JPMorgan Chase and Bank of America, Quietly Reducing Principle Balances for Tens of Thousands of Borrowers

From the NY Times…

Big Banks Easing Terms on Loans Deemed as Risks

As millions of Americans struggle in foreclosure with little hope of relief, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, sometimes with no questions asked.

Two of the nation’s biggest lenders, JPMorgan Chase and Bank of America, are quietly modifying loans for tens of thousands of borrowers who have not asked for help but whom the banks deem to be at special risk.

Rula Giosmas is one of the beneficiaries. Last year she received a letter from Chase saying it was cutting in half the amount she owed on her condominium.

Ms. Giosmas, who lives in Miami, was not in default on her $300,000 loan. She did not understand why she would receive this gift — although she wasted no time in taking it.

Banks are proactively overhauling loans for borrowers like Ms. Giosmas who have so-called pay option adjustable rate mortgages, which were popular in the wild late stages of the housing boom but which banks now view as potentially troublesome.

Before Chase shaved $150,000 off her mortgage, Ms. Giosmas owed much more on her place than it was worth. It was a fate she shared with a quarter of all homeowners with mortgages across the nation. Being underwater, as it is called, can prevent these owners from moving and taking new jobs, and places the households at greater risk of foreclosure.

Hmmm. Now why would they do such a thing?

Karl over at the Market Ticker has some potential reasons why…

Banks Reducing Principal?

Now this is interesting….

Two of the nation’s biggest lenders, JPMorgan Chase and Bank of America, are quietly modifying loans for tens of thousands of borrowers who have not asked for help but whom the banks deem to be at special risk.

Rula Giosmas is one of the beneficiaries. Last year she received a letter from Chase saying it was cutting in half the amount she owed on her condominium.

Well, there are some potential reasons why a bank would do this.  Chief among them is that they might not be able to show they actually own the paper.  That is, they may have done something that has destroyed the security interest.  If you voluntarily refinance in such a fashion, you will have re-affirmed and given them a “do-over” on the paperwork.  Of course they don’t want you know that one potential alternative is for you to pay nothing.

“It’s a huge problem,” said the economist Sam Khater. “Reducing negative equity would spark a housing recovery.”

Bah.  “Housing recovery”?  In what way?  The root problem is that houses are too expensive.  The way to resolve this is for them to become cheaper.  Removing the leverage in the system will make them cheaper.

While many homeowners desperately need help to keep their homes and cannot get it, the borrowers getting unsolicited relief from Chase sometimes suspect a trick.

Oh there almost-certainly is a trick.  I suspect the ‘trick” is that their “loans” were in some way defective and unable to be collected or foreclosed upon, particularly in judicial states.  But if Chase reworks the loans and you sign new paperwork, well, that little problem is extinguished.

Bank of America’s chief executive, Brian T. Moynihan, told the attorneys general in April that cutting principal for current borrowers would send the wrong message to all those who have struggled to pay their bills. His counterpart at Chase, Jamie Dimon, bluntly said it was “off the table.”

It appears he lied, doesn’t it?

Option ARMs were never quite as bad as predicted, partly because the crisis pushed down interest rates so far that the resets were relatively mild.

The issue is not “resets”.  It is recasts.

When an Option ARM reaches (typically) some term of years or principal balance it is forcibly recast to a fully-amortizing loan on the original terms.

Let’s say the “Option” is to make a 2% interest payment on a $500,000 loan.  The normal interest rate is 6% and the “full term” is 30 years.  A fully-amortizing payment is $2,982.84.  But a 2% interest payment is $833.33; the rest is “capitalized”, or roughly $2,150/month.

When the loan hits the hard recast limit, whether on principal balance or time, you must then make a fully-amortizing payment on the balance over the remaining original term.

So let’s assume you have a 125% negative amortization cap.  At roughly $25,000 in negative amortization a year you can make minimum payments for about five years.

Now you have 25 years to amortize $625,000 @ 6%.  Your home is worth half of the original balance, or $250,000.  And you have a big problem, because the fully-amortizing payment on that $625,000 is $4,006.85 or 481% – nearly five times – your “option” payment!

