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Contact 13 investigates Bank of America customer’s frustrations with short sales

Contact 13 investigates Bank of America customer’s frustrations with short sales


Nothing has changed…

“And they’re trying to keep folks from walking away” Listen to this interview and his answers…Like he makes any sense…blame the fax system for lost documents and negotiators…and welcome EQUATOR.

THE TRUTH is while they were developing this “EQUATION” you were put on the burner. Simple as 123.

Who trusts loading up very personal information into a system to where it ends up?? eg: social security numbers?

Posted: Jul 01, 2010 4:32 PM EDT Updated: Jul 02, 2010 5:14 AM EDT

Las Vegas, NV (KTNV) – Weeks after our Contact 13 investigation into Bank of America we have uncovered a new wave of problems hitting Valley homeowners.

“It’s just frustrating and I don’t think they’re doing anything,” says homeowner Todd Lanquist.

“And when they would get rude with me I’d say, look, put yourself in my shoes. I said don’t think for one minute because you’re on the other end of the phone that it can’t happen to you,” adds homeowner Sherry Eggler. “I want it over with! And I want us to be left alone and get on with our lives.”

Todd and Sherry are both Bank of America homeowners who’ve tried to short sell their homes.

For Todd, “It’s probably the most stressful thing that I’ve dealt with in my lifetime.”

A short sale is when your home is worth less than the remaining value of your mortgage. It’s what you do to avoid foreclosure when even a loan modification won’t keep you in your home.

“Short sales are probably 70% of the listings out there right now,” explains realtor James Allen.

And with Bank of America holding one in three Nevada mortgages, the servicing giant is at the center of a firestorm of criticism over the short sale process.

We read some of your e-mails to Bank of America’s senior vice president in charge of short sales.

“And this person says “Bank of America acts with reckless abandon and extraordinary incompetence when it comes to short sales.” What do you say to that customer,” asked Contact 13 Chief Investigator Darcy Spears.

“I would refute that to the degree that we’re very proud of the work that our team does on behalf of Bank of America and our customers and ultimately the investors,” answered Bank of America’s Matt Vernon. “Certainly there have been some challenges in the past. But with that said, we’re very focused on an efficient process.”

Sherry Eggler says the process is anything but efficient. She and her husband, Freddie, moved here from Georgia to build the home they intended to retire in. But when the economy tanked and their retirement savings went with it, they knew they’d have to give up their dream.

“It hurt. It hurt,” says Sherry, trying hard to hold back tears.

When the loan modification Bank of America offered wouldn’t save them enough money, Sherry says the bank advised a short sale.

But all that did, she says, was put their lives on hold.

“The realtor would call and say, oh Sherry, they need copies of your W-2s again, they need bank copies again, they need this again. I must have done that 10 times and finally I said you know what? No more!”

So what is the root of the problem?

“There’s too many hands in the pot,” says Sherry. “Too many chefs in the kitchen.”

Bogging down the process for so long that she says they lost a buyer willing to pay the set price.

“They must have waited three-four months, five months, and they kept assigning new negotiators. And that is so stupid because they shot their own self in the foot.”

And through it all, there was the constant threat of foreclosure.

“They keep telling me, making threats that our house is gonna be sold on the court doorstep.”

We took her concerns to Bank of America.

“There is a mountain of frustration among our Las Vegas viewing population with what’s going on with B of A short sales,” Spears told Matt Vernon.

And when we asked why there are so many hands in the cookie jar, he said there were too many homes in the short sale process.

“And because of that growth in the business, it often required multiple hand-offs. We recognize that that’s not beneficial to the transaction and are committed to limiting those hand-offs so there is continuity throughout the process.”

All of it too late for Sherry Eggler.

“One time I think I did say that well, if this keeps up I think we just need to get an attorney.”

That’s what Todd Lanquist did after he says the bank’s foot-dragging cost him several potential buyers.

“It’s my fear. Losing my house.”

He says he’s having to sue for the right to sell.

“And that’s just absurd. Absolutely absurd. If it’s a fair sale at a fair price, the bank should be held to it,” says Matthew Callister, Todd’s lawyer.

Realtor James Allen calls B of A the worst of corporate America coming to the surface.

“It’s a red flag. Some agents will not write an offer on a B of A short sale, which is basically hurting us all across the board.”

“And if they don’t learn from this,” Sherry says, “then I don’t know what it would take. They just have some serious, serious inside issues.”

“In no way shape or form are we in that optimal state, but we have vastly improved and we expect to continue to improve,” Vernon says.

We’ll be watching to see if Bank of America does improve. Remember, if you have a problem with a short sale, loan modification or any housing-related matter, Bank of America has opened two resource centers: one in Las Vegas and one in Henderson.

