Is this just a scare tactic?

[caldwellb02]

I just paid my August mortgage today. The person at Chase said that she was sorry to see that Deutsche has my first mortgage, as she has "seen them foreclose on someone when they are just a month late."

I believe I have at least 5 months, because I am in California. Paul - I spoke with you on this a while ago, but never mentioned that it was Deutsche bank that has my loan (though Chase services). Does that make a difference? Or was this person just trying to scare me, which she did?

[caldwellb02]

I would love it if someone - Paul - anyone - could tell me if there is anything different Deutsche bank can do (see above) to me re: foreclosure. I can't believe how this woman got to me.

[sharona]

caldwellb02,

Don't worry. She either doesn't know ca foreclosure laws or is trying to scare you. The banks have to follow the laws of the state the property is in. Go to died in lieu of foreclosure threads. Professor Shays talks a lot about Ca foreclosure laws.

Good luck!

Sharona

[Nathan Fransen Esq.]

All lenders are subject to California foreclosure law for California real estate. In part, the lender must file a Notice of Default, wait 90 days, then file a Notice of Trustee Sale, wait 20 days, then conduct a Trustee Sale.

[faith]

Originally Posted by caldwellb02

I just paid my August mortgage today. The person at Chase said that she was sorry to see that Deutsche has my first mortgage, as she has "seen them foreclose on someone when they are just a month late."

I believe I have at least 5 months, because I am in California. Paul - I spoke with you on this a while ago, but never mentioned that it was Deutsche bank that has my loan (though Chase services). Does that make a difference? Or was this person just trying to scare me, which she did?

Caldwell,
Deutsche Bank is in hot water nowadays. They have lawsuit everywhere for illegally foreclosing on properties which they do not have a note.

According to Trial magazine homeowners in Cleveland filed a class action against financial titan Deutsche Bank, saying the bank’s attempts to foreclose on them were illegal because it can’t prove it holds the mortgage notes entitling it to payment.

The complaint charges that Deutsche Bank filed the foreclosure motions under false pretenses, lacks standing, and has evinced “a pattern of corrupt and illegal activity” that flies in the face of state law and the federal Fair Debt Collection Practices Act. The defendants include the three law firms that Deutsche Bank used to process the foreclosure filings. (Whittiker v. Deutsche Bank Natl. Trust Co., No. 1:2008cv0030 (N.D. Ohio filed Feb. 7, 2008).)
The lawsuit is part of a new approach to foreclosure defense. Because of lenders’ bundling and reselling of mortgages, notes are often lost, misplaced, or corrupted. As a result, many lenders can’t prove that they are owed payments and entitled to foreclose.

Rest of the story is in this link:

Voice Of Democracy | The Consumer Warning Network

“Produce the Note!” - Rallying Cry to Fight Foreclosure | The Consumer Warning Network

http://www.nytimes.com/learning/stud...s/31judge.html

You can probably check your loan documents and find out who is the first mortgage holder. Don't let that Chase guy bothers you. He is probably was trained to say things like that to scare the customers to pay up to date or he has nothing good to say. Deutsche bank doesn't need anymore lawsuits because their hands are full of them. I hope the links will be able to help you.

The above information is for yours to read.

God bless and May the God of Peace that surpasses all understanding will guard your hearts and mind. Take care.

[Nathan Fransen Esq.]

Please, please be careful with regards to the "lost note" claims. I am constantly amazed at the effect this potential claim has on homeowners. In my opinion it is extremely dangerous as it gives false hope.

Faith - you are constantly trying to help others on this forum, and i know it is appreciated, but please be cautious with regards to these references, particularly in the attorney forum. The above articles are a bit dated. Shortly after one of them, Mitchell Roth, one of the attorneys quoted, had his practice shut down by the state bar, largely as a result of filing suits based on this "lost note" claim. It is incredibly misunderstood and many homeowners find themselves victims of a scam whereby they think this theory will save their home.

Here is some practical tips: First, banks don't "lose" notes. They are generally pretty good at keeping those things. Two, failure to pay a mortgage, does result in a foreclosure in most all circumstances. Even if the lender attempting the foreclosure isn't technically the beneficiary, that does not mean the borrower gets the home free and clear. The Ohio cases are often cited as an example when a judge through out a number of foreclosure actions because the lenders didn't prove they had standing. People who cite to those cases often conveniently leave out the fact that it was a very short and temporary hold up.

I realize it may not sound like it, but i am a staunch consumer advocate. I only represent consumers and i have represented plaintiffs against all major lenders. I believe consumers need access to legal services, which is one of the reasons i post here. That being said, consumers don't need false hope. That never ends well.

[faith]

Originally Posted by Nathan Fransen Esq.

Please, please be careful with regards to the "lost note" claims. I am constantly amazed at the effect this potential claim has on homeowners. In my opinion it is extremely dangerous as it gives false hope.

Faith - you are constantly trying to help others on this forum, and i know it is appreciated, but please be cautious with regards to these references, particularly in the attorney forum. The above articles are a bit dated. Shortly after one of them, Mitchell Roth, one of the attorneys quoted, had his practice shut down by the state bar, largely as a result of filing suits based on this "lost note" claim. It is incredibly misunderstood and many homeowners find themselves victims of a scam whereby they think this theory will save their home.

Here is some practical tips: First, banks don't "lose" notes. They are generally pretty good at keeping those things. Two, failure to pay a mortgage, does result in a foreclosure in most all circumstances. Even if the lender attempting the foreclosure isn't technically the beneficiary, that does not mean the borrower gets the home free and clear. The Ohio cases are often cited as an example when a judge through out a number of foreclosure actions because the lenders didn't prove they had standing. People who cite to those cases often conveniently leave out the fact that it was a very short and temporary hold up.

I realize it may not sound like it, but i am a staunch consumer advocate. I only represent consumers and i have represented plaintiffs against all major lenders. I believe consumers need access to legal services, which is one of the reasons i post here. That being said, consumers don't need false hope. That never ends well.

Nathan,
Thank you for your own opinion and I am entitled to one. I beg to differ from your prospective that bank does not lose note, Mine they lost it because it was sold many times that's one of the reasons why I think my lender did not pursue anymore of the deficiency judgment. I have also a friend that I know of that he said that the bank lose their note and ask me if means that the bank does not own the loan anymore. I do not give false hope, I tried my best to warn people, give them information and it's up for them to decide. Some of my posts I put for information only and others I said to seek legal advice. I don't trust lawyers and will never will due to the fact that I was ripped off so many times by lawyers. Can you blame me? Thanks again for your comment.

[caldwellb02]

Thank you everyone. I can't believe how i let that woman throw me.

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Nathan could not have said it any better. While everyone may have an opinion, his is based on actual expeience, education, and knowledge. The lost note theory is almost always a loser with regard to suing a lender.

- Paul