Comments on: Foreclosure Fraud Review Begins Today by Homeowner Request

By: Mary

Mary — Fri, 04 Nov 2011 21:24:18 +0000

In reply to CaitlinO.. The Ca Secretary of State is also in the pocket of the banks. The whole Notary process is a sham!

By: rwc

rwc — Thu, 03 Nov 2011 13:49:59 +0000

I blame it on the default industry’s need for speed, MERS who retarded the mortgage industry, outsourcers who separated lawyers from their clients, while playing fast and loose with document review, and lawyers who disregard and traded their ethical responsibilities for greed and who lack skill in the art of controlling their clients. No wonder all this has happened in climate where there is a misallocation of value to the client relationship. One foreclosure file potentially represents the value of the entire client relationship, which empowers lenders to have attorneys bend to their will which results in a bazaar legal mutation of the practice of law in the bank’s “reality distortion field” which in many ways is nonsensical and subject to the 25 year old bank VP’s whimsical and eureka moments to change something, which although contrary to the law, trickles down into a justifiable practice among attorneys too afraid to speak out in fear that they may lose the client’s business. The most senior partners and law firms that employ hundreds of people and have spent the lives devoted to their practice being controlled and subject to the criticism of the least sophisticated loan processor at the bank who just recently graduated from high schools. Accepting the notion that “this is the reality of the business” is just mindless, dumb thinking. I could go on forever about the new breed of “Baby Doomer” Stepford lawyers who don’t even understand the concept of asking why and completely lack the desire to learn new things. What a mess, that’s all I have.

By: rwc

rwc — Thu, 03 Nov 2011 09:16:40 +0000

The program won’t work. Foreclosure is a niche practice. Only those who know how to do it could be competent to review potential flaws or wrongs in the foreclosure, and there are few. Since most foreclosure lawyers already represent the services/lenders and they obviously can’t review their own client’s files due to conflicts, who’s left but overly zealous solo’s who will attempt to find even the smallest inconsequential flaws and churn an burn firms that will see the independent review process as a way to make a quick buck. This will cause just another delay in getting the housing market back on tract which is like an anchor pulling down a whole sector of the economy. The resources that must be diverted by the servicers/banks to comply with these new OCC and Federal Reserve directives, unless of course the government will be be pouring more billions of tax payer money into reimbursing the banks/services for expenses for such review which is not unlikely, will take away way from the servicer’s ability to properly service performing loans. in addition, halting foreclosures will put even more people out of work in the real estate default sector, thus creating more problems. Ironically, these newly unemployed people who were making timely mortgage payments will probably have to apply for some type of government sponsored loss mitigation process to save their homes. I can imagine a scenario in these bazaar times where the services will be funded by the government for these review programs and accordingly will attempt to make little profit centers out of reviewing distressed and screwed up loans. Since the servicer/banks will most likely be the ones referring the work to the independent auditors, which I assume will not be volunteer work, they will still have the economic juice to control the process which defeats the purpose. In addition, people who haven’t paid will be compensated, despite what will be no more than non-material defects to the foreclosure. This doesn’t make any sense. Again, just another process of delaying the ultimate conclusion that most will still loose their homes because they just don’t have the money to make their mortgage payments. What a tremendous wast of time.

By: rwc

rwc — Thu, 03 Nov 2011 09:12:31 +0000

I meant to say “can” review their own files because of the conflict. Sorry about that.

By: rwc

rwc — Thu, 03 Nov 2011 09:11:00 +0000

The program won’t work. Foreclosure is a niche practice. Only those who know how to do it could be competent to review potential flaws or wrongs in the foreclosure, and there are few. Since most foreclosure lawyers already represent the services/lenders and they obviously can review their own client’s files due to conflicts, who’s left but overly zealous solo’s who will attempt to find even the smallest inconsequential flaws and churn an burn firms that will see the independent review process as a way to make a quick buck. This will cause just another delay in getting the housing market back on tract which is like an anchor pulling down a whole sector of the economy. The resources that must be diverted by the servicers/banks to comply with these new OCC and Federal Reserve directives, unless of course the government will be be pouring more billions of tax payer money into reimbursing the banks/services for expenses for such review which is not unlikely, will take away way from the servicer’s ability to properly service performing loans. in addition, halting foreclosures will put even more people out of work in the real estate default sector, thus creating more problems. Ironically, these newly unemployed people who were making timely mortgage payments will probably have to apply for an independent review to save their homes. I can imagine a scenario in these bazaar times where the services will be funded by the government for these review programs and accordingly will attempt to make little profit centers out of reviewing distressed and screwed up loans. Since the servicer/banks will most likely be the ones referring the work to the independent auditors, which I assume will not be volunteer work, they will still have the economic juice to control the process which defeats the purpose. In addition, people who haven’t paid will be compensated, despite what will be no more than non-material defects to the foreclosure. This doesn’t make any sense. Again, just another process of delaying the ultimate conclusion that most will still loose their homes because they just don’t have the money to make their mortgage payments. What a tremendous wast of time.

By: Home was Stolen~

Home was Stolen~ — Wed, 02 Nov 2011 19:42:08 +0000

I lost my house because I did not know then what I know now. I also could not afford to pay my electric bill let alone an attorney. Since that foreclosure happened in 2009 and the home has since been resold, does this mean I can claim compenstation for the fraud used on that home? If so, how do I get in on that?

On my other home, GMAC keeps sending me letters and letters about calling them to modify my loan. But my foreclosure case was dismissed at a Sanctions hearing. Somehow my home also keep showing up on the Clerk of Courts records for an online Auction Sale! Case was dismissed last year!

Winning is one thing…it’s keeping it WON that’s a whole different story.

By: Shelley A. Erickson

Shelley A. Erickson — Wed, 02 Nov 2011 19:24:36 +0000

In reply to talktotennessee. If you had admitted you had a loan, they could have used it against you for admission. They are asking to verify social security numbers also. DO NOT GIVE anyone your social over the phone unless it is 911111screw you!

By: rictic

rictic — Wed, 02 Nov 2011 18:18:50 +0000

In reply to talktotennessee.

Tennessee, I’ve just started getting calls from Bank of Robbing B*stards, sorry BoA. Exactly same line. Ask me to verify the property address, loan number and monthly payments. I just tell them I’d like to record this conversation as in Florida both parties must agree to the recording, so that my attorney has a record of what was said. Everytime they say I cannot agree to that and I must disconnect the call. It can be fun playing with these people… 🙂

By: talktotennessee

talktotennessee — Wed, 02 Nov 2011 17:30:04 +0000

In reply to talktotennessee. The Wells # that called was from 800-868-0043.

By: talktotennessee

talktotennessee — Wed, 02 Nov 2011 17:22:19 +0000

Well, that explains it! Wells Fargo called several times lately. Curiosity got the best of me as the caller id had Wells Fargo’s name on it. I finally ‘answered’ once. The caller asked ME to verify or identify my loan. I guess this is a legal requirement. I told the caller I was represented and would only give my attorney’s name and number plus I asked if they wanted the name of their WF attorney? The caller wanted neither. He said never mind and hung up. Is this a Wells Fargo ‘hunting’ expedition?. Pardon me if I am a little suspicious of Wells and their wanting to correct or alibi their way out of fault through “inquisition.”
Fool me once, shame on you, fool me twice. . . . well you know the drill:)