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amortgageman last won the day on February 2 2009

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    Indianapolis, IN

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  1. You have a serious comprehensive functionality problem within your brain and you need it CHECKed out with a neurologist. Perhaps you can find a COUPON for the neurologist with a google search.
  2. You can send a RESPA letter anytime. Keeping your payments current during the investigation will protect your credit, and the servicer can do nothing about it. Do you have your original mortgage agreement? What terms are in that document? From the surface, it looks to me like you should seriously entertain refinancing as soon as possible. You say you are 8 years into the mortgage on a ten year interest only option. In two more years the interest only loan becomes a fully amortizing loan, which will mean the payment will rise to include principal payments. Since ten years will have expired, the loan will be a twenty year note, at 7%. The payment difference between your quote at Quicken will be much more apparent.
  3. Do you ever see letters from LPS in your mailbox? That is Wells Fargo's third party supposed lender inspection, however it is not in compliance with fanniemae servicing requirements. What type of loan do you have? Is it Fannie Mae, FHA or VA? That will help as far as possibly getting the fees eliminated.
  4. Lender will require a letter of explanation as to why the payment was late, most likely. The lender will also require proof that the paymnet was made. Also depending on the lender, this could have a negative effect on your credit score (probably 30 points at the least), and could adjust the interest rate on your loan.
  5. Are you saying that Ellen Coon quit the company, and they are still using her signature on the mortgage assignments?
  6. Have her go to the county courthouse and look up the property records on the house. This will show who is on the title. While at the courthouse, she may want to check to see if county property taxes have been paid. If not she may be able to buy the property at a tax sale and take that route. Have you tried to look the loan up on the Fannie Mae website? Look Up Your Loan The MERS website? https://www.mers-servicerid.org/sis/ Was the loan an FHA or VA loan? In a previous post you mentioned that she cannot even afford the utilities, so that pretty well eliminates her staying in the house rent free until the bank finally forecloses. Long story short, if she files bankruptcy, and BofA later forecloses, she will be stuck for seven years until she can file again. Best to clear it up before bankruptcy.
  7. Actually, any adjustable rate loan is "recast," prior to interest rate adjustments. The new payment is usually sent out a couple of months in advance of the actual rate adjustment. The new payment amount is based on the unpaid balance, new interest rate and time remaining on the loan (to amortize at thirty years). Also I still have an Interest Only 30 year fixed rate mortgage that is recast yearly as well. My interest only payment goes down every year as I prepay the loan. At the end of my ten year interest only option, I do not want the payment shock of a twenty year loan, so I prepay some of the principal. It helps every now and then to have the freedom of the lower payment.
  8. Where was she? Hopefully in Georgia, and if not, maybe your attorney can force her to show proof that she was in Georgia on the day that the new assignment took place.
  9. If you were to use the Home Affordable Foreclosure Alternatives (HAFA) plan, and are approved for a short sale or deed in lieu of foreclosure, then the PMI company will not be able to come after you for a defiency judgment, regardless of the state you live in. During this process, the PMI company must actually approve of the sale. In order to get through HAFA, your mortgage servicer must attempt a HAMP modification first. If you are not approved for HAMP, then HAFA alternatives will apply.
  10. Here is a website that will help determine the NPV test for HAMP modifications. Unfortunately, it is a straight up accept/denial for the NPV test, but you can go back to the site and change numbers to get an approval. Maybe more importantly, it will let you input the information and help get an approval, if you have previously been denied for a HAMP modification, because of the NPV test. https://checkmynpv.com/
  11. (I pulled this from the HAMP guidelines for mortgage servicers of Non government loans. In order for a mortgage servicer to participate in HAMP, they must also perform the same duties in order to service Government loans (Fannie, Freddie, FHA, etc.) It is a requirement of the lender through the Home Affordable Foreclosure Alternative (HAFA) that the lender must credit the homeowner $3,000 at closing for relocation expenses on any shortsale or deed in lieu of foreclosure. (I pulled this from the HAMP guidelines for mortgage servicers of Non government loans. In order for a mortgage servicer to participate in HAMP, they must also perform the same duties in order to service Government loans (Fannie, Freddie, FHA, etc.) Also part of HAFA does not allow defiency judgments to be pursued on either Deed in Lieu or Short Sales. Another interesting note is that the homeowner must go through the HAMP process before being allowed to participate in HAFA. The borrower is also required to make payments equal to 31% of income during the short sale process, so that alone could eat away any benefit that makes the program sound so sweet.
  12. I have always used the following guidelines when saving: 1) Invest in 401k to the limits of the company match. 2) Contribute to Roth IRA to the $5,000 limit with after tax income. 3) Begin fillling in with traditional IRA's until the limits are met or I run of money to save (usually I run out of money to save, kids and college now). 4) After all 401k's and IRA's have been maxed, then you would want to start parking your money into annuities. Basically, what I am saying here is there are several advantages within the tax code that will benefit you more than deferring income through an annuity. I think others have already hit on the advantages and disadvantages of annuities so I will not go into more detail. Based on the scenario you posted above, I would start with opening a Roth IRA with $5,000. As long as you do not have joint income over $55,500, then you would qualify for an additional tax credit of $1,000 (Form 8880). Only obstacle I can see would be the child care credit, and if applicable, would deduct from your $1,000 dollar for dollar. The child care credit used to max at $480.00 per child, so be aware of this. This crdit is also taken after child tax credits, if you are able to qualify for that credit, meaning you would still receive the credit on your Roth. Later on you may want to, or need to, use the money, and with a Roth you would only need to pay taxes and penalties on actual earnings, not the $5,000. You can also avoid the penalties by using it for certain educational expenses or first time homebuyer.
