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CAVEAT EMPTOR |MERS Transfers May Have Cloud Homeownership With `Blighted Titles’

CAVEAT EMPTOR |MERS Transfers May Have Cloud Homeownership With `Blighted Titles’

This is what this site is about…”ClOUDED TITLES”! This quote below should have added that it was in 65 Million mortgages not in some. I hope you all read my NO. THERE’S NO LIFE AT MERS…I highly recommend it because it came the heart.


In some cases, mortgages were conveyed using the Reston, Virginia-based Mortgage Electronic Registration System, or MERS, designed to cover transfers among system members. Promissory notes also often were endorsed as payable to the bearer to avoid the need for multiple transfers. Both practices have been challenged in court.

Foreclosure Errors Cloud Homeownership With `Blighted Titles’

By Kathleen M. Howley – Oct 1, 2010 12:00 AM ET

U.S. courts are clogged with a record number of foreclosures. Next, they may be jammed with suits contesting property rights as procedural mistakes in those cases cloud titles establishing ownership.

“Defective documentation has created millions of blighted titles that will plague the nation for the next decade,” said Richard Kessler, an attorney in Sarasota, Florida, who conducted a study that found errors in about three-fourths of court filings related to home repossessions.

Attorneys general in at least six states are investigating borrowers’ claims that some of the nation’s largest home lenders and loan servicers are making misstatements in foreclosures. JPMorgan Chase & Co. is asking judges to postpone foreclosure rulings, while Ally Financial Inc. said Sept. 21 its GMAC Mortgage unit would halt evictions. The companies said employees may have completed affidavits without confirming their accuracy.

Such mistakes may allow former owners to challenge the repossession of homes long after the properties are resold, according to Kessler. Ownership questions may not arise until a home is under contract and the potential purchaser applies for title insurance or even decades later as one deed researcher catches errors overlooked by another. A so-called defective title means the person who paid for and moved into a house may not be the legal owner.

‘Nightmare Scenario’

“It’s a nightmare scenario,” said John Vogel, a professor at the Tuck School of Business at Dartmouth College in Hanover, New Hampshire. “There are lots of land mines related to title issues that may come to light long after we think we’ve solved the housing problem.”

Almost one-fourth of U.S. home sales in the second quarter involved properties in some stage of mortgage distress, RealtyTrac Inc. said yesterday. In August, lenders took possession of record 95,364 homes and issued foreclosure filings to 338,836 homeowners, or one out of every 381 U.S. households, according to the Irvine, California-based data seller.

The biggest deficiency in foreclosure suits is missing or improperly handled documents, Kessler found in his study of court filings in Florida’s Sarasota County. When home loans are granted, borrowers sign a promissory note outlining payment obligations and a separate mortgage that puts an encumbrance on the property in the lender’s name. If mortgages are resold, both documents must be properly conveyed to prevent competing claims.

Mortgage Bonds

Most of the document errors involved mortgages that had been bundled into securities sold to investors, Kessler said. At the end of the U.S. real estate boom in 2005 and 2006, about 70 percent of the $6.1 trillion in mortgage lending was packaged into bonds, according to the Securities Industry and Financial Markets Association in New York.

Continue reading…BLOOMBERG

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



Posted in assignment of mortgage, auction, Bank Owned, bloomberg, bogus, chain in title, CONTROL FRAUD, corruption, deed of trust, DOCX, Economy, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, jpmorgan chase, Lender Processing Services Inc., LPS, MERS, MERSCORP, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., note, rmbs, robo signers, securitization, servicers, stopforeclosurefraud.com, sub-prime2 Comments

RESTRAINED |’MERS’ and any of its attorneys, agents, successors and assignees by NY SUPREME COURT

RESTRAINED |’MERS’ and any of its attorneys, agents, successors and assignees by NY SUPREME COURT

Supreme Court of the State of New York, held
in and for the County of KINGS, at
the Courthouse located at 360 Adams
Street, Brooklyn, NY on the 2nd day of
June, 2010

“WHY an order should not be made dismissing the within action due to Plaintiffs lack of standing; together with such other and further relief as this Court may deem just and equitable;”

ORDERED, that pending the hearing . . of this motion, the Plaintiff Mortgage Electronic Registration System as Nominee for US Bank, N.A., and any of its attorneys, agents, successors and assignees, be and are hereby restrained from implementing or any way pursuing the closing of title on any third party sale of the premises known as 81 Woodbine Street, Brooklyn, NY 11221; and Plaintiff Mortgage Electronic Registration System as Nominee for US Bank, N.A., and any of its attorneys, agents, successors and assignees be and are hereby restrained from evicting Liborio Munoz and his family and any other occupants from the premises known as 81 Woodbine Street, Brooklyn, NY 11221.

