosure. If these companies cannot prove their right to foreclose, they also cannot prove their right to even collect mortgage payments.

    1. readerOfTeaLeaves

      If these companies cannot prove their right to foreclose, they also cannot prove their right to even collect mortgage payments.

      Thank you.
      I was wondering about that very point, and I’m glad to see someone bring it up.

    2. Ron

      The homeowner signed a contract and what he/she owns is a note to pay and the house is collateral for that note, all straight forward, the administrative frolicking behind the scenes doesn’t change those realities and at the end of the day the country has millions of houses that will be sold off to satisfy whatever balance is due on those notes. Once this election cycle is over this current round of nonsense and denial will come to a close and the harsh reality that somehow millions of homes need to be dumped on the market will finally sink into the American fuzzy consciousness.

      1. Benedict@Large

        The question is not of obligation, Ron. The question is obligation to whom. If the “To Whom” part cannot be legally established, then there is no legal obligation. There has to be two sides to every contract, and it’s starting to look like perhaps there is only one in these. Ooops.

    3. Matt

      Except for the collateral damage of those HAMPed and otherwise conned into throwing good money after bad by mortgage servicers jacking fees that either come out of the defaulter or the guarantors, or the MBS holders… I have read the effect on the defaultors is said in some cases to make this a non recourse debt instead of a recourse debt.

      Again this does not seem to be a lottery win for the 6 million debtors in foreclosure or over 90 days late, or the other millions of mortgages that are underwater.

      1. La Caterina

        Actually HAMP loan modifications are CANNOT waive any claims the borrower might have against the foreclosing entity, originating lender, servicer or any other of the thieves involved. If a borrower in a HAMP mod were to redefault here in NY, the same defenses and counterclaims would probably be available to the borrower. In NY, even otherwise time barred claims can be raised as defenses and/or set-offs up to and including the amount sought by the foreclosing plaintiff from the borrower.

  19. MVW

    This is not as the Media proclaims a “Foreclosure Crisis”… this is a “FRAUD CRISIS” Fraud heaped upon Fraud covered up by more Fraud, all with Government approval.

  20. Jim in MN

    We still need to determine what this all means for ordinary (performing) mortgages. The obligation to pay the note was treated as a very complex financial commodity, with all sort of characteristics (risk, return, duration, and most importantly for derivatives, relationships to other commodities to an nth degree). I am seeing logic that says the transferences to MBS vehicles, trusts, etc. may be null and void.

    The nut of it appears to be this: can legal malfeasance in the transfer of rights/claims arising from a contract void the original contract itself? Put another way, if one party to a contract goes on a crime spree, does the other party still have to honor terms? I think the answer is yes. But having seen firm statements on opposite sides on this issue recently makes me think no one knows what they’re talking about.

    Which renders American residential property rights ever so uncertain at this hour…which hasn’t happened since the Founding…so for cripes’ sake we better get on the stick and figure this out. Even if the bank muffs the title paperwork, the title can be recovered with a payment to the county or something, right? RIGHT?????????

    “They call it THE EARTH,
    Which is a dumb kinda name
    But they named it right
    ‘Cuz we behave the same
    We are DUMB ALL OVER”
    –Frank Zappa

    1. Lyle

      What should have happened and will happen in the future is the banks spend a few more bucks at the courthouse to record the original note. A copy from the registrar of deeds is legally equivalent to the original. So the note will have a copy at a known location, all be it it might cost $10 more for the mortgage company at the courthouse. MERS was a way to cheat counties out of revenue, and I suspect that they registrars offices will be very busy soon, recording all the assignments. ($10 a pop please). It does present an opportunity for title companies in a new space, contract with MERS to do the recording and visits to the courthouse.

  21. MichaelC

    It seems to me its time for every borrower, not just fragile and/or underwater ones to take matters into their own hands.

    When you send in this months mortgage payment demand a copy of the note.

    You’ll either get it (and get some piece of mind) or you won’t. If you don’t get it then your servicer has some explaining to do to you, and to every other individual making the request.

    We can each do this now.

    A couple million people asking the same question has got to be a damn sight better than waiting for someone else to ask on your behalf as part of a class action fraud case.

    If they can’t produce it, at least you’ve made the first move, which should give you a leg up when you let them know you intend to renegotiate the loan with whoever owns the note, once he’s found.

    1. Just wondering...

      This supposedly is a trusted link online to request the note.

      Complicating this matter is the report, if true, that Countrywide destroyed original notes. Some states require “wet,” or “blue,” signatures on the original note to prove legal standing before foreclosure.

      Still, even if, as someone stated, a copy of the note from the registrar is equivalent to the original, it still remains that, in most cases, no one knows who has legal standing to foreclose. From what I read, mortgages were separated from the note when investors sliced and diced the loans and never recorded any of the transfers, effectively making the note an unsecured debt.

