Breaking the Bank News: Millions of Fraudulent Mortgages

pdsfoley

LoanSafe Member
Feb 4, 2009
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OK I'm confused..(sorry) I got lost on this thread somewhere....Are we sending QWR?? What are we doing....sorry I'm a little retarded lately!!!
 

Believe

LoanSafe Member
Feb 2, 2009
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PDS, I thought we were filing a class action lawsuit, then the attorneys backed out. I'm starting to feel a little bit like one of Charles Manson's followers. :eek:
 

trekker4

LoanSafe Member
Oct 27, 2009
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Yes, timing may be paramount.

I am thinking that if you all do this right, principle reductions and rock bottom interest rates. Mediation by force. They will have to settle on your terms.

No t free housing and mortgages, just fair housing and mortgages ;)

Hello, I am new to this site, I read a lot about a possible class action suit against several banks or servicers. Could you please update me as to the status of this? I have a jumbo mortgage that is serviced by Saxon and it is a MERS classification.


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Lajazz947

LoanSafe Member
Oct 28, 2009
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How do I find out if my loan has anythign to do with MERS?

My first is with Wachovia, 2nd with Wells fargo
 

ama125

LoanSafe Member
Jun 18, 2009
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Reading, PA
How do I find out if my loan has anythign to do with MERS?

My first is with Wachovia, 2nd with Wells fargo
You can look it up on the MERS site (however, this only tells you who services your loan but if it is listed here, then you know that MERS has been used to record activities related to your note being transferred): https://www.mers-servicerid.org/sis/

You can also check your county recorder of deeds and see if MERS is listed on any of your loan documents.
 

cleach

LoanSafe Member
Sep 15, 2009
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Okay, just a question here - don't know how I missed this for so long, BUT...

I just checked this morning, and our loan is listed on MERS as active, with Wells as the servicer. This house was foreclosed (sold at auction) on October 6.

I said on another thread that I assumed Wells initiated the foreclosure, but I don't know that for sure.

Here's my question: what does this mean for me, as a homeowner who has already lost their home? I don't really want the foreclosure overturned, because I don't want the house.

But if they don't own the note, do I still have some sort of legal recourse?
 

ama125

LoanSafe Member
Jun 18, 2009
1,533
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43
Reading, PA
Okay, just a question here - don't know how I missed this for so long, BUT...

I just checked this morning, and our loan is listed on MERS as active, with Wells as the servicer. This house was foreclosed (sold at auction) on October 6.

I said on another thread that I assumed Wells initiated the foreclosure, but I don't know that for sure.

Here's my question: what does this mean for me, as a homeowner who has already lost their home? I don't really want the foreclosure overturned, because I don't want the house.

But if they don't own the note, do I still have some sort of legal recourse?
Well, I am not an attorney but I have been reading the headlines about MERS and recent rulings in several states that MERS does not have any right to foreclose in those states or jurisdictions. I would check on your foreclosure filings (notice of default, etc) to see if MERS is listed anywhere on them or you could ask the court and/or check the county records. This is usually a strategy to prevent losing one's home, but as you mentioned, you don't want the house. However, I have seen at least one case where a bankruptcy judge ruled that the borrower's mortgage basically be written off since the lender could not produce a note showing clear transfer of ownership and thus, not only was the foreclosure forbidden, but the judge ruled the borrower didn't owe them anything! Bankruptcy Court Wipes Out Mortgage Debt When Servicer Fails to Document Claim

We may also see cases where after the foreclosure has occured, that the borrower be compensated somehow for wrongfully being foreclosed on. I would be sure to talk to an attorney and look into this matter, even if you really do not want the house. You never know, but you may win for some kind of damages. At the very least, you may help set a precedent for other homeowners. I hope that whatever happens, you will be able to move on in your life and find peace and happiness. Best wishes!
 

cleach

LoanSafe Member
Sep 15, 2009
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You never know, but you may win for some kind of damages. At the very least, you may help set a precedent for other homeowners.
This is what I was thinking. I'd love to save anyone the hassle, heartaches, & tears we went through. But I sure would like to have some of that money I sent them all those years just to be foreclosed on!!:D
 

JaFlNowWhat

LoanSafe Member
Oct 25, 2009
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Is there any hope/help for those of us who do not fall under MERS jurisdiction (i.e., original mortgage recorded with BoA and BoA is foreclosing).