The real screw job is that many of the people who got these $500,000 loans had gross family incomes under $100,000.  The fully-amortizing recast payment is nearly $50,000 annually! There is absolutely no chance you will be able to make that payment – default, when the recast occurs, is assured.  It is a mathematical certainty, and since your home is worth far less than the principal balance a “conventional” refinance is flatly impossible unless you happen to have $300,000+ laying around that you’re willing to part with.

Thus, the incentive for “lenders” like Chase to “modify” these loans: They know that they’re going to get screwed when the recast occurs – with certainty. If there is no reasonable way for them to get a recovery on that note that exceeds what they offer you, it’s clearly in their best interest to “fix” the loan.

They key is that this strongly suggests that you, as a borrower, in such a situation have an insane amount of leverage with the banks and investors.  Your leverage rises materially if you’re able to discern that the loan was never properly processed in the first place.

Is this “moral hazard”?  You bet.  Bigtime.  But what’s the solution?  Strategic default is in fact the proper resolution when you discern, on balance, that the debt you’ve taken on cannot be paid.  It is part of recession, it bankrupts both borrowers and lenders, and there is absolutely nothing wrong with it. If the bank discerns that you are likely to recognize this and avail yourself of this option and proactively does something that will cost it less than if you do strategic default, what’s the problem?

Leverage is a bitch in all financial transactions: It helps (a lot) when things go well, and it hurts (a lot) when they go poorly.  Choosing to use it, and all borrowing is inherently the use of leverage, comes with the risk of your economic destruction if things go poorly, either through your foolishness or simply random chance.

View with responses

~

4closureFraud.org

Comments
51 Responses to “JPMorgan Chase and Bank of America, Quietly Reducing Principle Balances for Tens of Thousands of Borrowers”
  1. msflorida says:

    I AM SO HURT AND CONF– USED. I WAS SOLD 2 HSE(S) WITHIN 30 DAYS OF EACH OTHER. MERS IS INVOLVED IN BOTH PROPERTIES. MY CREDIT SCORE WAS 789 AT THE TIME. THE MORGAGE BROKER PROMISSED TO MAIL ME MY CLOSING PAPERS AFTER EACH CLOSING. TO THIS DAY 11-19-2011, I STILL DO NOT HAVE MY CLOSING PAPERS. OR THE SIGNITURE OF THE SELLER(S).

    THE FORECLOSURE PAPERS FILED IN; (2008), COURT WAS THE 1ST TIME I SAW ANYTHING ON EITHER PROPERTIES. ON THE PAPERS FILED, THERE WAS A NOTARY SEAL NOTARY SIGNITURE, AND 3 WITNESS SIGNITURE(S). BUT NO WAS AT THE CLOSING BUT MYSELF, THE MORGAGE BROKER, AND A FRIEND WHOM I BROUGHT WITH ME. THESE PEOPLE WAS NOT AT THE CLOSING, TO WITNESS MY SIGNITURE.

    I HAD BOTH MORGAGE(S); (BASED ON THE INTIAL LOAN PACKAGE, THEY GIVE YOU PRIOR TO CLOSING), LOOK OVER BY CLA (COMPREHENSIVE LOAN AUDITING); THIS COMPANY IS A FORENSIC MORGEAGE AUIDTORS. THEY FOUND 27 VIOLATIONS, WHICH INCLUDED (7) TILA VIOLATIONS.

    IN OCT. 2011, CHASE CALLED ME AND OFFERED ME 20K, TO WALK AWAY. AFTER IGNORING THEM, A MONTH LATER THEY SENT ME A FORGIVNESS LOAN PKG. I RECEVED THE FED EX, 3-DAYS AGO, WITH A HURRY UP AND SIGN SIGN BEFORE THANKSGIVING 2011, OR THE OFFER WILL BE WITH DRAWN.

    THE OORIGNAL MORGAGE WAS SUPPOSED TO BE 260K, BUT UNKNOWN TO ME AT (AT THE TIME OF CLOSING), THERE WAS 2ND MORTGAGE ADDED, BRINGING THE MORGAGE TO $332K. NOT RECEIVING MY CLOSING PAPERS, I WAS CURIOUS AS WHAT THE COUNTY HAD ON FILE FOR MY PROPERTY. THAT’S WHEN I FOUND OUT THE TRUE AMT. THE MORTGAGE WAS FOR.

