@ DB2013 – your posting is about 2 years too late! This post was done in 2011 and since then a lot of what he wrote in the article has come to fruition! You are just a little behind the 8 ball and definitely not in tune with current facts! Ignorance is NOT bliss!

Tennessee – you have it perfectly correct! It is NOT advantageous for a lender to modify and most certainly the loan is being held by a “servicer” who will NOT take the hit for the loss of an income stream! Then add to that the fact that the probability that the note and mortgage do not exist anymore foreclosure becomes a hard task especially these days when the population has become enriched with knowledge of how the system really works! Those lenders who cannot prove ownership were always hoping for the so-called uneducated borrower to simply cave in. Thus, when it was necessary to re-mold the documents here comes “robo signer” and the flood of fraud on the courts. Time has been a great companion to the “fighters” as more and more and more of the fraud is being brought to the public eye.

Marilyn – Let me help to explain the path of the documents in a closing. First of all, the title company actually is liable to the lender for issuing the Mortgagor Title Policy which insures title to the lender. At the closing the title insurance is merely a “commitment”. It will stay a commitment until the recording of all of the documents prescribed in the commitment with the county office to which the property is located. Once those documents have been recorded the originals are returned to the title company and the recording information from them is then updated to the title commitment and a final title Policy of Insurance is issued by the agent’s underwriter(s). That policy along with the original recorded documents are then sent to the lender (presumably for safekeeping). If the mortgage was sold a proper Assignment of note and mortgage must be presented to the recorder’s office and those documents must be recorded in certain sequence to be valid and provide continuity of chain of title. BUT, you see that’s where MERS came into play and decided to bypass the recorder’s office and those assignments or most of them were never recorded. The note and mortgage were probably indeed sold to an investor either prior to closing or same day to another investor via MERS where they securitized hundreds of mortgages under the PSA’s. Lenders have a caveat that has “puts” and “calls” where they can replace certain mortgages and add to if, let’s say, a mortgage does not close or fund or for some reason does not pass their so-called Quality Control. This is why it is so vitally important that these County Recorders are now stepping forth and recognizing that these documents be perfected and recorded properly to protect the chain of title. As far as the closing funds are concerned monies from the lender are always direct wired to the title company for disbursement as they are the “escrow” of the title company and again subject to issuing the Final Title Policy. The funds go into an escrow account for the title company wherein the title agent then disburses all funds to the parties involved and it must be accounted for in reconciliation to the HUD closing statement. Funds rec’d coming in are “net” funds from the lender who takes their portion of the costs involved as per the Good Faith Estimate provided to the borrower and the balance of the funds are what is received by the title agent. Those funds can be used for no other purpose than for the disbursment to all parties involved.

I have asked several times why is the borrower provided copies of the closing documents unsigned? The reply that I have received is time and convenience. They make the copies in sets prior to the closing and then distribute them once all documents have been signed. Apparently copying them after execution is too much of a hassle for them. However, I have always protected myself as a broker by requesting “signed” copies before I leave a closing for my own files. It is part of the quality control that is exercised by my broker and it is a requirement before we are ever paid for a transaction. I would assume that any other mortgage broker would be doing similar QC so it may behoove your daughter to ask them if they have them in their files. Certain laws in the state of Florida do require us to keep and maintain files for certain periods of time. I am not sure what guidelines are in effect for other states.

Best of luck to your daughter in her quest. The mortgage fraud goes out in “legs” like those of a centipede. The mortgage brokers who performed their jobs adequately and within the confines of the laws are not those to whom this destruction is blamed. If you are able to trace a path you will find it starts with collusion with Wall Street, Banks and DC. Go beyond that and you can trace it to where IVENT has been telling us all along!

Thank you for taking the time to read the article and to comment. There is a more complete version available at http://www.amvona.com

Or

http://www.amvona.com/blog/economics/14031-on-the-ethics-of-mortgage-loan-default.html

Again thanks,

Greg

My post did not advocate not following Mr. Lemenson’s plan of action to whithold payment of mortgages. The entire point of my post is that each person must analize their circumstances and come to an “individual” decision and not succomb to the herd mentality action advocated by some here.

You have obvioulsy given considerable thought to your situation and come to your individual decision, which I certainly respect.

You seemed to, initially, miss the point of my post.