[ipaper docId=36645881 access_key=key-12v2ajab40rvsj0bsv1b height=600 width=600 /]

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



Posted in auction, CONTROL FRAUD, corruption, dismissed, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, lawsuit, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., STOP FORECLOSURE FRAUD, TRO, trustee, trustee sale, Trusts0 Comments

‘CAVEAT EMPTOR’ |Family buys WORTHLESS WELLS FARGO MORTGAGE at AUCTION

‘CAVEAT EMPTOR’ |Family buys WORTHLESS WELLS FARGO MORTGAGE at AUCTION

Boulder Creek family bought worthless second mortgage from Wells Fargo at foreclosure auction

Posted: 07/22/2010 01:30:01 AM PDT


 

… (A nearly $100,000 payment landed Hayley Strand, her fiance Bryan Janbay and her parents Randall and Roberta Strand a piece of paper, not the house they thought they’d purchased near Boulder Creek.)

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

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



Posted in auction, foreclosure, foreclosure fraud, foreclosures, Mortgage Foreclosure Fraud, wells fargo1 Comment

Mabry v. Orange County Superior Court CC 2923.5 | Petition to the Supreme Court of California

Mabry v. Orange County Superior Court CC 2923.5 | Petition to the Supreme Court of California

Via: b.daviesmd6605

Does a lender’s failure to explore options to prevent foreclosure in clear violation of Civil Code section 2923.5 affect title to foreclosed property when the property is purchased — not by a bona fide purchaser for value — but by the very lender who violated the statute?

NATURE OF THE CASE AND PROCEDURAL HISTORY
This case arises under the recently enacted Civil Code section 2923.5 which requires residential mortgage lenders to explore alternatives to foreclosure with borrowers before initiating non-judicial foreclosure proceedings
The is a Plaintiff Petition for review of cc 2923.5 regarding reversal of all violations of the act. The decision in the Appeal Court IV. Division 3 has shown no tender, no preemption etc. This goes for all people regardless if they have been foreclosed. If foreclosed with sale asking Court to review reversal for all.

[ipaper docId=34447271 access_key=key-24tu8de9r2lrpzgco0wx height=600 width=600 /]

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



Posted in auction, deed of trust, foreclosure, Supreme Court, trustee sale0 Comments

Homeowners Associations: The New Foreclosure

Homeowners Associations: The New Foreclosure

DinSFLA here…Keep up with your association dues NO MATTER WHAT! Make sure the checks are cashed!

Published: Thursday, 15 Jul 2010 | 11:44 AM ET

By: Diana Olick
CNBC Real Estate Reporter

“I had no idea that they could foreclose,” Tony Goodman tells me.

Neither did I, but Goodman’s homeowners association did just that in April because he owed $769 in back dues.

“I owed the HOA very little money in comparison to what I owed my mortgage company and my mortgage company, which is Chase, bent over backwards to help me,” Goodman adds. Even as he was working on a loan modification, Goodman’s HOA, Lookout Canyon Creek in San Antonio, TX took title to his home on the steps of the Bexar County Courthouse. They purchased the home for $2,019, about the amount of the dues plus attorneys fees.

Apparently this is not at all uncommon these days, as struggling borrowers let the dues slide, thinking it’s more important to throw all their cash into their mortgage payments.

Thirty-four states allow for judicial foreclosures by HOAs, although the rules and redemption periods differ. The redemption period is the amount of time that a homeowner has to pay up all the dues and fees after the HOA has officially taken title to the home.

Texas has a 180 day redemption period.

Florida’s is just 10 days.

“People don’t understand that by failing to pay the association dues they can lose their home and be put in the street,” says Florida attorney Robert Tankel. He represents HOAs in Florida and his business is positively booming.

Continue reading… CNBC

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



Posted in Association, auction, STOP FORECLOSURE FRAUD1 Comment

FORECLOSED HOMEOWNER in FLORIDA Illegally EVICTED!

FORECLOSED HOMEOWNER in FLORIDA Illegally EVICTED!

I will try to get the details as to what happened and by which ‘MILL’. They know exactly “BY LAW” if there is no objection to the sale they have 10 days before they can enter and take title!