Bank of America resource centers
Henderson resource center
2285 Corporate Circle Suite 100
Call 1 – 877 – 345 – 6416

Las Vegas resource center
6900 Westcliff
Second floor
Appointments:
10 am – 7pm M – F
10am – 2pm Sat
Here is what you need to bring to the appointment:
-Copy of most recently filed tax return for each borrower.
– Copy of two most recent pay stubs covering 30 days or documentation of other income (e.g., Social Security, Disability, Unemployment, public assistance).
– Copy of most recent profit/loss statement (if self-employed).
– Alimony, child support or separation maintenance supporting documentation.
– For rental income, most recent two years’ filed federal tax returns, including schedule E.
– Copy of homeowner’s insurance bill and most recent property tax bill (if not paid through Bank of America).

We should also note that Bank of America says they completed 10,000 short sales nationwide in the month of June the most in their history.

They remind homeowners that the short sale process is primarily investor driven and Bank of America approves a short sale subject to investor approval.

Source: C13 News Las Vegas

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bank of america, foreclosure, foreclosures, short sale, STOP FORECLOSURE FRAUDComments (2)

Short sales not immune to debt collectors

Short sales not immune to debt collectors


DinSFLA here…take note on this “Banks usually have four years in which to file a deficiency judgment, but they can sell it to a third-party collection agency — “and the collection firms can chase you down for 20 years,” Davis said.”

This being said any of these fool third-party collection agencies that DO NOT do their due diligence will be in a world wind of a surprise! Now not only are they buying of fraud they will have a hard time getting repaid on fraud!

They are going to try to suck the living day lights out of us…Do NOT let your guard down.

ORLANDO, Fla. – July 6, 2010 – With more than half of the Central Florida’s homeowners owing more for their homes than the properties are worth, the question for some has become: How do I get out of this?

Of all the existing-home sales reported by Realtors in the core Orlando market in May, 23 percent were short sales. They are called “short” sales because the sales price come up “short” of, or less than, the amount owed on the mortgage.

What these homeowners, whose loans are “underwater,” may not realize is that they could successfully complete a short sale of their house but then face a lawsuit from their lender for not paying off the entire loan, a shortfall known as a “deficiency.”

At particular risk of being hit with such a debt judgment are owners of second homes and investment properties, homeowners who haven’t faced any kind of financial hardship, and owners who have a second mortgage.

“That’s going to be a huge problem moving forward in the next few years,” said Orlando lawyer Matt Englett, who specializes in home foreclosures. “These people who use Realtors to advise them on the transactions can end up facing deficiencies, and the deficiency notes will go to third-party collections agencies, and they will start suing and progressively pursuing those people.”

Homeowners have several options if they wish to avoid getting calls and lawsuits from debt collectors.

In a mortgage document called the “payoff letter,” a lender may include a blanket provision stating that it reserves the right to sue the seller at any time for unpaid mortgage debt. At the very least, Englett said, sellers need to make sure they do not give lenders that right.

Some lenders, particularly smaller ones, have been willing to state just the opposite — that they will not pursue any mortgage debt from the seller, he added.

Simply asking the lenders to cooperate by removing any wording about collections isn’t enough, Englett said. The seller is usually faced with building a case that details errors and omissions made by the lender in its mortgage documents, to gain leverage and force the lender to forgive the debt.

A new option that emerged in June is a federal program that calls on banks to forgive some of the mortgage debt of certain, qualified short-sale sellers. To qualify, sellers must:

Meet the criteria of the federal government’s Home Affordable Modification Program.

Have the house as their primary residence.

Face a financial hardship, and their mortgage payment must be more than 31 percent of their gross income.

The new program makes short sales a good option for homeowners facing a financial hardship, though it’s not meant for homeowners who can afford their mortgage but want to walk away from an upside-down loan, said Frank Rubino, vice president of the Chase Homeownership Center in Orlando.

“It’s not right. It’s not moral. It’s not the right thing to do,” Rubino said. “Why should customers look to the bank to substantiate a loss for the house they bought? … If they bought the house and sold it for $100,000 more than they paid, they wouldn’t share those profits with the bank.”

The decision of whether to pursue a former homeowner for outstanding debt varies from mortgage servicer to mortgage servicer, Rubino said, and can hinge on such things as whether the customer mismanaged his or her finances, Rubino said.

Sellers with a second mortgage face particular challenges if they try to walk away from a short sale without any remaining debt.

Jennifer Davis, a real estate agent for Lifestyles Home Sales Inc. of St. Cloud, said she recently almost lost a sale because of outstanding debt the seller owed on the house. Fortunately, she said, the buyer wanted the house badly enough to cover the outstanding note.

Banks usually have four years in which to file a deficiency judgment, but they can sell it to a third-party collection agency — “and the collection firms can chase you down for 20 years,” Davis said.

In cases where the seller has a second mortgage or can’t qualify for the federal programs, Davis said, she usually directs them to a real estate lawyer and a tax adviser.