  13. Definitely a mishap on their part. Check out this article from LivingLies: KISS: KEEP IT SIMPLE STUPID « Livinglies's Weblog KISS: KEEP IT SIMPLE STUPID Finality versus good and evil. In the battlefield it isn’t about good and evil. It is about winner and losers. In military battles around the world many battles have been one by the worst tyrants imaginable. Just because you are right, just because the banks did bad things, just because they have no right to do what they are doing, doesn’t mean you will win. You might if you do it right, but you are up against a superior army with a dubious judge looking on thinking that this deadbeat borrower wants to get out of paying. The court system is there to mediate disputes and bring them to a conclusion. Once a matter is decided they don’t want it to be easy to reopen a bankruptcy or issues that have already been litigated. The court presumably wants justice to prevail, but it also wants to end the dispute for better or for worse. Otherwise NOTHING would end. Everyone who lost would come in with some excuse to have another trial. So you need to show fundamental error, gross injustice or an error that causes more problems that it solves. These are the same issues BEFORE the matter is decided in court. Foreclosures are viewed as a clerical act or ministerial act. The outcome is generally viewed as inevitable. And where the homeowner already admits the loan exists (a mistake), that the lien is exists and was properly filed and executed (a mistake) and admits that he didn’t make payments — he is admitting something he doesn’t even know is true — that there were payments due and he didn’t make them, which by definition puts him in default.It’s not true that the homeowner would even know if the payment is due because the banks refuse to provide any accounting on the third party payments from bailout, insurance CDS, and credit enhancement. That’s why you need reports on title, securitization, forensic reviews for TILA compliance and loan level accounting. If the Judges stuck to the law, they would require the proof first from the banks, but they don’t. They put the burden on the borrowers —who are the only ones who have the least information and the least access to information — to essentially make the case for the banks and then disprove it. The borrowers are litigating against themselves. In the battlefield it isn’t about good and evil, it is about winners and losers. Name calling and vague accusations won’t cut it. Sure you want to use the words surrogate signing, robo-signing, forgery, fabrication and misrepresentation. You also want to show that the court’s action would or did cloud title in a way that cannot be repaired without a decision on the question of whether the lien was perfected and whether the banks should be able to say they transferred bad loans to investors who don’t want them — just so they can foreclose. But you need some proffers of real evidence — reports, exhibits and opinions from experts that will show that there is a real problem here and that this case has not been heard on the merits because of an unfair presumption: the presumption is that just because a bank’s lawyer says it in court, it must be true. Check with the notary licensing boards, and see if the notaries on their documents have been disciplined and if not, file a grievance if you have grounds. Once you have that, maybe you have a grievance against the lawyers. After that maybe you have a lawsuit against the banks and their lawyers. But the primary way to control the narrative or at least trip up the narrative of the banks is to object on the basis that counsel for the bank is referring to things not in the record. That is simple and the judge can understand that. Don’t rely on name-calling, rely on the simplest legal requirements that you can find that have been violated. Was the lien perfected?If the record shows that others were involved in the original transaction with the borrowers at the inception of the deal, then you might be able to show that there were only nominees instead of real parties in interest named on the note and mortgage. Without disclosure of the principal, the lien is not perfected because the world doesn’t know who to go to for a satisfaction of that lien. If you know the other parties involved were part of a securitization scheme, you should say that — these parties can only be claiming an interest by virtue of a pooling and servicing agreement. And then make the point that they are only now trying to transfer what they are calling a bad loan into the pool that the investors bought — which is expressly prohibited for multiple reasons in the PSA. This is impersonation of the investor because the investors don’t want to come forward and get countersued for the bad and illegal lending practices that were used in getting the borrower’s signature. Point out that the auction of the property was improperly conducted where you can show that to be the case. Nearly all of the 5 million foreclosures were allowed to be conducted with a single bid from a non-creditor. If you are not a creditor you must bid cash, put up a portion before you bid, and then pay the balance usually within 24-72 hours. But instead they pretended to be the creditor when their own documents show they were supposed to be representing the investors who were not part of the lawsuit nor the judgment. SO they didn’t pay cash and they didn’t tender the note. THEY PAID NOTHING. In Florida the original note must actually be filed with the court to make sure that the matter is actually concluded. There is a whole ripe area of inquiry of inspecting the so-called original notes and bringing to the attention the fraud upon the court in submitting a false original. It invalidates the sale, by operation of law.
  14. BMC, I am going to copy your other thread from "Is There a Lawyer in the House" here because you have done some extensive work regarding your mortgage, which can be beneficial to others who may be reading this thread. http://www.creditinfocenter.com/forums/there-lawyer-house/308011-stopping-non-judicial-foreclosure.html Since your loan is registered with MERS, use the link below to find out where your mortgage actually ended up, and who actually owns your mortgage. It should show what investment trust or GSE mortgage pool your loan is part of. From there, you can search the investment trust, and obtain information directly as to what is required of the servicer, and what processes the servicer must (may, in the event of of modifications) employ in the event of default. A servicer may or may not actually be the owner of the note. http://www.creditinfocenter.com/forums/mortgages/309324-verify-your-mortgage-servicer.html (Thanks Goldbug)
  15. Interesting deposition in New Jersey by William Hultman, VP of MERS. He readily admits that there are no employees, only a board of directors. http://frauddigest.com/indictments/MERS%20VP%20William%20Hultman%20Deposition%20NJ.pdf I read the first 80 or so pages, and the best I can get out of it, is that the Members (banks, lending institutions) appoint VP's who carry the authority to sign documents on MERS behalf. Members may also use third party companies to perform servicing duties on the loan, and the third party servicer may also use their third party representatives to perform duties on the loan, which is where Trott and Trott would come in. The expired notary registration is whole different story.
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