Here is another form of Palmetto Bugs at their Best!

Foreclosure wait period can lead to problems

By DUANE MARSTELLER – dmarsteller@bradenton.com

LAKEWOOD RANCH

Jodie Meyers knew she was losing her Hollybush Terrace home to foreclosure, but never expected the bank to be so quick in taking it.

She and her three children already were in the process of moving out when GMAC Mortgage won a foreclosure auction of the four-bedroom house last month. Just three days after the auction, the locks had been changed — even though the family still had personal belongings inside.

That angered Meyers, who contends that amounted to trespassing because GMAC couldn’t legally take ownership for another week.

“They should have played by the rules and they didn’t,” she said.

Neither the bank’s attorneys or the real estate agent involved in the case returned calls Friday. But foreclosure experts said while the lock-changing was done unusually quickly, it appears the lender and its representatives acted within their rights to secure and protect the property.

Still, experts said the episode highlights a little-known and sometimes gray area of the foreclosure auction process: A waiting period before winning bidders can take possession.

“It has caused some problems,” said Shari Olefson, a Fort Lauderdale real estate attorney and author of “Foreclosure Nation: Mortgaging the American Dream,” Olefson is not involved in the Meyers’ case.

State law requires winning bidders to wait at least 10 full days before they can take title to a foreclosed property, in case there are any objections to the auction or new filings in the foreclosure court case. The waiting period begins when a court clerk issues a certificate of sale, usually on the same day as the auction.

If there are no objections or new court filings at the end of that 10-day window, then the clerk can issue a certificate of title.

But winning bidders, usually lenders, or their representatives sometimes change locks, board up windows and take other action to secure the property before that time is up — especially if they suspect it is abandoned or vacant, experts say.

“They’re mostly worried about further damage to the property,” said Dawn Bates-Buchanan, managing attorney of Gulf Coast Legal Services Inc. in Bradenton.
Read more: http://www.bradenton.com/2010/07/12/2424215/foreclosure-wait-period-can-lead.html#ixzz0tZMQ8Esm

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



Posted in auction, Eviction, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, GMAC, STOP FORECLOSURE FRAUD, trespassing0 Comments

DIRTY, ROTTEN, SCOUNDRELS

DIRTY, ROTTEN, SCOUNDRELS

Kick a family when they are down why dontcha! Lets see them try to ring my bell or climb my fence…they might encounter a huge pair of enormous 4 legged puppies for trespassing!

Finding Gold in Them Thar Foreclosures

With eye for bargains and stomach for risk, investors sift through wreckage of housing bust

By ADAM GELLER AP National Writer
July 3, 2010 (AP)



GILBERT, Ariz. — If we’re going to search for gold in the wreckage of the mortgage crisis, then 6:57 a.m. in front of 1009 W. Juanita Ave. is as good a time and place as any to start.

The Cooper Ranch subdivision, tucked behind an industrial park 25 minutes from downtown Phoenix, is just beginning to stir. But when Casey Doran pulls his pickup to the curb, the tan stucco house has already seen a steady trickle of visitors. From under the visor of his ball cap, Doran sizes up the first foreclosure of the day.

“Still occupied,” he says, nodding to a green plastic tag hanging from the meter by the garage, proof that someone’s paying the electric bill. He leans on the bell; when no one answers, he tries the door. The house resists his advances, leaving Doran squinting into the darkness behind the blinds. He tugs on the back gate, peering over the wall into a yard corralling chest-high tumbleweeds.

“He isn’t much of a grass person,” Doran says, snapping pictures with his iPhone.

In a little more than three hours, the intelligence Doran gathers in these 10 minutes of reconnaissance will be put to the test. That’s when 1009 W. Juanita and nearly 600 homes like it are scheduled for auction to the highest bidder.

Maybe, with bidding set to open at $105,000, the house is a bargain.

Or maybe it’s a mistake, waiting to drag an investor under.

Either way, there’s little time to ponder this 1,631-square-foot gamble. But there will certainly be other chances.

After all, 50,000 homes clog the county’s foreclosure pipeline and more are added every day. But before you jump to buy, know that you’ll have plenty of company.

At the top of the housing boom, certain cities drew investors like magnets. In Phoenix, speculators bought up houses, largely with borrowed cash, trying to take advantage of fast-rising prices. Those who didn’t sell in time were stung when the market collapsed.