    THE FED EX HURRY UP AND SIGN, PAPERS HAS A DEADLINE. THEY ARE OFFERING TO REDUCE THE MORGAGE FROM 259K TO 97K, A WRITE OFF OF 161k. I WAS TOLD THIS FINAL OFFER WAS NON-NEGOTIBLE. THEY WILL BE REPORTING THE $161K(DIVIDED BY 3), TO THE IRS I VIA 1099″S.

    I ASKED THEM COULD I COUNTER OFFER, BECA– USE THE COUNTY APPRAISED THE PROPERTY 83K OR 87K. WHY CAN’T YOU YOU WORK THIS OUT TO THE APPRAISED VALUE. I WAS TOLD BY CHASE THEY HAVE THEIR OWN APPRAISER, AND THEY SAID THE PROPERTY IS WORTH 97K

    I AM REALLY STUCK, I AM WRITING THIS EMAIL OR A FRIDAY NIGHT;(11/19/11 AT 2:00AM, CAN’T GET TO MY ATTORNEY OVER THE WEEKEND; (IF AVAILABE BY MONDAY OR TUESDAY. CHASE IS NOT ACCEPTING POSTMARK DATES. I WAS TOLD THEY MUST HAVE THE PAPERWORK BY FRIDAY 11/25/11 OR THE DEAL IS OFF THE TABLE.

    THE 2ND HOME OF WHICH I LIVE IN, WAS PURCHASED FROM THE MORGAGE BROKER; ( IT WAS HIS HOME). THIS PROPERTY HAS BEEN BROUGHT AND SOLD 4X’S. FIRST MAGMUS, THEN HOMECOMINGS, THE LEMAN BOS, AND NOW DEUTCH BANK; (WITH AURORA LOAN SERVER). I NEVER RECEIVED THE SOLD TO NOTICES AS REQIURED WITH IN 10 DAYS BY LAW.. THIS IS MY PRIMARY HOME.

    BOTH PROPERTIES WENT INTO FORCOSURE, AND THANK GOD, THEY BOTH LOST THEIR CASES. I HAVE NOT HEARD FROM DOUCH BANK SINCE 2009,WHEN THEY LOST THEIR CASE. HMMM, THEY ARE VERY QUIET.??? NO OFFERS NOTING, NAH-DAH- ZERO.

    THE FORECLOSURE WAS REVERSED, BECA– USE DOUCH BANK DID NOT NOTIFY ME OR MY ATTORNEY. BUT THERE NAME IS STILL ON THE PROPERTY AS OWNERS. I KNOW I CAN HAVE THERE NAME REMOVED, BY TAKING THE COURT ORDER TO TO THE PROPER DEPT. BUT SHOULD I LAY QUIET AND WAIT, BEFORE I POUNCE. OR CAN THIS HURT ME, AND MAKE IT EASIER FOR THEM TO WIN IF THIS FORECLOSURE COMES UP AGAIN??

    MY ATTORNEY DID ADVISE ME BACK IN FEB 2011, TO WAIT FOR THE LENDERS TO REFILE, UNTILTHEN THERE IS NOTHING TO FILE FOR OR AGAINST. SO I WAIT, AND WAIT, AND WAIT.

    THIS OFFER FROM CHASE SOUNDS GOOD. BECA– USE I HAVE TENANTS IN THE CHASE PROPERTY. I REALLY WANT THEM TO BE COVERED.

    PLEASE ADVISE, NEED GOOD ADVISE. WHAT SHOULD I DO.???????????????

    HAS THIS HAPPENED TO ANYONE ELSE?

    THANKS SO VERY MUCH FOR THIS WEBSITE. GOD BLESS YOU.

    PS. GOOD NEWS TO EVERYONE.

