Less than 3 percent of more than 4 million homeowners eligible for a free fraud review of their foreclosure have taken the government up on the offer, even though it could mean monetary compensation, a credit report fix or a loan modification.
Since November, mortgage servicers have sent out 4.3 million letters nationwide to homeowners whose foreclosure cases may contain flaws that, in extreme cases, could result in the return of the home. As of last week, just 121,725 people have responded.
The Office of the Comptroller of the Currency, which is overseeing the effort, has pushed back an originally scheduled April 30 application deadline to July 31, and is selecting files on its own for review.
But homeowner advocates and some attorneys say a lack of awareness as well as a distrust of the program may be hampering participation.
Struggling homeowners, already under a daily mail assault, may unwittingly toss the review offers, which advocates said are written in legalese more appropriate for attorneys than borrowers. Also, some lawyers recommend against applying for the review.
“For borrowers who have legal counsel, there’s no benefit in this,” said foreclosure defense attorney Michael Wasylik, whose firm has offices in Stuart and Dade City. “In my opinion, this is a mechanism for servicers to whitewash the widespread impropriety recently reported by the federal government.”
Rest here…
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My home has been in forclosure sine 2008. I sent in the forclosure review along with about a ream of paper with rubber stamp robosigning all over it. My mortgage is a nightmare. There are many fees marked as Corporate Advance, just a lot of pain I have been through over the years. The way I see it, I already lost everything. So, I thought I would at least try another time,to see if there could be some justice.
It’s no easy by any means, but at least I can say that I did something. It’s worth a chance.
And another thing, I already reported them to the OCC and they took their side, I appealed and again they took their side. Now how can I ask them to review my case again? Really? Is this a sick joke or something?
Another case of fox in charge of the hen house! The person doing the reviews or supervising them used to work at Bof A.
The reviews are hardly independent. They are just “fact finding” reviews for politicians to pass more unconstitutional “retroactive” laws to protect the financial industry.
NOBODY HAS ANY REASON IN THE CURRENT POLITICAL ENVIRONMENT, TO TRUST ANYTHING THE GOVERNMENT DOES.
Why risk your home?
Well, the problem is, the scheme to securitize (mortgage) loans is based upon having an MBS (mortgage-backed security) that can be assured to have a secure “income stream” (for its investors). If everyone, as many have now done, began to withhold mortgage payments, the scheme would crumble. Actually, it would blow up.
As of right now, it has blown up. The laws of a civilized society do not allow for “double-dipping.” (I can’t sell my car to two different people, taking money from both, at the same time. Once I sell my car – it’s sold. Period! When mortgage Notes are sold, the seller gives up all ownership and recourse to all and any of the remedies within the Mortgage or the Note. Only the Note Holders (“purchasers” of the stocks) have recourse to the remedies elucidated in the “original” Note and Mortgage instruments. The Note Holders are now the STOCKHOLDERS who own the stock certificates generated by the securitization process. In order to “legally” foreclose, the courts would have to contact millions of those STOCKHOLDERS and try to pack all of them into the Courtrooms of America – which is absurd. Nor would the STOCKHOLERS care. They have remedies of their own that are much simpler to avail themselves of: Insurance and the REMIC Trustee!)
MERS was a “scheme” that allowed for there to be “copies” of our Original “wet-ink” (signed) closing documents. And, copies can now be printed at will. But, ONLY the ORIGINAL NOTES are NEGOTIABLE. COPIES are nothing more than funny-money, that is, they are COUNTERFEITS!!! If copies of Mortgage documentation were permitted to serve as Real Paper, the American People would never have and never know if they have, at any time in the process, real ownership of the subject property! Were that the case, no one in their right minds would buy real property on any kind of installment method!!!
Real lenders have all but disappeared. A Real Lender lends its own (or its depositors’) money. Does everyone understand this?
Joe, what you have said just may be the most important!
Artical 1 Para 10 CL 1
Zinc Carbonite Co. v First Nations Bank
American Express Co. v Citizens State Bank
A Bank Cannot Lend It’s Credit.
A Bank Can Only Lend It’s Money.
Justice Marshall wrote “The doctrine of Ultra Vires ia a most powerful weapon to keep private corporations within legal speres and to punish them for violations of their corporate charter and it is probably not invoked too often”.
Anyone who got a review form from Wells Fargo has got to be out of their mind to fill it out. Wells had a whistle blower from the company they hired to audit the reviews and he said what a joke it was. He got a talking to for digging too deep. This is all a bunch of BS. I have mine review sitting in my to do file. Unless something is done to clean this up forget it.
people are afraid its to find then to pay the deficiency judgement
This statistic proves that the American people have woken up and realize it is NOT THE BANKS or their INVESTORS who are owed any money…The banks got paid at the Origination and the banks and their investors were invested in a gamble on a money flow that existed only until the gambles crapped out..That occurred in 2008 when Wall Street knew that there was not enough money flow to keep up with the payments on their FRAUDULENT SALES … and collapsed the stock market intentionally by INSIDER TRADING..The Banks and Wall Street committed an estimated quadriillion dollars in fraud in the names of the American people by OVERSELLING INTERESTS in nothing with our signatures and our notes…Now the only correction for this massive fraud committed off of the backs and in the names of the American People is clear title back to the American People….The proof of all of their fraud is hidden in the ORIGINATION FRAUD and the fact that the banks nor the GSE’s have no legal assignment recorded at at the County Recorders Offices…this predatory practice allowed them to FRAUDULENTLY AND ILLEGALLY OVERSELL INTERESTS IN OUR NOTES HUNDREDS OF TIMES PER NOTE..WHILE RETAINING THE FRAUDULENTLY INDUCED MORTGAGE AND COLLECTING THE INTEREST MONEY FROM THE AMERICAN PEOPLE FROM MONEY THEY NEVER LENT….IF WE HAVE THE STAMPED PAID, RECORDED PROPERTY DEEDS IN OUR POSSESSION… THAT MEANS THERE IS NO LEGAL LIEN AND THE FRAUDSTERS MUST RESCIND…!
The banks committed massive USURY FRAUD…they charged and collected illegal interest rates on loans they never gave…Now they must rescind…!
Who can you trust if not the federal government? I tried too warn about fraudulent behavior to no avail, got myself audited and the door slammed in my face! April 10, 2010 must be the magic number for foreclosure sales, still in California they are illegally foreclosing, nothing has stopped nothing has changed, if you talk to the lender the only response is so when can you make a payment? what fool gives in to this? myself once upon a time, going on second foreclosure, lucky me, they short sold my home for 75% less than purchase price?? they helped with nothing!! they are all liars and they have phony records at their disposal that says they contacted you or mailed it?? What the free auditors do not understand is that some homeowners with undue stress, out of work, medical issues?? we are fortunate for the days we actually get out of bed and want to move forward, there is not help!
How can get a free Foreclosure Fraud review on my property in California? If fraud is found on my property, how I can use that in Lawsuit against the Bank? I have a Trustee Sale Date of 4/10/2012.
Like letting the cat in the hen house.
Average hardworking folks are not as dumb as thought by the banks and financial group especially the Federal bunch!
We’ve seen what and how they can screw things up so why would we trust them again?
Ever heard the old sage “Once bitten twice shy”?
It’s a joke, and a bad one. Please help all Americans by closing the OCC down, and moving any remaining operations and funding to the National Zoo, located in NW Washington DC.