But early last year, a new crop of investors — many buying with their own cash — ventured in, sensing opportunity. In the months since, the share of homes bought by investors at daily auctions has multiplied more than fivefold.

“These are unique times. Very, very unique times,” says Tom Ruff of The Information Market, which analyzes Valley real estate data. “I think the best way to describe it is the Wild West.”

The scene unsettles some, wary that investors could dump homes if the market weakens or take advantage of individual buyers or renters. Others are troubled at banks’ willingness to settle for less at auction rather than give more substantial concessions to homeowners locked into crushing loans. But something’s got to be done with all these overmortgaged, underappreciated houses.

“The investors are a tool to help get those properties moved into new hands,” says Diane Drain, a Phoenix bankruptcy attorney and real estate trustee. “At this point, the dam is so broken. How do you stop the flow? I don’t know how you do it other than one little stick at a time.”

___

During the boom, Steve Vadas sold title insurance on thousands of homes. Now, with business dried up, he’s landed back at the job that gave him his start — in the shadow of the Maricopa County Courthouse, auctioning foreclosures.

It’s hard to recognize the place.

In the old days, Vadas stood on the courthouse steps reading lists of foreclosed homes aloud and almost always only to himself, eyed like a crazy man by the occasional passer-by.

“Nobody would bid on them,” he says. “I literally was reading them to the air.”

No more. On a May afternoon nine years later, a crowd of 60 churns the plaza outside the courthouse doors in downtown Phoenix. Dressed in board shorts and wraparound shades, they scan pages-long printouts of houses and talk furtively into headsets to unseen investors. Five auctioneers compete simultaneously for their attention.

Once Vadas, who conducts sales for Trustee’s Assistance Corp., handled 60 to 70 foreclosures a month. Some days now, he and fellow auctioneers run through that many in an hour or two.

Even in good times, some homeowners failed to pay their mortgages, requiring a process for lenders to recoup losses. In Arizona, they’re called trustee’s sales, and in a steady economy most were little more than formalities. Foreclosed homes were usually offered for the amount owed and, with few bidders, nearly always claimed by the bank holding the loan.

But that was before home prices here plunged by half. Before debt-saddled homeowners started abandoning houses in the dark. Before lenders who never intended to get into the real estate business ended up holding the keys.

In the last year, they’ve done what any merchant with few customers and shelves full of stuff of sometimes dubious quality would do to avoid taking delivery of even more: Slash prices. Cash only. No guarantees. No refunds.

“It’s capitalism at its finest — or at its worst,” Vadas says.

This is not a game for the faint of heart or wallet. Stories circulate of buyers who thought they were getting a deal only to realize they’d bought a second loan, when the first loan holder gets the house. Or of investors who bought a house with a tenant who wouldn’t leave — or had already left, taking cabinets, toilets, even the pipes.

“You can tell all the newbies,” says Randy Lewis, who runs bidding service 3rd Party Buyer LLC, scanning the crowd clumped around the auctioneers. “They’re all up at the front, but not bidding.”

But plenty of others have jumped in, posting the required $10,000 cashier’s check and trying to leverage bits of insider knowledge, marketplace dynamics and a tolerance for risk. The result is a furious chase repeated daily — Lewis calls it “chaos by statute” — that begins as soon as the opening bids are posted for the following morning’s sales.

“You’ve heard of storm chasers?” he says. “We’re deal chasers.”

___

On to the third house of Doran’s morning: 1508 E. Weathervane Lane. Opening bid: $130,100.

A competitor exits the gate of the white stucco house just as Doran, who scouts homes for bidding service Posted Properties.com, pulls up. “It’s vacant,” he says. “You can go inside.”

Just past the pool — veined with cracks that formed as it stood empty under the desert sun (note to investor: could cost $5,000 to repair) — the sliding door yields easily. The place is empty of life except for a moldy loaf of raisin bread in the refrigerator.

On the back door, someone has left a memento of affection painted on the glass: “You rock. I love you.”

Doran takes a few notes about this house, bought in December 2006 for $300,000. On the way out, he runs into a woman from next door. She tells him the former residents have been “stealing” fixtures out of the house for the past month.

“Hopefully soon we’ll have a new neighbor,” she says.

___

By the summer of 2008, Trish Don Francesco was ready to try the Phoenix housing market again.