    MBIA INSURANCE CORPORATION IS SUING RESIDENTIAL FUNDING COMPANY, LLC, FOR APPROVING LOANS WITHOUT INCOME VERIFCATIONS. THIS CASE IS IN PENDING IN THE SUPREME COURT OF THE STATE OF NEW YORK

  2. lvent says:

    I think it might be to late to file a motion to vacate the judgement. The com. property has been in foreclosure for over a year. When this whole mess started I did not know anything about the fraud. Now I am really ticked off when I look at what they did and all of the fraud, I am not going to let them get away with it without a fight. They haven’t proven a damned thing yet in order to take this property from us. You should see the allonge to the note. They are crooks.

  3. onewithU says:

    This is starting to bust at the seams… I quit paying my second and still in my home, I am in a non recourse state so they will have to buy out the first fraud before owing the whole fraud mtg. Too funny from my perspective as the house isn’t worth crap anymore although I am a senior I am looking to do quite title once bankruptcy is filed but may not need to do that, Chase the gangsta servicer MERS on mod saying they own the home, fannie butt also servicing pool all FRAUD, now to figure out how to do it all with out putting the family in the streets, all while I make 5.00 hr on a good day at a very crappy job but a job it is. Blessing to all, keep up the fight and sharing the knowledge,

    • lvent says:

      I haven’t paid my second in over a year and I read that debt got extinguised because of the loss of “equity.”

      • onewithU says:

        Excellent, thanks for that info Ivent!! may happen here but not sure but will get to the nuts ans bolts when time allows. Going to sue BOA as I had sent a cease and desist back in 09 to stop calling me but as normal they listen to NO ONE, Our time will come.

      • lvent says:

        Knowlege is power!! Thanks God for this website!

  4. SE says:

    What if the reduction of principle hides an even bigger problem? Remember how the broken “chain of title” has been a big problem for the mortgage industry? What if it’s even worse in the Option ARMs part of it? In other words, they want to MAKE SURE that the homeowners are less likely to default or walk away from their loans and squatting the houses so that it’s not found out just how bad the chain of title issue might be. This could serve to not only keep money coming in on the mortgages, but buy these companies time to track down and nail down the titles, cleaning up their mess and covering the tracks of it happening BEFORE it becomes an issue in foreclosure proceedings. Anyone want to run with this and blow it wide open?

  5. Readdocs says:

    These mortgage write downs may not be legal if the true lender has not been involved in the decision
    to lower what is owed on the property under mortgage. So what is going to happen to these borrowers
    who go ahead and pay off the lessened mortgage and then find themselves in foreclosure because
    the real lender was never notified of the write down? Just what kind of protection will the borrower have
    against such actions after the servicing entity is no longer on the scene, and maybe no longer is in business?
    I would NOT touch a write down mortgage until all bases have been covered. Otherwise the borrower will
    be left hanging in mid air and maybe facing total loss of the property some time down the years.

    • Ira Dernotsei says:

      This isn’t a point of worry if the servicer/trustee has unbroken chain of title or if they will reconvey the original deed. I would NOT however modify using a subordination agreement as the original amount isn’t “closed out”, but left hanging on title. If you don’t know what you’re doing, hire a lawyer, because the banks could screw a homeowner pretty bad if the chain of title was broken, there’d essentially be two holders of deeds once the original lender tracked down the paper work. This smells bad.

  6. housemanrob says:

    Go ahead……get your principal reduction………..THEN MAKE SURE YOU READ THE FINE PRINT……WHERE IT SAYS………YOU CANNOT SUE US……… remember a writedown is a new deal! Bend over!

  7. George Forfa says:

    Is this an admission that they can’t get blood out of a turnip?

  8. Readdocs says:

    Michael-Lynn,
    Are you posting that any mortgage/loan that has MERS involved is fraudulent? If so, can you supply
    a specific answer what the fraud is?
    This whole matter is so twisted and complex I am curious of the different levels of fraud that do seem to
    be in a majority of mortgages/loans since at least 1996.

    I have no mortgage but absolutely amazed at the blatant crime ongoing…and wonder what other crimes
    that are yet to be uncovered when this finally blows wide open.

