MBA Panel: Tread Carefully When Going After Strategic Defaulters

MBA panel: Tread carefully when going after strategic defaulters

While it is no easy feat to determine if a homeowner defaulting on a mortgage is a strategic defaulter, it’s also no simple decision for servicers to decide whether to pursue a deficiency judgment against the homeowner.

Panelists on a strategic default session at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo warned the audience to tread carefully.

Howard Crane, managing attorney for Fein, Such and Crane in New York, said the more financial information that a servicer has, the better equipped the company will be to determine whether it should seek a deficiency judgment — and whether it might be successful.

Check out the rest here…

But, before you go, let’s talk about what Mr. Crane just said.

“The more financial information that a servicer has, the better equipped the company will be to determine whether it should seek a deficiency judgment.”

Focusing on the underlined portion…

Now where do you think they get this “financial information?” From you of course, when you send in all your financials for your loan modification that they always seem to “lose.”

This has always been a theory of mine, they don’t want your information just for a loan mod that you will most likely not get, they want it so they know who they can go after once the foreclosure is completed. To confirm this theory, some on the front lines have been watermarking their loan mod submissions with language such as “For Modification Purposes Only.”

Do you know what I have heard in numerous cases? The servicer will not accept the paperwork with the watermark.

Now why would that be???

Oh, and btw, don’t forget to read the rest of the above article here…

~

4closureFraud.org

Comments
7 Responses to “MBA Panel: Tread Carefully When Going After Strategic Defaulters”
  1. Zoe says:

    And don’t forget the bank required you to sign a federal tax form to allow it to retrieve your tax returns. Be sure to revoke that document. Send a copy of the form you sent to the IRS and a letter telling it to stop your bank from accessing further tax returns.

    It’s time for all of us to sue the servicer for violation of the Privacy Act, as under that act, financial institutions have an obligation to protect the documents it requires from individuals. I would say “losing” them three, four, or more times is hardly protecting our personal identifiers and other information. Our documents supposedly are floating around out there somewhere (who knows, maybe in India, where there are NO privacy laws), with all of our identifiers: name, address, SSN, unpublished phone numbers, assets, bank names with account numbers, monthly income, expenses, tax ID numbers, and other information that makes us ripe for the picking in identity theft.

    Certainly we can prove damages, considering the arrears, fees, and junk charges added while trying to get a loan mod.

  2. Joyce says:

    Would this be the same Mortgage Banker’s Association that strategically defaulted on their own property ?

    http://mortgage-mod-monster.com/strategic-default-ok-for-mortgage-bankers-association-but-not-for-you/

    HYPOCRITES – LIARS – THIEVES

  3. MARCO BARRAZA says:

    We should do a survey do these people drink tap water or bottled water? Are they the one that dont leave the offices or just cant grasp the word fraud securitzation go deaf when they hear predatory loan or that dirty word usuary. Why dont these terrorists retire. 10 years searching for terrorist and they live here our own north american terrorists Foley mozillo Thain Stern Geithner Greenspan does homeland security know about them?

  4. MAGGIE SIMI says:

    NOT ME THATS GOING TO CATCH YOU CUZ IM NOT CHASING YOU!

  5. l vent says:

    I really despise the way they try to make the homeowner’s look like the criminals in this whole Fraudclosuregate scandal. The lies are just despicable and no one believes them anymore. The American people know the truth. The American people are giving them back some of what they clearly deserve but we are not done with them yet and won’t be until this ongoing criminal enterprise is forced to pay the price for the 1 and a half million fraudclosures that have already occured and the 2 and a half million that are left that are blighting communities and bankrupting America. They is not Nazi Germany, this is America. We The People do not owe them shit, we were robbed by these so called elite and we will not give up the fight until there is Liberty and Justice for All of the people who they have tryed to strategically destroy with financial terrorism alla Nietzsche.. They all need to go back to hell where they all came from.

  6. John says:

    Anytime a financial institution starts to call loans or foreclose, the ones with the largest equity go first.

    Warning:
    Just the act of getting you to apply for a mod settles the question of how do I know you are the right company and prove it if you are.
    You just removed all doubt and your strong legal argument to have them prove their position of being the right company by applying to them.

  7. l vent says:

    Death to the tyrrants.

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