Her company, Metropolitan Marketing & Management, had spent the boom assembling portfolios of houses for wealthy investors. In 2004, she urged her clients to sell, believing the market had peaked. Instead, most held tight as prices continued to crest, then plunged.

Now, though, seeing houses listed for less than $100,000, she was intrigued. On a Saturday morning that August, Don Francesco and a few of her employees drove to the Camelback Inn to check out an auction of houses.

“It was like being in a candy store,” says daughter Makayla Don Francesco, also a broker. Houses were going for as little as $55,000. In a few hours, Metropolitan snapped up 17.

“I said to myself either the world is coming to an end or we’re going to be really, really rich. I don’t know which,” Trish Don Francesco recalls.

The company found even more enticing deals buying homes directly out of foreclosure. In the months since, Don Francesco has bought nearly 350 homes, spending a few thousand dollars to fix each one and then rent them, often to families who surrendered a previous home to foreclosure. Over the next year, it plans to increase its stake to 1,500 houses, buying at trustee’s sales on behalf of investors looking for a steady income stream from rents.

But investors are far from the only players in this game, which trades in the currency of information as much as cash.

It begins each weekday afternoon, when trustees post the opening bids for as many as 1,000 houses. By the next morning, bidders have whittled down their list of targets. Around dawn, Doran and other property runners zigzag across the Valley to check out houses, starting with those slated for 10 a.m sale. They report back to companies like Posted Properties, which charges investors a fee to bid and buy at auction.

Other drivers work for wholesalers, who buy up armfuls of homes and flip them to investors, often within hours, for a quick profit. Still other homes are bought by fix-and-flippers, who renovate and resell for a short-term gain, or investors who buy to rent and hold for a few years.

When a family buys a house, it’s all about emotion. But foreclosure investing requires setting feelings aside, players say, and making a cold calculation on square footage, location and fixup costs. On the courthouse steps, bidders trade bets with seeming disinterest. When the price goes too high, they walk away.

But to say that all emotion is shelved overlooks the X factor drawing bidders. It’s the edginess of the gamble and the pursuit of a deal.

Doug Hopkins, Posted Properties’ CEO, recalls the morning he tagged along with a friend for his first trustee’s sale 11 years ago.

“I went down there and saw what houses were selling for and I had never known that that existed,” Hopkins said. “I remember coming out of there and calling my dad and I said, ‘My life just changed.'”

___

At first, Doran isn’t sure what to make of today’s fifth house: 6233 S. Parkside Drive. Opening bid: $67,000.

Fresh oil stains the floor of the carport. A package from Amazon.com sits unclaimed on the step. No one answers.

It’s an open secret in Phoenix foreclosure investing that, facing a door that won’t budge, some runners simply drill the lock.

“Applicant will be required to do what it takes to get the maximum amount of information for our investors,” one bidding service stipulated in a recent ad for drivers on Craigslist. “This is not for a meek person. Must be an outgoing, forward and fearless individual.”

To Doran, whose real estate license lets him key in to some houses, the tactics of a few tar his trade unfairly. But at Parkside, the back door slides open without resistance. Whoever lived here is gone, leaving only a copy of “Dear Tooth Fairy” on a windowsill. Doran scans the kitchen.

“I’m always afraid I’m going to find a dead body in one of these,” he says, chuckling as he reaches for the refrigerator handle.

Not yet. But he has found cats and lizards floating in abandoned pools, and once, a dead puppy. A few weeks ago, at an empty house in Chandler, he found an Alaskan husky, very much alive, left behind with a bag of dog food.

At this stop, though, the biggest complications are a roof that needs replacing and the house’s size — it has just two bedrooms and a single bath, limiting its appeal.

“Somebody will buy it … for a rental,” he says.

___

During the boom, borrowing was relatively quick and easy. But buying at a trustee’s sale demands payment in full by 5 p.m. the next day, without an appraisal. Forget about asking a bank for a loan.

That’s where Scott Gould comes in.

At 8:40 a.m. on a Wednesday, Gould tilts back in a black office chair, waiting for two phones and a Blackberry to ring so he can put his money to work. Dressed in shorts, sneakers and white golf shirt, he looks more like the gymnast he once was than a banker. On the wall hangs a gift from his wife — a “loan shark” assembled from Monopoly money.

Gould is a “hard money” lender, by some account’s the valley’s busiest. Last year he loaned investors the cash to buy 1,300 homes at trustee’s sales, at an annualized interest rate of 18 percent, although most repay within a few months. Call Gould for a loan and the answer comes back in 20 minutes, once his staff reviews sales of comparable homes.