Copyright © 2010, The Orlando Sentinel, Fla., Mary Shanklin, Knight Ridder/Tribune Business News. Distributed by McClatchy-Tribune Information Services.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in Bank Owned, deficiency judgement, deficiency judgment, foreclosure, foreclosure fraud, foreclosures, mortgage modification, walk awayComments (1)

Foreclosure alternative gaining favor: Deeds in Lieu

Foreclosure alternative gaining favor: Deeds in Lieu


Saturday, June 26, 2010 Washington Post

Short sales have been the hot solution for financially stressed homeowners and their lenders for the past year, but here’s another potent foreclosure alternative that’s about to take center stage: deeds in lieu.

Some of the largest mortgage servicers and lenders in the country are gearing up campaigns to reach out to carefully targeted borrowers with cash incentives that sometimes range into five figures, plus a simple message: Let’s bypass the time-consuming hassles of short sales and foreclosures. Just deed us the title to your underwater home, and we’ll call it a deal. We won’t come after you to collect any deficiency between what you owe us on the mortgage and what we obtain from the home sale. We might even be able to wrap up the whole transaction in as little as 30 to 45 days. How about it?

Mortgage companies say troubled borrowers are increasingly signing up. One of the largest servicers, Bank of America, has mailed 100,000 deed-in-lieu solicitations to customers in the past 60 days, and its volume of completed transactions is breaking company records, according to officials.

What are deeds in lieu? The full name is deeds in lieu of foreclosure. They are voluntary transfers of property ownership from borrowers to creditors that make court-directed foreclosures unnecessary.

The concept is one of the oldest in real estate, but it got a special boost this year when the Obama administration included it as an option in its Home Affordable Foreclosure Alternatives program, and mortgage giant Fannie Mae cut the penalty-box time for homeowners who use the technique from four years to two before they can qualify for another home mortgage.

Deeds in lieu also are surging because they provide a win-win for borrowers and mortgage investors that short sales often cannot match. Tops on the list: speed. Travis Hamel Olsen, chief operating officer of Loan Resolution, a Scottsdale, Ariz., firm that works with lenders to solve troubled borrowers’ problems, said deeds in lieu represent “a very expeditious way to move on” for underwater borrowers who are facing potential foreclosure.

“A lot of owners just want to be finished with it now,” he said. “They don’t want to deal with [the house] anymore.” They don’t want to deal with real estate agents or signs on the front lawn that reveal their financial squeeze to neighbors. They don’t want to haggle with potential buyers coming in with lowball offers. But they also don’t want to simply walk away — strategically default — because that will crater their credit files and scores for as much as seven years.

Greg Hebner, president of the MOS Group of San Diego, which also works with banks and investors across the country to resolve defaulting borrowers’ situations, said a key motivation is that lenders are stuck with massive backlogs of underwater homes that haven’t yet gone through foreclosure and been put on the market — the so-called shadow inventory.

Not only is it cheaper for them to do deeds in lieu to gain control of those properties, but with mortgage rates below 5 percent, they also will probably be able to resell them faster and on potentially more favorable terms in the summer and fall.

“If you can get a lot of inventory moving in the next couple of months” of prime home-buying season, Hebner said, “you are solving a lot of problems.”

Matt Vernon, Bank of America’s top short sale and deed-in-lieu executive, said the technique works so well for borrowers and mortgage owners that his company is running pilot programs in major housing markets to alert borrowers who might benefit but are not familiar with deeds in lieu.

To sweeten the pot, Bank of America is offering cash incentives that range from $3,000 to $15,000 — and is getting a strong response, Vernon said.

What are the downsides or limitations of deeds in lieu for homeowners? Probably the most important, experts said, is that they don’t work for every situation involving serious mortgage default. For example, if you have equity in the property, you’ll probably want to pursue a loan modification first, then a short sale, rather than hand your equity stake over to the lender.

Deeds in lieu usually don’t work when there are multiple mortgages from different creditors encumbering the property. Also, though deeds in lieu do less damage to borrowers’ credit histories than foreclosures or bankruptcies, they definitely leave a mark.

Fair Isaac, developer of the widely used FICO credit score, said on its “MyFico” Web site that deeds in lieu and short sales are treated as “not paid as agreed” accounts and are treated the same by the FICO scoring model.

Related Story:

OMG!! Want to leave your mortgage behind and make $10K in less than 30 days?

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in deed in lieu, foreclosure, foreclosuresComments (0)

BETH COTTRELL step right up …your the next ROBO-SIGNER on STOP FORECLOSURE FRAUD!

BETH COTTRELL step right up …your the next ROBO-SIGNER on STOP FORECLOSURE FRAUD!


Folks there is just way too many. Eventually this will all be released.

Every Foreclosure/REO/Short Sale out there is virtually like this!

via ForeclosureHamlet.org & 4closurefraud.org

The attached documents are almost always the sole “evidence” showing the right of a foreclosing entity/servicer (or their shell National Bank Cover ie: US Bank) to foreclose on an American family’s home, evicting them from the only shelter that may be available to them.

Millions of examples of this and other “robo-signers” available upon request.

Of note, please see the last attachment; her deposition where she denies any “personal knowledge” or even a cursory glance at the facts of the case.

America………..what a heartache……….

