Posted on 22 July 2010.
From: b.daviesmd6605
THIS IS A GREAT LETTER FROM THE SENIOR COUNSEL AT THE OFFICE OF THE COMPTROLLER OF THE CURRENCY REGARDING FEDERAL PREEMPTION BY THE TRUSTEE OF A MORTGAGE BACKED SECURITY TRUST. THEY ARE NOT PREEMPTIVE BASED ON THE OFFICE OF THE COMPTROLLER OF THE CURRENCY AS THEY ARE NOT IN THE FUNCTION OF A LENDER. THIS IS EXCELLENT.
© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved. www.StopForeclosureFraud.com
Posted in deutsche bank, OCC, trustee, Trusts1 Comment
Posted on 22 July 2010.
Posted in class action, djsp enterprises, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, investigation, Law Offices Of David J. Stern P.A., STOP FORECLOSURE FRAUD7 Comments
Posted on 22 July 2010.
BOULDER CREEK — Roberta and Randall Strand thought they were getting a great deal on a foreclosure and helping their daughter and future son-in-law become homeowners. Instead they are holding a worthless second mortgage.
The home they bought for just under $98,000 and fixed up for $25,000 is scheduled for a foreclosure auction this afternoon to satisfy a debt of more than $529,000.
They offered lender Wells Fargo $75,000, but it was to no avail.
Wells Fargo spokeswoman Michele Ashley issued a statement saying, “We believe the foreclosure auction of the property on which the Strand family bid was done correctly, and are confident the legal resolution to this matter will bear that out. Currently, Wells Fargo has presented the family with options that can help them through this matter.”
The Strands saw a newspaper notice last fall about the home, which is a mile from theirs, slated for a foreclosure auction. The unpaid debt was listed as $97,604.
Nestled under the redwoods on Cypress Trees Lane, the place needed work but their daughter, Hayley, 24, and her fiance, Bryan Janbay, 28, were willing to put in the effort.
Roberta looked up the property records. She saw there were two mortgages, a first and a second, recorded on the same date with the same lender. She figured the lender was auctioning the first and that the second mortgage would be wiped out.
“The price was right,” her husband said.
They took out a mortgage
on their own home to make their offer. At the auction on the steps of the county Governmental Center in November, they were the only bidders.The house had been stripped, and they spent $25,000 on improvements — windows, paint, carpet, lighting and appliances.
In January, before Hayley and Bryan could take out a mortgage to pay them back, a notice arrived from Wachovia Bank, saying the previous owners owed $529,259 on their loan.
Roberta thought it was a mistake.
“I tried speaking to someone at Wachovia, but no one would speak to me because my name was not on the loan,” she said.
She sent certified letters to Wachovia and didn’t hear back until April, when a foreclosure sale notice was posted on the property.
“Rather than foreclose on both loans at the same time, Wachovia chose to foreclose, market and sell the worthless junior lien, purporting it to be the real property, which is what we purchased,” she said.
The family sued Wells Fargo, which acquired Wachovia, and Cal-Western Reconveyance, which posted legal notices of the sale, claiming deceit, fraud and wrongful foreclosure. They want their money back.
The Strands’ attorney, Steve Vondran of Newport Beach, argued that “Wells Fargo and Cal-Western have set up a system that allows them to mutually profit off the sale of worthless second mortgages.”
Continue reading….santacruzsentinel.com
Posted in auction, foreclosure, foreclosure fraud, foreclosures, Mortgage Foreclosure Fraud, wells fargo1 Comment
Posted on 22 July 2010.
Melanie Payne • Tellmel@news-press.com • July 22, 2010
1:10 A.M. — Nicole DePuy thought she was one of the lucky ones when she walked out of Harborside Event Center on Jan. 27 with a loan modification that would save her home from foreclosure.
After waiting hours to talk to her lender at the highly publicized event, the 40-year-old speech-language pathologist had been approved for a trial with the Home Affordable Modification Program.
Under the government-sponsored program called HAMP, DePuy’s mortgage payments were cut almost in half, dropping from $2,100 to $1,054.
And best of all, under the terms of the program, all foreclosure action would stop. The scheduled sale of DePuy’s Cape Coral home was prohibited under the terms of the agreement.
“I thought my problems were over,” DePuy said.
Nothing could be further from the truth. But DePuy didn’t know that until John Moffatt of Isla Blue Development LLC put a note on her door March 31 telling her to call about her property. Moffatt told DePuy the company he represented had purchased her home in a foreclosure sale at the courthouse.
DePuy called Bank of America to find out what happened and was told the bank had failed to notify the lawyer handling the foreclosure sale that DePuy was in the trial loan modification program.
Fort Myers attorney Robert D. Royston Jr. agreed to represent DePuy. He asked the court to set aside the sale “on the basis of the mistake by the plaintiff.”
Royston filed the contract showing the modification and the HAMP guidelines that read: “Foreclosure sales may not be conducted while the loan is being considered for a modification or during the trial period.”
The judge didn’t have an opportunity to read the pleadings.
“The judiciary is having difficulty given the volume to give the attention each case may require,” Royston said.
Because Isla Blue purchased the house fair and square, it belonged to it, the judge ruled.
Isla Blue could have kicked DePuy and her 11-year-old daughter out within days of the ruling, but she has been given until the end of the month to move.
Bank of America told me it would deal with this issue directly with DePuy. A customer advocate contacted her Tuesday, DePuy said, telling her she was looking into it.
DePuy’s story illustrates the pitfalls of homeowners going it alone when dealing with foreclosures. If DePuy had an attorney, the attorney would have seen the house was still on the foreclosure listings and taken action before the sale.
Martha Green, the executive assistant at the Home Ownership Resource Center, said that DePuy could have contacted the bank’s attorney herself and told the attorney she had worked out a modification. But going it alone, DePuy would not have known to do that.
The scary thing is that there are more than 1.2 million homeowners who have started a trial modification under the government’s “Making Home Affordable” plan. I hope it works better for them than it did for DePuy.
Posted in bank of america, foreclosure, foreclosure fraud, foreclosures, hamp, mistake, mortgage, Mortgage Foreclosure Fraud1 Comment
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