“The most important thing at the end is, do we think the guy can make money,” he says.

Gould started managing money at 11, already earning the equivalent of a teacher’s paycheck mowing yards and house sitting. He jumped into lending after the Black Friday stock collapse in 1987, when the Phoenix real estate market was tanking. Today, at 52, he and his partners have $85 million in loans out and a goal of $700,000 in new deals each day.

The phone rings. A fix-and-flip investor asks Gould for his opinion about a house in Mesa.

“The inside, from what we could see, looked good. It smelled good,” the man says.

Gould is skeptical, noting the investor is relying on just one other recent sale to gauge value. He counsels bidding $1 over the asking price and no more.

The phone rings again.

“Good morning, Brad. I got a check sitting here hot for you,” Gould says.

This morning, though, is slow, with just three new loans for homes auctioned the previous day. But at the office of Metropolitan Marketing and Management, a few miles away, a new round of sales keeps Makayla Don Francesco’s ear to the phone.

In pursuit of homes that will rent easily with minimal maintenance, she bids only on those built in 1995 or later, between 1500 and 3300 square feet. A few other criteria narrow the day’s list of 618 scheduled sales to just 17 targets. Don Francesco pares the list to 9, eliminating any backing up to major roads or high-tension lines.

When the auctions begin, Metropolitan staffers on site are outbid on two houses and in the chaos, miss two more. But at the 10 a.m. sale, a house in Phoenix opens at $70,000 and Don Francesco grabs it for $72,300, before discovering it has two bedrooms and a den, limiting its appeal to family renters. Then, at the 11 a.m. sale, a house in Buckeye opens at $63,218 and she snags it for $66,000, despite uncertainty about whether it has three or four bedrooms.

“There’s a lot of risk and you are playing with somebody else’s money,” Don Francesco says. “Some days it is terrifying.”

But then she reminds herself that, at these prices, the deals may last for only so long.

___

It’s almost noon and this will be the 10th and final house of Doran’s morning: 2701 Val Vista Drive. Opening bid: $387,600.

“Holy moly,” he says, pulling in. The house is very big. So are the mounds of discarded mattresses and other garbage piled in the overgrown yard. Two cars sit in the driveway.

“It looks like they started on it and quit,” he says, pointing to a recently replastered wall painted in three different shades. He knocks on the back door, then the front. Not a sound. But the place is unlocked. Doran rolls his eyes and walks in.

“Somebody’s still living here,” he says, walking past dishes in the sink and rooms almost devoid of furniture. “This is odd as hell.”

At the living room, he stops and tilts his head. Music floats up from downstairs — and a pair of men’s voices. Doran takes one last picture, then moves quickly and quietly toward the door.

“Not worth getting shot over, I can tell you that,” he says.

___

By Thursday, workmen have ripped out and replaced the ceiling in the house on Weathervane that Doran checked out two mornings ago. And in a kitchen in Scottsdale, Neil Lende, a real estate agent who invests in houses given up for lost, is trying to decide where to begin.

The house, bought at a trustee’s sale Tuesday and paid for Wednesday with a hard money loan, has gold-tone ceiling fans and a “popcorn” ceiling that will have to go. The pool is so green with algae it might as well be bottomless.

It’s hardly a wreck. But in a valley full of empty houses, what makes this one — or any of the hundreds of others for sale on the courthouse steps — a singular opportunity?

It’s clear only when Lende opens the door to another investment in a subdivision called Paradise Manor, 10 minutes away

“When we first came to this one, this stuff was growing all the way out to here,” says Charlie Sugarman, project manager for Lende’s fix and flip business, pointing to shrubs that blocked the path to the door. Neighbors reported that the previous owner, a chiropractor, moved out in the middle of the night. Inside, Lende found the kitchen plastered with coffee grounds.

Now, the interior is repainted in silver sage, fitted with brushed metal door knobs. The kitchen cabinets, refinished in cream and mocha, snuggle against stainless steel appliances. A sign over the counter welcomes the next chef. “Live. Laugh. Love,” it says.

Lende paid $194,651 for the house in early March, then spent $35,000 to renovate. “We knew we could make it really cute,” he says.

The first weekend on the market, he had two offers. Tomorrow it goes to closing, sold to a retiree couple from New Jersey. For two months work — and risk — he’ll pocket a $40,000 profit.