ANOTHER POINT IS THEY seem to be different signatures. Some have loops and some do not.


DEPOSITION_OF_BETH-COTTRELL-CHASE-HOME-FINANCE

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in ben-ezra, concealment, conspiracy, corruption, FDLG, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, hamleteers, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., REO, robo signer, robo signers, short sale, stop foreclosure fraud, stopforeclosurefraud.comComments (0)

Banks and their RIDICULOUS Foreclosure tabs…Mills, REO's etc.

Banks and their RIDICULOUS Foreclosure tabs…Mills, REO's etc.


You know from the ridiculous fees these banks pay from the Mills to the keeping up with the REOS’ (if they keep up with maintenance).

Does it make any $en$e why they DO NOT work it out with the homeowners?

I mean if you take a look at what they end up selling for at auction or in a short sale…Does it make any $en$e??

Again, does it make any freaking $en$e?

Now take a look at Foreclosure Mill Law Offices of David J. Stern in Plantation (DJSP) for example Small Foreclosure Firm’s Big Bucks: Back Office Grossed $260M in 2009:

and his assets below:

Source: AmericansUnitedForJustice.org

http://AmericansUnitedForJustice.org is working on Law Offices Of David J. Stern’s #2 Cheryl Samons stay tuned

DOES THIS MAKE ANY $EN$E?

DOJ are you watching?


© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in djsp enterprises, foreclosure, foreclosure millsComments (2)

Lenders Unload Mortgages to Collection Agencies

Lenders Unload Mortgages to Collection Agencies


What we were discussing this morning…

dcbreidenbach, on April 26, 2010 at 9:51 am Said:in a prior posting it was stated that defense attys press people to be concerned about deficiency judgements unnecessarily. This advice may be practical for some homeowners but is extremely dangerous for borrowers generally. The current practice of most collectors is to press foreclosure on the mortgage–ignoring the note. This is an inverted approach that enables the collection agency to acquire the property and proceeds of its disposition without ever demonstrating who holds the note, or possession of the note. The collector obtains the home today, settling the mortgage, but is fully capable of selling the note deficiency balance collection rights to an even worse collection agency. The collectors are legally able to lay in the weeds for as much as 5-10 years depending on state laws and the facts of the case. When the homeowner is “back on his feet” with a good job, restored credit and other assets accumulated, the collector shows up with the old note and deficiency judgment and makes the claim plus interest accrued in the meantime. Just when the homeowner thought it was over-he/she is drawn back into the horror. another opportunity for them exists; they know you owe a deficiency amount-they record it and wait for you to die ——-then they come after your estate for proceeds of your life insurance and pension payouts that you thought were to help your family! Be wary of advice that says “dont worry-be happy” ; these people feed on deception, its a way of life to them. Beware disinformation—find attornies if you have deficiencies–force the collectors to warrant that the deficiency is waived. And get a warranty from an employee of one of the big name banks at the minimum that you will not be pursued. Trust them not.
Given any opportunity to screw you they will!

Lenders Unload Mortgages to Collection Agencies

19 April 2010 @ 05:11 pm EDT

Lenders are selling second mortgages and home-equity lines in default to collection agencies that have the right to collect this money potentially for decades.

“It’s a big business, and investors are coming out of the woodwork,” says Sylvia Alayon, a vice president for Consumer Mortgage Audit Center, which analyzes mortgage documents for lenders, advocacy groups, and attorneys.

Real estate professionals will be doing their short-sale clients a big favor if they urge them to get professional advice before they sign agreements, Alayon says.

A new government short-sale program, which takes effect Monday, aims to prevent banks from reselling this debt. Sellers covered under the program will receive notice that secondary lien holders have received part of the proceeds of the sale “in exchange for release and full satisfaction of their liens.”

 Reprinted from REALTOR® Magazine Online with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2009. All rights reserved.

Related Story:

FORENSIC AUDIT (FMI) & Securitization

FORENSIC MORTGAGE AUDITS AS TOOLS TO SAVE FORECLOSURE HOMES

Why Your Lawyer May Threaten You With a Deficiency Judgment After Foreclosure

Posted in concealment, conspiracy, foreclosure fraud, forensic mortgage investigation audit, nina, note, respa, short sale, siva, tilaComments (1)

FAIR ISAAC CORPORATION aka FICO: Now Worthless…

FAIR ISAAC CORPORATION aka FICO: Now Worthless…


By DinSFLA

Yep, just another way for bankers to rate our credit worthiness. As we  begin to witness all this garbage happening with banks these days, why even bother to save your credit? Save your cash and buy in cash. The higher the credit score the more we are worth to them. It makes no sense what so ever now. We are living our lives based on stupid silly numbers. If you want to purchase a home…go at it and be creative, ask for owner financing.

If we eliminate the banks “middle men” we will learn to live free with no strings attached. Don’t get all strung out because your score has gone way down. It’s only a number!