I for one really do not give a GODDAMN about the Knights trust. CRY ME A RIVER WHAT ABOUT ALL OF THE MONEY WE THE PEOPLE LOST????????? LIFESAVINGS WIPED OUT, BUSINESSES LOST, HOMES LOST, LIVELIHOODS LOST, OUR PENSIONS GONE, NO HEALTH INSURANCE, BROKEN HOMES, DEVASTATED FAMILIES, PETS GIVEN UP FOR ADOPTION , PEOPLE ON FOOD STAMPS AND HAVING TO GO TO FOOD PANTRIES TO FEED THEIR FAMILIES BECA– USE THEY CANT MAKE ENOUGH MONEY AT THESE LOUSY PAYING JOBS TO FEED THEMSELVES, and NO REAL JOB OPPIRTUNITIES FOR PEOPLE TO SURVIVE AND PAY THEIR BILLS WITH, AND COLLEGE DREAMS SHATTERED. . This is a National Disgrace all because of some greedy elite bastards who want to own and control the world. America is slowly becoming the land of debt and impoverishment and it was intentional..

The trusts are EMPTY, the notes were NEVER assigned. Our homes are paid for because of the Ponzi Scheme Swindle and Heist.. Tell the investors to sue Fannie and Freddie or their perps. Frankly, I don’t give a damn or feel one bit sorry for the investors. They all got filthy stinking rich off of this Ponzi Scheme and they all made enough goddamned money off of the backs of the American people. hundreds of trillions. Now I have heard we have an estimated 3 trillion in bad paper on the banks balance sheets. They can all eat it and still be FILTHY STINKING RICH and the same thing goes for the greedy investors. . I refuse to pay another effing dime for this underwater house. They can take a principal write down or a loan mod and stick it up their greedy asses. Our homes are paid for and THE AMERICAN PEOPLE are who got robbed. SCREW THE FOREIGN INVESTORS, THEY SHOULD HAVE NEVER BEEN ALLOWED TO INVEST IN OUR HOMES, PERIOD. WALL STREET, THE PEOPLE WHO ROBBED AND CRASHED THE STOCK MARKET SHOULD BE FORCED TO PAY BACK THE MISSING POLICEMENS AND FIREMENS PENSION MONEY AND ALL OF THE MISSING 401 K MONEY THAT THE AMERICAN PEOPLE WERE ROBBED OF. IT IS THE AMERICAN PEOPLE WHO WERE BLINDSIDED. OH YEAH, AND SCREW THE KNIGHTS OF COLUMBUS, THEY ARE GREEDY PRICKS TOO. THE GRAVY TRAIN HAS LEFT THE STATION AND I DON’T GIVE A SHIT ABOUT THE KNIGHTS OF COLUMBUS. HOW DO THEY LIKE TO BE SHIT ON AND PISSED ON BY THESE CROOKS? WHO HAS EVER SAID THEY FELT SORRY FOR THE MILLIONS OF HOMEOWNERS WHO LOST _EVERYTHING_ IN THIS ENGINEERED FINANCIAL COLLAPSE????????? WERE WE NOT MASSIVELY AND PERNICIOUSLY DECEIVED? IF I HEAR ONE MORE CRYBABY WHINE ABOUT THE POOR INVESTORS I THINK I WILL PUKE. STOP ALL OF THE BULLSHIT AND THE LIES, IT IS BECOMING REDUNDANT.

I have a copy of my mortgage with typos and forgeries all over it that state my husband is an unmarried man then, typoed over and say he is a married man with our forged initials next to it. This occurred after closing because I have the original and none of this stuff is on it. I had an attorney tell me the title co. would not do this. I firmly believe that they were all in on it. You can clearly see Fannie’s fingerprints all over this crime scene. The IMF is the biggest shareholder in FANNIE MAE, the foreigners own them. THE U.S. GOVERNMENT SHOULD HAVE NEVER ALLOWED THAT. The truth is, I have my deed with title insurance. My attorney told me that the title insurance is more valuable than the deed. I can clearly see what they ALL did and that they were all working for the foreigners, Fannie and Freddie who hid behind the scenes of all of the destruction and posed as American Institutions, are not American Institutions. Either are the banks or Wall Street or the Federal Reserve. They are foreign owned and operated Multinational Institutions. That is how they gained our trust and that is how they hijacked America and robbed us blind.. We bailed out not only the very people who robbed us, but we bailed out the very foreigners who deceived us and robbed us and are after no less than our National Sovereignty. They hate our freedom, our U.S. Constitution and our U.S. Bill of Rights. They want WE THE PEOPLE to own nothing but the debt they create. They have put America in debt spiral and it was intentional.. We have also been hijacked by the federal government who are also the foreigners. Death to the FOREIGN MULTINATIONAL TYRANNY!!!!!!!!!!!!! Damned be those corrupt treasonist greedy politicians who put America in this peril.