AN ASSIGNMENT OR A FORMALIZATION OR A MEMORIALIZATION? By LYNN E. SZYMONIAK, ESQ.

AN ASSIGNMENT OR A FORMALIZATION OR A MEMORIALIZATION? By LYNN E. SZYMONIAK, ESQ.

AN ASSIGNMENT OR A FORMALIZATION OR A MEMORIALIZATION? By LYNN E. SZYMONIAK, ESQ.

AN ASSIGNMENT OR A FORMALIZATION OR A MEMORIALIZATION?

The standard language in most of the mortgage assignments being signed by employees of Lender Processing Services (most recently, Kathy Smith, Joseph Kaminsky) has changed in one significant respect.

The effective date of the transfer from grantor to grantee is now not stated as a specific date. Instead, we have the following:

“This document has been executed and is being recorded in order to formalize and memorialize an assignment of the subject mortgage which took place prior to December 17, 2009.”

A copy of this particular “assignment” is attached.  It is signed by Kathy Smith “Assistant Secretary, MERS as nominee for American Home Mortgage.”

This language is easy enough to locate on the document because a different type font is used.

How this prior assignment took place without a document is left unexplained.

IN THE PAST MONTHS, THIS CHANGE HAS BEEN MADE BY MANY OF THE FORECLOSURE MILL LAW FIRMS DIRECTED BY LENDER PROCESSING SERVICES, SO,

THERE MUST BE A MEMO DIRECTING THIS.


This is really an acknowledgment that the document is NOT the original assignment – but a replacement.  Who will recognize this shoddy attempt to “create” standing to foreclose?  No doubt, the state court judges in Brooklyn, the federal court judges in Ohio, a few bankruptcy judges, a few Massachusetts land court judges (Keith Long) and many bankruptcy trustees.

In Florida, the scheme will perhaps be first be exposed by state court judges Bailey, Traynor or Rondolino.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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One Response to “AN ASSIGNMENT OR A FORMALIZATION OR A MEMORIALIZATION? By LYNN E. SZYMONIAK, ESQ.”

  1. jazz707 says:

    Without an actual date of assignment, transfer, this would make the regulation and consumer protection on assignment, sale & transfer virtually null & void. Judges apparently are not applying the statute.

    FDIC Law, Regulations
    6500 – Consumer Protection
    REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974

    (b) NOTICE BY TRANSFEROR OR LOAN SERVICING AT TIME OF TRANSFER.—

    (1) NOTICE REQUIREMENT.—Each servicer of any federally related mortgage loan shall notify the borrower in writing of any assignment, sale, or transfer of the servicing of the loan to any other person.

    (2) TIME OF NOTICE.—

    (A) IN GENERAL.—Except as provided under subparagraphs (B) and (C), the notice required under paragraph (1) shall be made to the borrower not less than 15 days before the effective date of transfer of the servicing of the mortgage loan (with respect to which such notice is made).
    *****
    (3) CONTENTS OF NOTICE.—The notice required under paragraph (1) shall include the following information:

    (A) The effective date of transfer of the servicing described in such paragraph.

    (B) The name, address, and toll-free or collect call telephone number of the transferee servicer.

    (C) A toll-free or collect call telephone number for (i) an individual employed by the transferor servicer, or (ii) the department of the transferor servicer, that can be contacted by the borrower to answer inquiries relating to the transfer of servicing.

    (D) The name and toll-free or collect call telephone number for (i) an individual employed by the transferee servicer, or (ii) the department of the transferee servicer, that can be contacted by the borrower to answer inquiries relating to the transfer of servicing.

    (E) The date on which the transferor servicer who is servicing the mortgage loan before the assignment, sale, or transfer will cease to accept payments relating to the loan and the date on which the transferee servicer will begin to accept such payments.

    (F) Any information concerning the effect the transfer may have, if any, on the terms of or the continued availability of mortgage life or disability insurance or any other type of optional insurance and what action, if any, the borrower must take to maintain coverage.

    (G) A statement that the assignment, sale, or transfer of the servicing of the mortgage loan does not affect any term or condition of the security instruments other than terms directly related to the servicing of such loan.

    *****
    (c) NOTICE BY TRANSFEREE OF LOAN SERVICING AT TIME OF TRANSFER.—

    (1) NOTICE REQUIREMENT.—Each transferee servicer to whom the servicing of any federally related mortgage loan is assigned, sold, or transferred shall notify the borrower of any such assignment, sale, or transfer.

    (2) TIME OF NOTICE.—

    (A) IN GENERAL.—Except as provided in subparagraphs (B) and (C), the notice required under paragraph (1) shall be made to the borrower not more than 15 days after the effective date of transfer of the servicing of the mortgage loan (with respect to which such notice is made).
    *****
    (1) EFFECTIVE DATE OF TRANSFER.—The term “effective date of transfer” means the date on which the mortgage payment of a borrower is first due to the transferee servicer of a mortgage loan pursuant to the assignment, sale, or transfer of the servicing of the mortgaged loan.

    (2) SERVICER.—The term “servicer” means the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan). The term does not include–

    (A) the Federal Deposit Insurance Corporation or the Resolution Trust Corporation, in connection with assets acquired, assigned, sold, or transferred pursuant to section 13(c) of the Federal Deposit Insurance Act or as receiver or conservator of an insured depository institution; and

    (B) the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Resolution Trust Corporation, or the Federal Deposit Insurance Corporation, in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by–

    (i) termination of the contract for servicing the loan for cause;

    (ii) commencement of proceedings for bankruptcy of the servicer; or

    (iii) commencement of proceedings by the Federal Deposit Insurance Corporation or the Resolution Trust Corporation for conservatorship or receivership of the servicer (or an entity by which the servicer is owned or controlled).
    *****
    (c) NOTICE BY TRANSFEREE OF LOAN SERVICING AT TIME OF TRANSFER.—

    (1) NOTICE REQUIREMENT.—Each transferee servicer to whom the servicing of any federally related mortgage loan is assigned, sold, or transferred shall notify the borrower of any such assignment, sale, or transfer.

    (2) TIME OF NOTICE.—

    (A) IN GENERAL.—Except as provided in subparagraphs (B) and (C), the notice required under paragraph (1) shall be made to the borrower not more than 15 days after the effective date of transfer of the servicing of the mortgage loan (with respect to which such notice is made).
    ****
    (3) SIGNATURE OF APPLICANT.—Any disclosure of the information required under paragraph (1) shall not be effective for purposes of this section unless the disclosure is accompanied by a written statement, in such form as the Secretary shall develop before the expiration of the 90-day period beginning on the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, that the applicant has read and understood the disclosure and that is evidenced by the signature of the applicant at the place where such statement appears in the application.

    (b) NOTICE BY TRANSFEROR OR LOAN SERVICING AT TIME OF TRANSFER.—

    (1) NOTICE REQUIREMENT.—Each servicer of any federally related mortgage loan shall notify the borrower in writing of any assignment, sale, or transfer of the servicing of the loan to any other person.

    (2) TIME OF NOTICE.—

    (A) IN GENERAL.—Except as provided under subparagraphs (B) and (C), the notice required under paragraph (1) shall be made to the borrower not less than 15 days before the effective date of transfer of the servicing of the mortgage loan (with respect to which such notice is made).
    *****

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