Keep in mind if you are in an illegal foreclosure you are only 3 months late…The non-creditors that are reporting you have nothing to do with your debt. If you care about this “FICO” score then write your bureau and demand that they delete any derogatory findings the non-creditor has filed with them!

Lets take a look at FICO:

Company milestones

  • 1958: Fair Isaac starts building credit scoring systems.
  • 1970: First credit card scoring system delivered.
  • 1975: First behavior scoring system to predict credit risk related to existing customers.
  • 1981: Introduction of Fair Isaac credit bureau try to scores.
  • 1986: IPO, stock listed at NASDAQ.
  • 1991: Introduction of TRIAD, a credit card management system.
  • 1996: Stock moves from NASDAQ to NYSE.
  • 1997: The American Bankers Association honors Bill Fair and Earl Isaac with Distinguished Service Award for their pioneering work in credit scoring. AHA… you see I knew they were involved some how! Right about the time they were planning our future.
  • 1999, the average FICO score of the top prime issuers of 30-year mortgage pools (privately issued non-GSE mortgage-backed securities) was 721 compared to a 605 average FICO score for subprime issuers of fixed-rate pools.
  • Under another classification, a 580 FICO score has been used to describe the minimum credit score acceptable for “A-minus” credit. Still, the lower grade subprime borrowers are characterized by a history of more delinquencies on their credit obligations. Under one classification, “B” and “C” borrowers can have a minimum FICO score of 540 and may have four late mortgage payments in the past twelve months. See Jess Lederman, Tom Millon, Stacy Ferguson, and Cedric Lewis, “A-minus Breaks Away from Subprime Loan Pack,” in Secondary Market Executive.
  • 2002: Merger with HNC Software, Inc., adding fraud detection to their arsenal with the $100 million Falcon product line and strengthening their analytics offerings in the insurance and telecommunications markets.
  • 2003: Fair, Isaac and Company is renamed Fair Isaac Corporation. Here too …they were on to something.
  • 2004: Acquisition of London Bridge Software, expanding services to credit collections and recovery software. Opens a new analytic consulting and product development center in Bangalore, India targeted primarily at Asia Pacific markets.
  • 2005: Acquisition of RulesPower, bringing Rete III algorithm to Blaze Advisor.
  • 2006: Celebrates 50th anniversary.
  • 2008: Fair Isaac released Debt Manager 7
  • 2009: Company name changed from Fair Isaac, to FICO (FICO means Fair Isaac Corporation). Website changed to fico.com

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in foreclosure fraudComments (1)

National foreclosure auctions go online via LPS: "CAVEAT EMPTOR"

National foreclosure auctions go online via LPS: "CAVEAT EMPTOR"


Submitted by Kevin Turner on April 16, 2010 – 4:56pm Market Value

The Duval County Clerk’s Office has offered online bidding for foreclosed properties for some time, and now Jacksonville-based Lender Processing Services is bringing bank-foreclosures all over the U.S. online.

Through its LPSAuctions.com Web site, LPS is to open bidding on single-family homes, condominiums and town homes from Coral Springs to Tacoma, Wash. The bid deadline for the homes listed in the “Spring Clearance” auction on the site is May 10.

So now it’s official they have they’re hands in all Real Estate! My question is how…why would any state permit them to sell anything if they are under the scope of the FEDS?? Take a look below.

RELATED ARTICLES:

AGENTS BEWARE! HERE COME THE HAFA VENDORS aka LPS AFTER YOUR COMMISSION

LPS Asset Management Launches Short-Sale Service: “CAVEAT EMPTOR”

LENDER PROCESSING SERVICES (LPS) Hits Local NEWS!

After ongoing INVESTIGATIONS: Lender Processing Services (LPS) closed the offices of its subsidiary, Docx, LLC, in Alpharetta, Georgia

EXTRA! EXTRA! Read All about the misconduct of Lender Processing Services f/k/a FIDELITY a/k/a LPS

U.S. Probing LPS Unit Docx LLC: Report REUTERS

U.S. Probes Foreclosure-Data Provider:Lender Processing Services Unit Draws Inquiry Over the Steps That Led to Faulty Bank Paperwork (LPS VIDEOS)

Feds Investigating LPS Subsidiary DOCX: Jacksonville Business Journal

Fidelity’s LPS Secret Deals With Mortgage Companies and Law Firms

TOPAKO LOVE; LAURA HESCOTT; CHRISTINA ALLEN; ERIC TATE …Officers of way, way too many banks Part Deux “The Twilight Zone”

Stopping A Defective Title Wave With A Coupla Outstretched Helping Hands

BOGUS ASSIGNMENTS 2…I’m LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT!

 

Posted in concealment, conspiracy, corruption, DOCX, foreclosure fraud, foreclosure mills, forensic mortgage investigation audit, fraud digest, Lender Processing Services Inc., LPS, Lynn Szymoniak ESQ, MERS, Mortgage Foreclosure FraudComments (1)

AGENTS BEWARE! HERE COME THE HAFA VENDORS aka LPS AFTER YOUR COMMISSION

AGENTS BEWARE! HERE COME THE HAFA VENDORS aka LPS AFTER YOUR COMMISSION


I believe Mr. Churchill miss this one LPS Auction Solutions is uniquely positioned to sell and close foreclosed properties. View bank foreclosed home auctions, buy foreclosed properties online.
lpsauction.com

 
Posted by:
Lance Churchill on 03/25/2010.