But while the new owners know they’re buying a foreclosure, they almost certainly don’t realize the pipeline it has traveled.

“I don’t think they can envision it how it used to be, which is good,” Lende says. “Because this is the reality now.”

Adam Geller is a national writer for The Associated Press based in New York. He can be reached at features(at)ap.org.

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



Posted in auction, Bank Owned, foreclosure, foreclosures1 Comment

Bank to return woman’s home sold without notice

Bank to return woman’s home sold without notice

Julie Hayden FOX31 Investigative Reporter
June 25, 2010

WHEAT RIDGE, Colo – The Wheat Ridge woman who had the Bank of America sell her house out from under her could be getting her home back.

On Thursday FOX31 News first reported 61-year-old Stephanie Martin’s story. She’s lived in her home for 20 years and now takes care of her 84-year-old mother and 7-year-old granddaughter.

Martin never had any trouble making her house payments, until last June when her legs were crushed in a horrible accident at the Target store where she worked.

She applied for and was accepted into a Freddie Mac program that lowered her mortgage payments and stopped any foreclosure proceedings.

“She is the poster child for this type of program. Somebody who is doing everything they can but, hit some hard times and needed a little bit of help,” her lawyer, Darrell Damschen says.

But, even though her participation in the program was supposed to stop all foreclosure proceedings, Bank of America earlier this month sold her house at a foreclosure auction, to itself.

Martin says they never sent any warning or notification. And she found out about the foreclosure only after her lawyer coincidentally saw the public notice at the courthouse.

“I think this is a situation where the Bank of America made a mistake,” says Damschen. “They’re not communicating internally at all.”

“It’s clear the sale could have never been appropriate,” he adds.

For nearly a month, Martin unsuccessfully tried to get some answers or help from the Freddie Mac program and the bank.

After she contacted FOX31 News and KHOW Radio Talk Show host Peter Boyles, her case received attention.

She and her lawyer say the Bank of America called them Friday and said they are going to rescind the sale and give Martin her house back.

They indicated they will also work with her to keep the lower house payments.

Martin is relieved, but says after all she’s been through, she’ll believe it when she sees it.

“I hope this is true because I’ve been told so many things.”


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



Posted in auction, bank of america, foreclosure, foreclosures, Freddie Mac, mortgage modification1 Comment

Video: It’s time for banks to do more to help homeowners in foreclosure

Video: It’s time for banks to do more to help homeowners in foreclosure

This is exactly what is going on with these Scams. Just as in this post I made prior this homeowner tried to do all they can to work with their lender to get help, modify and pay them current market value. Instead they foreclosed.

In this case they owed about 300K, according to tax records LPS, yes Lender Processing Services inc. came in and purchased it for $74,100 at the auction. Now the  home is pending sale for $59K. Sold it for less in a matter of a month??? Okkkaaaay?

How does this make ANY kind of sense? I can only see it making FRAUD sense…these homeowners vouch not to give up contacted the listing agent about the scam as well as mentioning Law Offices of David J. Stern the foreclosing firm for the lender. This does not make ANY sense what so ever and we need to continue exposing this fraud!

David Lazarus June 24, 2010 | 10:56 pm Los Angeles Times

Consumer columnist David Lazarus says banks should end their one-size-fits-all policies and help more homeowners who are in foreclosure.

Take the Fontana woman he writes about In his latest column. She wasn’t obligated to meet the mortgage obligations her husband left when he was killed in a car accident. But she wanted to stay in the home and tried negotiating lower payments with the bank.

Should the bank do more to  help her?

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



Posted in auction, Bank Owned, conspiracy, CONTROL FRAUD, foreclosure, foreclosure fraud, foreclosures, mortgage modification, shadow foreclosures0 Comments

LENDER PROCESSING SERVICES (LPS) BUYING UP HOMES AT AUCTIONS? Take a look to see if this address is on your documents!

LENDER PROCESSING SERVICES (LPS) BUYING UP HOMES AT AUCTIONS? Take a look to see if this address is on your documents!

Lender Processing Svc
(651) 234-3500
1270 Northland Dr Ste 200
Mendota Heights, MN 55120

Take a good look at the Buyer and the address in the document below. I investigated a little more and found multiple addresses below in forums and placed them here for you to see.

If you take a look at the Buyer in this Title the “Certificate Of Title” was issued under IndyMac Federal Bank…HUH? IndyMac FB does not exist…This seriously needs to be investigated! How are these being sold under failed banks?? Where does the money go after the auction and from the new sale?