      Make no mistake, this is a problem for EVERY home”owner,” in that, home values surely will tank for all homes without marketable title (because title companies refuse to insure MERS-based mortgages). Even those who are current on payments will be unable to sell a MERS home with its clouded title (thanks to the intentional bank fraud–and at no fault of the homeowner). THAT is why affected homeowners should be fighting to get a free and clear title on their home, and doing so makes no one a deadbeat looking for a free house. We were duped and if we keep paying and believing that BoA and other banks are halting foreclosure to be fair, we are superduped.

      This halt is not for home”owners,” rather it is for the banks to figure out a better lie until after the election and all the congressional “pals” are back in place helping save the banks. BoA stated clearly that the preliminary steps toward foreclosure will be business as usual, but the process, for now, will stop short of summary judgment and sheriff sale.

      Homeowners should protect themselves. Don’t spend good money after bad. Everyone situation is different, especially for those who paid large down payment, but stop doing what doesn’t make for good business practice. Homes can no longer be conceived as good “investments.” Those days are over for decades, and maybe forever.

      Lie to us once, shame on them…lie to us twice… you know the rest.

  22. Jon Thompson

    Strategic default is now a sensible plan… Force the bank to show their hand. They don’t have a pair, the defaulters can live rent free indefinitely… Shhh, the justice of it all.

  23. lola

    Question: I gather most loans being written these days are being securitized by Fannie/Freddie. I’m guessing that FNMA & FHLMC have yet to instruct lenders to stop using the MERS Mortgage Deed. Am I wrong on this count?

  24. dladow

    Via, an Oregon woman has persuaded a Federal District Judge to issue a temporary restraining order stopping the foreclosure sale of her home under a securitized deed of trust. The order makes for interesting reading. The judge was persuaded that MERS had never been given the power to transfer the note, which remained in the possession of the lender who also retained all rights to payment. Although noting that authority is split (citing among other cases a recent one from the Western District of Washington holding that there were no facts supporting the allegation that MERS was not a beneficiary under Washington law) the judge concluded that under Oregon law the note and the deed of trust may not be split. Because the assignment of the deed of trust alone is not effective, and MERS had no legal authority to transfer the note, the successor lender would have no standing to exercise the power of sale. The TRO was granted because the judge was persuaded that the homeowner has a likelihood of success on the merits. The judge also noted that the homeowner had notified the servicer of her financial problems to work something out but without result, (another example that the servicer has no incentive to work with the homeowner to avoid foreclosure).
    Oregon, like Washington and California, is a non-judicial foreclosure state. As a practical matter, that means the homeowner has the burden of filing suit and asking for a restraining order to stop the foreclosure sale, rather than simply file objections as a defendant in an already ongoing court case in a judicial foreclosure state. And for all those thinking this is just a free ride for the homeowner, note that the judge is requiring her to pay the mortgage payments as a condition of continuing the restraining order.
    If MERS can not demonstrate the authority to foreclose even in a non-judicial state, where the bar to jump over is really really low, this is a structural blunder of biblical plague proportions.

  25. Linda

    Every homeowner in default has not intentionally done so. You may not be aware of the intentional bungling by the banks and mortgage servicers of the HAMP program. These entities told homeowners lie upon lie and intentionally told people not to send payments for a various number of reasons. They intentionally caused me to go into serious default but told me I was approved for the Obama Plan and not to worry that all past due payments would be rolled into our new loan mod. that we were now in the finalization stage. They knew full well they were never going to modify me. Their only intention from the start was they were going to foreclose. In Sept.2010 they told me we were never approved for the Obama Plan, they lied to us and now if we did not get approved for an in house mod. we would have to liquidate. Now the AG in my home state is investigating my mortgage co. PHH mortgage for fraud. For the %$&^%$$%%^ they put us through I should get my house for free.

  26. ranger1

    These banks would tell people they never received all of a person’s loan application paper work, and that is why their modification was denied. When you have multiple thousands of people that tell this same story and more, there is no denying the banks all had a system, which was to make money on foreclosures. Not to help the people.
    I, myself was trying to get a lower fixed rate from an arm interest only loan. I was told a modification was the only way. But I had to be 3 months late first.
    After 3 months, they were happy to help me, even reduced my payments while I was applying for modification and told me nothing would be held against me, nor any back interest would be held against me.

    After denying me 2 times saying they never got all my paper work, (which they did), they put me into foreclosure because of back interest. They even told me not to send anymore payments in because they would send them back to me.

    In speaking to so many people, they tell me the same story as if someone was ready a biography of my life situation with the bank.
    robo signing was indeed done to so many whose homes could have been saved. On another post I found a link to a video on Youtube, go to Youtube and search this title:
    “Indymac Boys Get Sweetheart Deal”
    This will explain why the banks are foreclosing instead of helping people.
    I do believe they sent Martha Stewart to jail for a lot less of a charge!
    If this isn’t inside planning, I don’t know what is!