A few weeks ago I posted an article on this blog in which I expressed concern about deductions that could occur from real estate agent commissions because of the language in the new HAFA short sale guidelines that are about to go into effect.  That language states that agent commissions are protected up to six percent of the transaction unless the servicer chooses to retain “a vendor to assist the listing broker with the sale” and if a vendor is retained, “this vendor must be paid ___% (or $___) from the commission.” 

In essence, I predicted that a new industry of short sale vendors would spring up, not really to assist the broker, but to do the servicer’s job at the real estate agent’s expense, resulting in smaller commissions than were being paid even a few years ago when servicers were routinely reducing commissions as a condition of short sale approval.  I noted at the time that some agents were already running into some of these vendors in their short sale transactions. 

With the effective date of HAFA only ten days away, these short sale vendor companies are starting to appear like weeds.   Here are excerpts from three press releases I have seen in just the last few days:

March 16, 2010 — Lender Processing Services, Inc. (LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, is pleased to announce the launch of its professional short-sale service.  Offered through LPS Asset Managements Solutions, LPS short-sale solution helps servicers respond more quickly to short sale offers and close more transactions. http://www.lpsvcs.com/NewsRoom/Pages/20100316.aspx 

March 18, 2010 — Scottsdale, Ariz.-based Loan Resolution Corp., a provider of short sale services, plans to add 100 positions this month to meet demand for the government’s new Home Affordable Foreclosure Alternaltives program.  http://www.mortgageorb.com/e107_plugins/content/content.php?content.5487 

March 25, 2010 — Lenders Asset Management Corporation (LAMCO), a full service, nationwide default asset management company offering comprehensive REO services, announced its company’s approach to help mortgage servicers fully comply with the federal government’s Home Affordable Foreclosure Alternatives (HAFA) program. http://www.earthtimes.org/articles/show/lamco-ramps-up-short-sale-services-in-conjunction-with-hafa-program,1217095.shtml

Notice how the press releases proclaim these companies are creating these divisions to help the servicers comply with HAFA.  I guess they didn’t read that it was supposed be the agents they were assisting.   I hope that they do make the short sale process easier, but the drafters of the HAFA program (with recommendations from the servicers) shouldn’t have tried to be cute with their wording in HAFA by guaranteeing a 6% commission unless a vendor is hired to assist the broker

The implication is that the vendors will make an agent’s job so much easier, that the agent doesn’t really deserve a full commission on the transaction.  After all, now all the agent will have to do is work with the seller, list the property, qualify the seller for HAFA, market the property, deal with buyers with low ball offers, negotiate with unrepresented buyers, negotiate with selling agents, get a contract signed, send it to the servicer or vendor for approval, guide it through closing, appear at closing and deal with all the other usual issues in a transaction.  

In other words, HAFA listing agents will not only be doing everything they would do in any other transaction, but will also now have to deal with the HAFA process.   HAFA’s drafters should have just honestly stated in the guidelies that:  Real estate agents are going to give up one quarter of their commission so that the servicers can hire somebody to do the servicer’s job.

All the complaining aside, the HAFA program is what it is unless NAR can lobby the Treasury Department and get this provision changed.  Hopefully, when Freddie and Fannie come out with their own HAFA compliant guidelines in the near future, they will strike this provision.  After all, both Fannie and Freddie within the past year changed their loss mitigation policies to protect 6% commissions for agents. 

I think a real effect of this provision is that it will result in many selling agents avoiding HAFA short sales which will ultimately affect the success of the HAFA program.  One of the primary reasons that the investors/owners of loans listed as short sales started paying 6% commissions, was they realized that in today’s difficult real estate market, some selling agents with solid buyers were avoiding short sale properties that only paid a two or two and one half percent commission to the selling agent.  With all the short sales on the market, there were plenty of properties to show their buyers that paid a full commission.  If this happens, the lenders and servicers greed will have caused them to once again shoot themselves in the foot.

In the next installment on the new HAFA program taking effect on April 5, 2010, I will discuss some of the pros and cons of participating in the HAFA program along with some of HAFA’s flaws that may cause it a lot of problems as it is implemented.  In the meantime, for more education on the HAFA program, check out our free video series at www.hafaprogram.com or our in depth course at www.2010shortsaleplaybook.com.

Posted in foreclosure fraudComments (2)

New "Foreclosure Mill" Service Tactic?

New "Foreclosure Mill" Service Tactic?