Everyone needs to look at their documentation and look carefully for this address. If you have them under this address please forward them to StopForeclosureFraud@gmail.com.

OTHERS LISTED WITH 1270 Northland Dr. Ste 200 Mendota Heights, MN 55120

Fidelity National Foreclosure Solutions 1270 Northland Drive Suite 200.Mendota HeightsMN 55120 · (651)234-3500

Foreclosure & Bankruptcy Services1270 Northland Drive, Suite 200, Telephone, (651) 234-3500. Mendota HeightsMN 55120, Fax, (651) 234-3600 

http://www.tampagov.net/CEBAgendas/20071001.pdf

WELLS FARGO BANK NA TRUSTEE
1270 NORTHLAND DR SUITE 200
MENDOTA HEIGHTS, MN 55120
INSPECTOR: Eddie Prieto  274-5545

DEUTSCHE BANK NATIONAL TRUST
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS, MN 55120
INSPECTOR: RANDEL SMITH 274-5545

http://www.newspapernotice.com/details.aspx?id=1889632
Current Beneficiary: MERS as nominee for Aegis Mortgage Corp Care of / Servicer Aegis Mortgage Corp/Fidelity C/O Fidelity National Foreclosure Solutions 1270 Northland Drive. Suite 200 Mendota Heights, MN 55120

http://www.geodetix.com/ftp/APPRAISAL_INFO_SAMPLE.TXT
BANK ONE NATIONAL ASSN TRUSTEE
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS MN 55120

http://ao.lackawannacounty.org/details.php?mapno=14204010007

DEUTSCHE BANK NATL TRUST CO
1270 NORTHLAND DR SUITE 200
MENDOTA HEIGHTS, MN 55120

http://www.stpete.org/pdf/vacantandboarded.pdf
WELLS FARGO BANK NA  TRE
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS                MN
551201176

LONG BEACH MTG LOAN TRUST
1270 NORTHLAND DR STE 20
MENDOTA HEIGHTS                MN
551201156

DEUTSCHE BANK NATL TRUST CO  T
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS                MN
551201176

http://www.alsb.uscourts.gov/credclaim.pdf
HomEq Servicing Corp.
1270 Northland Dr., #200
Mendota MN
55120-

IndyMac Bank-FSB;The Leader
Mortgage Co.
1270 Northland Drive, Suite 200
Mendota Heights
MN
55120-

Saxon Mortgage; Homecomings
Financial
1270 Northland Dr., #200
Mendota Heights
MN
55120-

http://madison-co.com/elected_offices/tax_assessor/display_parcel.php?pn=082I-29%20-007/02.29&street_name=v
FEDERAL NATIONAL MORTGAGE ASSOC
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS
MN 55120

http://gis.meridian.mi.us/assessing/details_process.asp?IDValue=33-02-02-06-378-004

JP MORGAN CHASE BANK
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS
MN  55120http://www.co.bibb.ga.us/TaxBills/NFBill.asp?id=346133

BANK ON E AS TRUSTEE

1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS MN 55120-

http://www2.county.allegheny.pa.us/RealEstate/General.asp?CurrBloLot=0079B00251000000&SearchBloLot=0079B00251000000&SingleResult=True
JP MORGAN CHASE BANK (TRUSTEE)
1270 NORTHLAND DR SUITE 200
SAINT PAUL, MN 55120

http://www.lehighcounty.org/Assessment/puba.cfm?doc=HeroesGrant_form.cfm&pin=640703621999&parnum=1
WELLS FARGO BANK NA
1270 NORTHLAND DR STE 200
MENDOTA HEIGHTS MN, 55120

Contact Matrix and Team Breakdown of FIS Foreclosure Solutions, Inc.
operations for the month of December 2007

Select Portfolio Servicing Inc.
1270 Northland Drive, Ste. 200
Mendota Heights, MN 55120

http://www.dailycourt.com/bankruptcy.php/3:05-bk-39314/
Case #3:2005-bk-39314
Select Portfolio Servicing, Inc.
1270 Northland Drive, Suite 200
Mendota Heights, MN 55120

RELATED STORY:

ARE FORECLOSURE MILLS Coercing Buyers for BANK OWNED homes? ARE ALL THE MILLS?

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



Posted in auction, concealment, conspiracy, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, Lender Processing Services Inc., LPS, Real Estate8 Comments


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