    • lvent says:

      Readsdocs, Could it be the fact that they did not assign and record while the loan was in MERS? On my recordings they have Me as Grantee and MERS as GRANTOR with no assignment and no mortgage recorded. MERS lost track of who holds the collateral lien though it never really existed. I believe that was intentional. Was Fannie Mae’s ownership recorded at the recorder of deeds? They are also trying to hide the fact they lost track of ownership. I believe that was intentional to hide the ORIGINATION FRAUD A/K/A The Liars Loans.

      • housemanrob says:

        Or how about MERS just transferring loans from here to Uranus without needing any docs…………..is why they were a created entity. EMPTY ENTITY…….STRAWMEN!

  9. If I wanted to call or write B of A to request one of these modifications in order to get a feel for whether they actually had my note or not, does anyone know who to contact? Thanks.

    Mike

    • lvent says:

      wheresthenote.com. You can get a form to fill out to send your lender asking for the qualified RESPA request. I think they have 30 days to respond. Keep in mind it is only a copy. They never recorded the Originals and they destroyed them, and that is fraud.

  10. lvent says:

    Sure Chase and BOFA, the perps of the NEW WORLD ORDER, are queitly trying to swindle people into paying a mortgage they do not own and they are tricking people into paying for a house that is already paid for because of FANNIE MAE AND FREDDIE MACS, massive and pernicious PONZI SCHEME SWINDLE AND HEIST..IT IS PART OF THE COVER-UP They never thought they would ALL get caught. It looks like being called TBTF can go to your head and make you think you will never get caught.. Too late. The foreigners want a nation of renters. Don’t drink the kool-aid. Our homes are paid for. They sold unsecure notes and that is illegal and that is why they destroyed the notes. GIVE BACK THE STOLEN HOMES, STOP THE FRAUDCLOSURES, THEY ARE ILLEGAL.

  11. lvent says:

    BLOOMBERG REPORTING: MOODY’S DOWNGRADES PORTUGAL TO JUNK. THEY SHOULD KNOW THEY RATED THE JUNK THEIR COMRADES CREATED..

  12. Jim Bethea says:

    Yah ~~ millions upon millions of Americans are suddenly realizing tthat these TOO BIG TO FAIL BANKS cannot prove they are the “party of interest” – “the holder of the note in due course” or would have “standings” in court. They also understand that the ones that are current or even paying ahead on their mortgages just may have to money to fight them in court and win…. Most of these notes have been sold many times to foreign investors and these big banks have no “lawful” claims against the consumer.

    The Financial Reform Act ~ Frank ~~ Dodd Bill was supposed to go directly to help the ones who were in trouble with their mortgage yet very little has been done to help this group of people. Most of this money was given/ loaned to the big banks at very very low rates of return and the banks used this money to increase their credit lines and push more credit cards upon the people at ceiling interest rates before their piracy cut-off dates went into effect.

    If annyone who cannot see that this was a scam to show China and other foreign investors [buyers of these notes] that nothing was wrong with the US banking system; then I have some oceanfront property in Oklahoma that I want to sell to you………..

    • lvent says:

      Good one, Jim!!! The cover up for the Ponzi Scheme has been uncovered and their fraud was massive and pernicious. We don’t owe them any money. They cancelled themselves out when they sent our jobs overseas and INTENTIONALLY CRASHED THE STOCK MARKET(SEE the you tube video CNBC THE ILLUMINATI CRASHES STOCK MARKET). THEY TRIED TO CREATE A NATION OF DEBT ZOMBIES BY RINGING US UP ON UNCLE SAMS CREDIT CARD. WHO PAYS THAT CREDIT CARD BILL? THE U.S. TAXPAYERS. WHAT THEY DID WAS INTENTIONAL AND MEANT TO CA– USE ETERNAL DEBT SLAVERY AND OUR NATIONAL SOVEREIGNTY, OUR FREEDOM. NOW MILLIONS OF AMERICANS KNOW THE TRUTH IS WE DON’T OWN THEM ANYTHING, THEY OWE US, THE AMERICAN PEOPLE, BECA– USE THEY COMMITTED MASSIVE FRAUD AND WE THE PEOPLE ARE COMING AFTER THE FOREIGN CROOKS WHO SET US UP TO FAIL, — USED US AND ROBBED US. THEY THOUGHT THEY OWNED US WITH THE DEBT THEY CREATED NOW THEY ARE GOING TO PAY FOR IT..