I would like to participate in whatever way I can to help myself and others in this awful mess.
 

lifestar

LoanSafe Member
Aug 15, 2008
14
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MERS is listed on mortgage paperwork. Our first servicer was Countrywide, now BAC. Foreclosure paperwork was just filed- but not from BOA- from some bank we have never heard of even though BAC is still listed as the servicer. ALSO- MERS is listed as a DEFENDANT alongside us- there is also another family listed- Any ideas or thoughts?

We are in for the Class Action- how do we unite?
 

mimirayo

LoanSafe Member
Nov 13, 2008
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Have you gone to the MERS website and looked at who they say holds the note? From what I know of MERS they are the party who supposedly holds the note for the owner. If MERS has the note in a different company name, there is no way a new company can foreclose because they don't have it

Since you have no idea of the other name foreclosing, you should go to your county office and see all the transactions, and when/if they got your note.Get thr trail, you can make the next move after that
 

lifestar

LoanSafe Member
Aug 15, 2008
14
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Yes- the MERS website says BAC which is Bank of America but I am reading that this other bank (BNY Mellon) is affiliated with BAC somehow?
 

mimirayo

LoanSafe Member
Nov 13, 2008
262
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I believe that means that MERS acting for BOA os the only one who can foreclose. Where you able to follow the trail of the sale of your loan? Is there a clause in you Deed of Trust that they must notify you before they sell or tranfer the loan?

Lokk through the forums for other MERS posts I will see if there are others here who can answer your questions
 

lifestar

LoanSafe Member
Aug 15, 2008
14
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Thanks Mimirayo- we knew the loan was transferred to BOA / BAC a while back. It is very odd that the bank is naming MERS as a defendant in the foreclosure??? If anyone has any input as to why MERS would be named as a defendant AND there is another family included in the suit (we have no idea who they are- they have nothing to do with our loan or the sale of our house), it would be much appreciated. Yes, I have been lurking for a long while and other threads have been very helpful. I am pretty sure we can take part in the class action so I posted here. THANKS!
 

lifestar

LoanSafe Member
Aug 15, 2008
14
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Side note- we are listed as defendants, MERS is listed as a defendant- the bank is the plaintiff so it would not seem that MERS is representing BOA as why would they be listed as a defendant and not the plaintiff?
 

mimirayo

LoanSafe Member
Nov 13, 2008
262
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Here in MD you can do a land record search and see what has happened with the Deed Title etc. If at all possible you should do that. Maybe that's the key to the other family's name bring there.
Still doesn't change the fact if MERS holds the note so the new bank would have a problem proving they do.... I would send them a Qualified written Request asking all of this information
 

caldwell02

LoanSafe Member
Jan 30, 2010
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lifestar - have you sent in a Qualified Written Request? Basically the people who foreclose on you have to have your note. Many don't.
 

browneyedgirl011

LoanSafe Member
Jun 24, 2009
26
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Mississippi
Ok, heres my question(s)....Our loan origionated with union planters in 2003, with GMFS, LLC as the servicer, Feb of 2004, loan sold to Household Financial. July 1, 2004, Union Planters merged with Regions Financial, and ceased business as Union PLanters.On Feb 27, 2008, Corporate Assignment filed by MERS with it being the assignor for Union Planters, and the assignee being Household, who was later absorbed into HSBC, the Assignment was requested and prepared by HSBC, then they filed a substitute Assignment the very next dat, 28, Feb, 2008 and initiated a foreclosure (we are in a non judicial state). We used our savings and got out of that, then recieved a NOD in April 15, 2010, and MERS did another substitute assignment on April 30, 2010, we got a notice of sale on May 18, 2010 stating sale on June 15, 2010. We are working with an attorney to get a MOD during this process. So my question is...WHO holds my note?? Union Planters??? Regions????(they are not on ANY of the paperwork), Household??? HSBC???? MERS??? I know for sure HSBC is the servicer of the loan, but would they have the note if they now own Household??Does MERS hold it??? I am so confused, and time is running out for us! I am open to any suggestions as to what our next step should be. Thanks!!