  27. Annabelle

    Tell me … what does this mean for us who are trying to sell our homes the traditional way. We are not a short sale, not a foreclosure, just a traditional home sale.

    Thank you!

  28. Sue

    After reading the above posts, I am in part relieved I am not alone. I started before I was in trouble but thought my income might drop to get help. To prevent being redundent, things mentioned above happened to me over and over. I am not a deadbeat or partying or out blowing my money. It is apparent to those of us who are just as worthy as those who aren’t in default but fell on hardship due to the recession’s dominoing effects, that not only have the banks lied to us, they basically entrapped us in the process of taking advantage of our recession based hardship and honesty with them into a foreclosure status and have held us in it so they could push it through to seize the asset in order to make profit and/or get themselves out of a bind. All the while both the taxpayers who aren’t in trouble with their homes and those of us who are have to foot the bill for the banks errors, fraudulent dealings,and God knows what else. Not to mention as we bailed them out, their CEO’s took their millions in bonuses and tried flying to federal meetings in private jets…all at whose real expense….OURS.


    Grant it, there is probably no good answer and the public, the government entities and the banks are all going to have to give. I don’t know the answer personally but I am definitely having the attitude of not giving up on my country, on myself and definitely not giving up on my saving my home. If I have to challenge my lender I will but not to stoop to the level they have shown me, but to stand up for what is right and to try and do the right thing as well as make a way to be able to the right thing when they have in fact prevented me from doing so. You don’t lock someone out of an account when there are errors and prevent them from making payments till the errors are corrected.

    I sincerely hope it can be made right for all of us. I believe it can and it may be hard on everyone but I still believe in America….and Americans rising to the occasion when disaster strikes no matter what form it takes. Stand strong America in the face of adversity and in the end we will all be better….We’ve done it before and we can do it again.

  29. Norm

    Im current with my mortgage, but a thought came to me.
    If i were to pay my mortgage off in full, will i get a lein free title? Im i paying the wrong owner of the property?
    I requested to see the original note from boa. I’ve heard NOTHING. I wont pay them anymore until they prove they hold the note!!!!

  30. jim

    First I like to say hi to all you Americans out their now I just want say that Iam gonna rattle on JUST like our government does I want to comment on few differnt subjects because its not just one problem like housing market its all differnt problems in every aspect of of life.I really dont know who’s to blame dems.or the the rep. but one thing I do know is that WE THE PEOPLE NEED TO TAKE OUR RIGHTS BACK AS A HUMAN BEING. I beleive I read about 12 million families are going to be foreclosed on or homeless, wouldn’t you say to bad they did’nt get together and end up on front door of our state captial maybe then they might listen.OH BY THE WAY I LOVE USA I WAS BORN AND RASIED HERE I love TO FISH AND SWIM WATCH THE CAR RACES ON TV JUST LOVE THE AIR I BREATH BUT ONE THING I CANT STAND IS CORPORATE GREED AND THATS WHAT THIS COUNTRY HAS BECOME.You know its to funny when our BANKS get in trouble and the CEO’S GET 10 MIL. IN BONUSES OR GREATER, SHOULD BE A CRIME RIGHT RIGHT WELL WE THE PEOPLE OR TAX PAYERS PAID FOR THEM RIGHT. WELL WHATS EVEN FUNNIER IS THAT I SEE ON TV OR HEAR ON RADIO WHEN OUR GOVERNMENT LIKE JUST 1 POLITCIAN COULD SPEND 50 MILLION DOLLARS JUST TO CAMPIANE TO GET ELECTED WOW THATS ALOT OF MONEY. THATS SHAMEFUL. THEIR ARE SO MANY HOMLESS PEOPLE OUT THEIR IN USA THAT NEED HELP, WOULD DREAM OF HAVING JUST SHELTER OR SOMETHING TO EAT, BUT NO WE HAVE TO BE ONE MORE TIME CORPORATE GREED. WHATS MORE IMPORTANT A DOLLAR BILL OR THE HUMAN BODY COME ON AMERICA WAKE UP SMELL THE ROSES PEOPLE NEED HELP.If you think these banks are going to help you save your house your so wrong all the moneys that have been sent to them half they cant find or dont want to. banks say they will work with you, all come on thats just a gimmek to keep you on hold or a stall tacket until time to foreclose. If banks were working with you, you would’nt have so many people being foreclosed. Look they have the power and we the people or consumers have little bit of nothing but a hope and a prayer which aint much to go on unless the people get series and rise up and stick together. Remember wars were not won by individuals they were won by mass of people. well as iam writng my 2 cents i here on tv a commerical and its about CHRISTINE ODONNEL AND basicaly her apponet saying how frivlously she spends ahh wait minute here did’nt this commerical just cost probaly between 2 to 4 thousand dollars these are the things that make me angry cause its wasteful when our country is in so dissaray. And 1 more thing the auto industries are as much blame as the banks and the housing market.

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