  13. onewithU says:

    The light is beginning to show through, keep the faith and don’t stop fighting and revealing the GREED and ugliness of the scheme. WE WILL PREVAIL!!! They will not be able to do anything to anyone that has the knowledge, We are all ONE in this and this is how we have gotten this far and we will go further. Keep up the good fight ALL!! All of our information is pivotal to conquer this evil.

    • eif says:

      Thank you for this encouragement …. the spirit is strong (much of the time) but the body far weaker than it used to be.

      Despair keeps knocking but there is some hope hereabouts.

      • eif says:

        elders.in.foreclosure@gmail.com

        replies to own post as follows and will appreciate feedback –

        Thank you all, newer posts in this forum are revealing indeed. My husband being sole borrower, I am now being sued in foreclosure, very stressful, we both being advanced in years and it seems to involve a huge refinancing . I do think this group is very important and every spark of insight is itself a help – and I hope for replies. There seems to be awakening to plight of senior citizens potentially being out in the street as well as younger persons. It’s awful across the board.

        Keep posting please.

  14. lvent says:

    The balance is zero, These people just do not know it and it is because of all of the MORTGAGE FRAUD..THEY KILLED THEIR OWN CONTRACT BY SELLING UNSECURE NOTES. I heard a commercial the other day on the radio talking about getting an all new YORTGAGE that is right with a Y from Quicken loans. .They said there may be no more mortgage payments by 2018. UH HUH… SCREW THEM. Just saw an interview on BLOOMBERG about the FEDERAL RESERVE. THEIR GUEST TONY CRESCENZI SAID THAT TRILLIONS OF DOLLARS OF MORTGAGE MONEY GOES TO THE_ FED._ THEY — USE THE MORTGAGE MONEY TO BUY TREASURIES. THERE IS THE PROOF, THE FEDERAL RESERVE WHO IS OWNED BY THE WORLD BANK WAS BEHIND THIS WHOLE PONZI SCHEME SET UP. THAT FOREIGN MULTINATIONAL TYRANNY OWNS CHASE AND BOFA BUT MOST IMPORTANTLY FANNIE MAE AND FREDDIE MAC THE ORIGINATORS AND THE FRAUDSTERS WHO WERE HIDING BEHIND THE SCENES OF THE WHOLE PONZI SCHEME. WAKE UP AMERICA, STOP PAYING THE TYRANNY THAT ROBBED YOU. NOW THEY WANT YOUR FREEDOM AND THEY WANT TO DECLARE AMERICA BANKRUPT TO OWN US. THEY DO NOT OWN US. THEY OWN THE FRAUDULENTLY INDUCED DEBT THEY CREATED OUT OF THIN AIR. DEATH TO THE FEDERAL RESERVE TYRANNY!!!!

    • onewithU says:

      @ivent, you are the Paul Revere as many are now doing thank you for your insight and knowledge. THANK YOU!!! we will get AMERICA BACK Not the corporate USA!!!

    • lvent says:

      BLOOMBERG JUST REPORTED THAT 80% of the TBTF BANKS WHO GOT BAILED OUT WERE FOREIGN BANKS.

      • lvent says:

        MAX KEISER had a guest on a couple of months ago who talked about the PONZI SCHEME they were doing with U.S. TREASURIES. THERE YOU HAVE IT. BLOOMBERG REPORTED THE TRUTH TODAY ABOUT WHAT THEY HAVE BEEN DOING WITH OUR MORTGAGE MONEY. THE FEDERAL RESERVE GETS TRILLIONS IN MORTGAGE MONEY TO BUY TREASURIES WITH. SHEISTERS ALL OF THEM. THEY GENERATE MASSIVE AMOUNTS OF TRILLIONS OFF OF THAT FALSE DEBT THEY CREATE AND THOSE BASTARDS ARE JUST PLAIN GREEDY. AFTER THEY — USED ALL OF US IN THEIR MASSIVE PONZI SCHEME, THE BIG SWINDLE, NOW THEY WANT TO STEAL OUR HOMES THEY…..DO……NOT………….OWN………….OUR……….. HOMES. OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE OF THE GIANT FOREIGN MULTINATIONAL MORTGAGE FRAUD PONZI SCHEME SWINDLE AND HEIST THAT THEY MADE GOD ONLY KNOWS HOW MANY HUNDREDS OF TRILLIONS OF WEALTH OFF OF THE BACKS OF THE AMERICAN PEOPLE SELLING UNSECURED NOTES. THEY WERE ALL INTENTIONALLY CRIMINALLY DECEPTIVE AND SHOULD ALL BE IN PRISON FOR THEIR PONZI SCHEME AND MANY SO CALLED AMERICAN POLITICIANS,PAST AND PRESENT, BANK CEO’S, FED HEADS AND TREASURY HEADS SHOULD BE IN PRISON FOR TREASON AS WELL FOR AIDING AND ABETTING OUR ENEMIES….. DEATH TO THE FOREIGN TYRANNY THAT IS TRYING TO STEAL OUR COUNTRY OUT FROM UNDERNEATH US!!!!

  15. Van says:

    Appx 15 months ago Chase reduced my $306K mortgage to $153K. BUT, I have received a 1099-C for the $153K. Have not made a payment for at lleast 12 months. Had a forensic loan audit performed and it shows 18 errors. Sharpira/Fishman in Tampa received my file in April, have yet to hear anything additional.

    Have appx 25K equity in the house BUT can’t sell even though it is a 4/3/3, good condition, built in 2005, 2,843 sq ft of living space on a 3/4 acre lot over looking the LPGA golf course. Chase recently offered me $18K if I would go through the short sale process even though has does have some equity. I countered their offer 2 months ago asking $29K. Included the “summary” of the loan audit with my counter offer. Have not heard anything.

    Not excited about retaining the house as the taxes, insurance, HOA & lawn maintenance are about $650/month. The PI payment is $757/month for a total of $1407/month which is about 5$500/month more than I want to pay for housing when I can rent a condo on the ocean for $800-900/month.

    Any suggestions as to how I could proceed?

    • Michael-Lynn says:

      You should file a quite title action to clear your title of their fraud which should be much easier if you find MERS anywhere in anything ….

      Call me 574.804.0006

    • housemanrob says:

      Van, They are settling with folks like you for as much as 50 or 100 grand to you. They have” no revealing anything” clauses in their deals….that is why we do not hear about them! If they are offering to pay you to get out, then they are afraid they have no case. Keep fighting, settle for much more…..not less!

      • lvent says:

        Rob, I talked to pretender lender attorney for my com. property It has been in fraudclosre for over a yrear and no note has been produced. I told her I have proof of alot of fraud. She told me that is a serious charge. I told her the title looks like $@&**. She told me there is no fraud here but what fraud am I taliking about? LOL. I told her I wouldn’t give her details until I speak to my attorney.She said they have the original note and they can fraudclose with a cloudy title. Hmm, Then why haven’t they? I know they are lying the receiver told me so. I also know that they forged my sig on the copy of the note. I never signed it. If they had the original they would have known that. I did not sign the mortgage or the note. They did not show up at court in March to be granted the final forclosure or appoint a selling office now they are going to court to change the receiver. I told the lawyer about some of the fraud I found like the remic fraud but not the big fraud. She said we can make them a settlement offer either by ourselves or via an attorney. I wouldn’t do it without an attorney. We have a friend who is a bk attorney and he said to make sure I tell them we want to be held shameless and if I want to ask for monetary settlement that is up to us. I think it would be in their best interest to keep it out of court. What would you do?

      • lvent says:

        BTW, the next court date is on 7-11-11. They are funny huh?