Whenever I get any mail from anyone I make it a point to save the envelope! Since all outgoing mail postage stamps are “created” by Pitney Bowes machines in-house (foreclosing law firms)…dates can simply be omitted, NO DATE and might have gone “Lost in the Mail” or take a long…long…long…long…time to arrive to you. Oh NO! WE JUST GOT FORECLOSED without any warning!
I know when this is coming because I check my file but those of you who don’t …Take a look at what I mean before you end up in the streets. I am not certain what Pitney Bowes guidelines are but this might be wrong for anyone to do.

CHECK THE DATES

Check out this story on “sewer service

Not only are they post dating the assignments but the material inside the envelopes might be dated months before you get it …thanks to this new tactic!

Posted in erica johnson seck, fraud digest, Law Offices Of David J. Stern P.A., Lender Processing Services Inc., LPS, MERS, Mortgage Foreclosure Fraud, roger stotts, scam, sewer serviceComments (0)

Abandoned foreclosures a mounting crisis in Manatee County (with video)…SO KEEP US IN THESE HOMES!!!

Abandoned foreclosures a mounting crisis in Manatee County (with video)…SO KEEP US IN THESE HOMES!!!


THIS ARTICLE WAS PLANNED!!

Another “BOGUS” scenario of todays reality. Watch this video and listen with disgust how they describe how one tries… yes tries to survive in todays world! Heartless souls you are to make this ridiculous video. They speak of people living in tents, make use of abandoned homes etc…Obviously Senator Mike Bennett needs to stop by this blog to witness what really is happening to the “proud happy family” who once did live there to begin with!


QUIT TREATING US LIKE GARBAGE!

How about making good use of these homes and put homeless people in there! It’s obvious the mighty $$$$ are behind this scam, They fraudulantly sell these homes for half after they foreclose…So why not just cut the priciple in HALF??? Yup Something sure is not RIGHT.

IT SURE DIDN’T STOP YOU FROM

TRESPASSING EITHER!

By ROBERT NAPPER – rnapper@bradenton.com Buzz up!
MANATEE — A mounting crisis created by the record number of foreclosures in Manatee County has hit Jeannette Traylor right where she lives: An abandoned foreclosed home has brought blight, crime and fear into her neighborhood.

For Traylor, it is becoming harder and harder each day to remember what the home used to be: a quaint three-bedroom, two-bath house nestled in a Northwest Bradenton neighborhood filled with similar homes and families living the quiet life. But the home at 5504 Fourth Ave. NW now stands out.

And not in a good way.
Contiue Reading HERE…

Smell something funny? sniff sniff OINK OINK…go HERE

Posted in concealment, conspiracy, corruption, dennis kirkpatrick, erica johnson seck, fraud digest, Lender Processing Services Inc., LPS, MERS, Mortgage Foreclosure Fraud, scamComments (0)

House Flipping Makes A Comeback In Florida Foreclosed Homes Sold On Court House Steps for Cash, David J. Stern Law Office Forecloses Buys and Flips for Profit, FBI Needs to Investigate.

House Flipping Makes A Comeback In Florida Foreclosed Homes Sold On Court House Steps for Cash, David J. Stern Law Office Forecloses Buys and Flips for Profit, FBI Needs to Investigate.


“A ex-employee of the Law Offices of David J. Stern of Plantation has contacted me, Bill Warner, in response to the article I posted on Monday, May 18, 2009, that followed up on the Tampa Tribune article of April 2008, (see above), it appears that what I had claimed about “sewer service” by ProVest LLC in Tampa Fl (working for the Stern law office) is just the tip of the iceberg.

It appears from this ex-employee of the Law Offices of David J. Stern of Plantation that ProVest, the process service company in Tampa, also had an office in the same building as the Law Offices of David J. Stern in Plantation and that “sewer service’ was done all the time and if needed Provest would pre-date the service of summons to make it appear that you had already been served and allow Stern to put your foreclosure case on a “rocket docket’ to get the house up for sale on the Court House steps (David J. Stern Law Office appears to have severed ties to Pro Vest).

Then the sales girls in the Stern office (a lot of the associate attorneys at the Stern Law firm have real estate licenses) would contact outside buyers and inform them of the exact time and date of the “court house steps sale” and tell the outside buyers what the correct amount to bid that would be approved by the bank and the court,(this is ”bid rigging”).

A recent hire by the Law office of David J. Stern is Attorney Vivien Leora Lurlene who also has a Real Estate Sales License in the State of Florida, I have no knowledge of her involvement in the ”bid rigging”or any other illegal activity at the Law Office of David J. Stern. These outside buyers contacted by the sales girls at the Stern Law office would resell these super low bargain houses purchaed on the Court House Steps for a profit and pay off the sales girls in the Stern Law office for the tip. “

It appears from this ex-employee of the Law Offices of David J. Stern of Plantation that she was told to make up false documents for Freddie Mac and Fannie Mae when they came around to check their Foreclosure files, she was also instructed to lie to the banks when they requested a chronology report which is the foreclosure time-line on a file, there appears to be Federal violations that would necessitate an FBI investigation, the ex-employee is afraid to talk.

