Lawsuits Claim Banks Failing to Honor Loan Modifications
Consumer lawyers in Western Washington say they are seeing increasing instances of banks failing to honor home loan modifications.
“It scared the heck out of me. I pretty much lost it because I thought I was going to lose everything,” said Adella King of Enumclaw.
King says her home of 20 years was foreclosed upon after her bank denied that she had been granted a modification.
King says Bank of America gave her the loan modification – a reduction in her monthly payment – in 2013 after her husband’s death. But later that year, she says, BOA sold the loan to Green Tree Loan Servicing.
“(Green Tree) said they had received the documents but that there was no record of a loan modification,” said King.
After weeks of negotiation, King came home one day to find a foreclosure notice tacked up on her front door.
“They never once told me that my home was in foreclosure or my loan was in default. They just took my money, and then sold (the house) at auction,” King said.
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They’re criminally gangstalking us proven by the fact they can’t show proof of loss.
Homeowners are still for the most part , unaware what their Homes were illegally use for . The unregulated Investment Banking system used our promise to pay documents (notes) which were made with entities that do not meet the criteria of lender and ” Converted them ” into security certificates to be sold , sold , and resold to investors until the scheme reached critical mass . In other words your Home was used to give value to the certificates sold to multiple Investors in an illegal securities contract and your Mortgage was a LIE !!! President Obama said that the servicing practices of the entities running this scheme were ” abusive ” sorry MR President , but they are criminal !!!!
It is all part of the huge banking scam since this started, and it appears to be continuing. When I went through it with Chase Bank, they supposedly sold or transferred my loan to a new servicer. The loan modification program was just a delay tactic to give homeowners false hope in keeping their homes until they could fit you into their foreclosure schedule in court. While I was going through the fraudclosure, I went to the seminars, worked with several people from Chase, but everything they tell you about them helping you is all BS. I also got into a better financial position where I could have brought my account current and even pay the loan off in full. The courts wouldn’t allow that. Even with the help from a Court Recorder supplying people with documents that proved their fraud, nothing was done to stop it. The banks make more money by forcing the fraudclosures so they can collect on the force placed insurance PMI/MIP. The banks collect the insurance payout from the government and then resell the house later for more profits. In my case they would have earned less if I was allowed to pay off the loan in full. The courts will do whatever they can to work with the banksters and their lawyers. They will stop notifying you about upcoming court dates to see if they can steal your home since you defaulted by not showing up in court. They will block any offers you were making with the bank. They will say that the bank that you thought you were working with no longer has anything to do with your loan anymore. And after the fraudclosure is finished, all documents are sent back to the bank that they continually said didn’t have anything to do with your loan anymore. They will also add a lot of files to your case afterwards that you never received. Basically if anyone is targeted for the fraudclosure, they will lose! The banksters have total control over the judges and lawyers (through kickbacks), and they aren’t about to lose! The more I fought it, the worse it got, until I finally just gave up. It became a waste of time and waste of money on my lawyers who did nothing for me, except take my money. Also, during the time you start the moving process, they will come out and change the locks on your home (WITHOUT A COURT ORDER) and steal whatever personal property you have. The best I was told that you might receive is having them do an “IN REM” foreclosure, which is against the property only and not you personally. That removes the deficiency and it doesn’t show on your credit report afterwards. It’s basically like the foreclosure never even happened. Like I said, once you are targeted for the fraudclosure, you will lose! Nothing will ever change because the banks are TOO BIG TO FAIL and TOO BIG TO JAIL. If you have the force placed insurance, that is the motivating factor for the massive fraud to continue. The homeowner is just the middleman in their scam to collect on that insurance payout. If that PMI/MIP was used in case the homeowner needed it, we wouldn’t be seeing these fraudclosures. It’s even more slick on how the banks have the homeowners pay the premiums on that force placed insurance and the banks collect the payouts. The other thing people have been finding out is that there was massive fraud committed even before the fraudclosures started. They basically found that most of the loans had no backing through shadow banking and that they were VOID to begin with. Also, forget about having any other law enforcement agency helping you out. They ignore whatever you report and allow the fraud to continue. You can’t win!!!