      • housemanrob says:

        But Vent, What else are they providing? Where are the assignments……….where are the allonges…..where are the trustees……..indorsements. Where is the proof that anybody………… holds a legal lien on your real estate………and most of all……….you have found origination fraud! Personally, I fight until i’m jumping up and down with joy…. or I am dead! You owe it to yourself, your family and all of us DEADBEAT HOMEOWNERS TO EACH OTHER………..FORE WITHOUT EACH OTHER…..WE ARE LOST! god bless you

      • lvent says:

        Rob, I am talking they pay us to walk. They don’t have standing and I have proof of massive fraud. I was already told by a reputable source they don’t have the note. They forged my name on the note after the closing. I never signed it. If they had the original note, they would know that. They altered docs after the closing. I have proof. They can’t change that now the copy is in the fraudclosure with my name forged two inches off of the line.

      • housemanrob says:

        Vent, Your crooked lenders have alot more problems than just the note…………they must prove they have standing………..and that is where I feel we will win!

      • lvent says:

        Rob, You know I am not talking about my house. I am talking about my commercial property. Do you think it is worth it for me to fight them in court or should I try and settle out of court?

      • housemanrob says:

        Vent, didn’t you say something about cross-collateralization of your commercial and residential? But, if the commercial is a securitized loan……than what would be the difference? Do you not feel in your heart to get yourself fair treatment, with any compromises leaning to your side?

      • lvent says:

        Rob, An attorney already told me they can’t cross collateralize.. . It shows up as a $340,000.00 lien on my house and the com prop. titles The assignment was released but it was in my name and I never signed it. There is a ton of fraud here.The loan originator is a failed bank and they recorded the release of mortgage to us one year after the mortgage was recorded from the bank we refied with. There is no secure lien. That cross was fraudulent. After the foreclosure lis pens was recorded the refi bank “sold” the loan off to another servicer who said this loan is now in a Remic trust. They can’t do that either. A non-performing loan can’t be put in a Remic. The “new” lender sent me a bogus assignment they attached themselves to the old assignment. An attorney told me they are lying, the new pretender lender is the same bank. Neither loan was securitized. I have the deed in trust for the com prop and the pretender lender told me they want my deed. Do you feel you have vertigo yet?

      • lvent says:

        I am sorry I am probably making you feel dizzy. The com prop was also in MERS, though they hid it, but I found it. The erased it i believe from the recorder of deeds but I have 4 copies.

      • housemanrob says:

        I Vent, What a mess! My God! Think I would hire a professional…………one you can trust……..but, that is what I did anyway.

      • lvent says:

        Rob, It is a very complicated mess. I was even told that by an attorney. The thing is trust is the key word. It is difficult to trust any of these attorneys. I am just not going to walk away and let them steal our property even if I do get my house. What kind of an American would I be? We all know this is the biggest land grab in U.S. History by the foreigners. I am not going down without a fight. Did you ever ever see the Chris Whalen video interview with Bloomberg News called Foreclosuregate is a Cancer? He said that it is the commercial property to, they never perfected the collateral lien on the commercial property either. I thought maybe since I found all of this fraud and I know they don’t have the proper docs and they altered docs after the sigining and it is bad, they might just want to settle out of court.. The judge is not going for any of their crap in his courtroom. I have seen it first hand. That is why they changed servicers I believe after they filed for fraudclosure. Changing servicers does not change the facts, they committed massive fraud in my name and my husbands name and there is no covering it up. You are right though, what they did with the house is really criminal I beileve. Maybe we will have to file an appeal. Thanks for your input!

  16. WAYNE WILLSY says:

    That is why I think chase offered me 20,000 to just walk out from my note they don’t have it.

    • housemanrob says:

      BUT THEY WILL MANUFACTURE THE NOTE……….JUST ASK NATIONWIDE CLEARING, IT IS ALL THE OTHER PAPERWORK THAT BECOMES IMPOSSIBLE FOR THEM TO MANUFACTURE WITHOUT APPEARING LIKE THEY ARE STUPID……..WHICH IS OBVIOUSLY TRUE.

  17. Jason Werner says:

    They are only reducing principle by tens of thousands??? They are still getting away with crimes considering their victims suffered much bigger damages. Essentially, they are still stealing.

  18. Pete Everts says:

    Jamie Dimon is a singular asshole and miscreant who should be removed.

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