Continue HERE

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in chase, concealment, conspiracy, corruption, fraud digest, geithner, george soros, Law Offices Of David J. Stern P.A., Lender Processing Services Inc., LPS, MERS, Mortgage Foreclosure Fraud, mozillo, scamComments (1)

BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY!

BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY!


For $29.95 YOU TOO CAN STEAL…OOOPS I MEAN BUY ANY HOME or ASSIGN ANY MORTGAGE!!
Now we have Topako Love, Christina Allen & Laura Hescott MASTER PIECES!!! These belong up there with the works of Salvador Dali, Pablo Picasso, Vincent Van Gogh, Claude Monet, Erica Johnson-Seck, Roger Stotts & Dennis Kirkpatrick!
I can’t wait for DMV to allow anyone FOR A FEE to assign auto Titles too!! Or has this occurred all ready…I am too tired to check!

Bank Mortgage Foreclosure FRAUD….BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY!


© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in Lender Processing Services Inc., LPS, MERS, MERSCORP, mortgage bankers association, mortgage electronic registration system, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, UncategorizedComments (0)

BOGUS ASSIGNMENTS 2…I'm LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT!

BOGUS ASSIGNMENTS 2…I'm LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT!


LENDER PROCESSING SERVICES INC. UNDER INVESTIGATION FOR POSSIBLE FRAUD

[youtube=http://www.youtube.com/watch?v=9UbE6ryohJY&hl=en_US&fs=1&]

Many recall the BOGUS ASSIGNMENTS, FRAUDULENT MORTGAGE ASSIGNMENT TRANSFER VIDEOS I put out with the help from LYNN SZYMONIAK ESQ. of FraudDigest.com.

Lender Processing Inc. is the TIP of The Pyramid!! Please click the link to see their admission to this whole scheme of fraud in question. Big Brother has been watching!!! Anyone want shares NOW?? Goldman you just met with them 2/23…Heck your even worst! TOUCHÉ.

COMPARE THE SIGNATURES here http://www.frauddigest.com/signatures…

Statement from LPS

Regulatory Matters:
Due to the heavily regulated nature of the mortgage industry, from time to time we receive inquiries and requests for information from various state and federal regulatory agencies, including state insurance departments, attorneys general and other agencies, about various matters relating to our business. These inquiries take various forms, including informal or formal requests, reviews, investigations and subpoenas. We attempt to cooperate with all such inquiries. Recently, during an internal review of the business processes used by our document solutions subsidiary, we identified a business process that caused an error in the notarization of certain documents, some of which were used in foreclosure proceedings in various jurisdictions around the country. The services performed by this subsidiary were offered to a limited number of customers, were unrelated to our core default management services and were immaterial to our financial results. We immediately corrected the business process and began to take remedial actions necessary to cure the defect in an effort to minimize the impact of the error. We subsequently received an inquiry relating to this matter from the Clerk of Court of Fulton County, Georgia, which is the regulatory body responsible for licensing the notaries used by our document solutions subsidiary. In response, we met with the Clerk of Court, along with members of her staff, and reported on our identification of the error and the status of the corrective actions that were underway. We have since completed our remediation efforts with respect to the affected documents. Most recently, we have learned that the U.S. Attorneys office for the Middle District of Florida is reviewing the business processes of this subsidiary. We have expressed our willingness to fully cooperate with the U.S. Attorney. We continue to believe that we have taken necessary remedial action with respect to this matter. continue reading …

“They messed up Title to Millions of Homes all over The US”

WATCH THE DISASTER THEY CREATED BELOW

[youtube=http://www.youtube.com/watch?v=3tL8mNL4bYw]

[youtube=http://www.youtube.com/watch?v=hY4aRn6bWKg&hl=en_US&fs=1&]
[youtube=http://www.youtube.com/watch?v=hn-5KN_vvMw&hl=en_US&fs=1&]
[youtube=http://www.youtube.com/watch?v=SD6XUboT1JM&hl=en_US&fs=1&]

I WONDER IF THIS HAS ANY CONNECTION?

[youtube=http://www.youtube.com/watch?v=6AuzIK53E1w&hl=en_US&fs=1&]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in chase, concealment, conspiracy, corruption, fraud digest, geithner, george soros, lehman brothers, Lender Processing Services Inc., LPS, Lynn Szymoniak ESQ, MERS, michael dell, Mortgage Foreclosure Fraud, mozillo, scam, steven mnuchin, Uncategorized, wells fargoComments (10)

FORECLOSURE FRAUD MERS, LPS …BOGUS ASSIGNEE ASSIGNMENTS…Are you KIDDING ME DOCX???

FORECLOSURE FRAUD MERS, LPS …BOGUS ASSIGNEE ASSIGNMENTS…Are you KIDDING ME DOCX???


These are bogus assignments used to foreclose on your home. Imagine a judge accepting this to let them take the roof off of you.

There was many of these and they are all over the US.


.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, bogus, DOCX, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, Lender Processing Services Inc., linda green, LPS, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC.Comments (1)

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