I definitely have some thoughts on this but need to get on the road for work. I will be back later this evening with my thoughts on the subject. In the meantime, hopefully others will chime in.Could this be why BOFA has stalled mods, foreclosures, etc. Is this why Robo signers are needed?
Hibiscus,Did you receive a letter from BOFA stating that they were changing your loan over to another division on or around July 2011? On the third page it indicates that BNY Mellon is the Trustee (investor) immediately thereafter it gives the name of the trust followed by a date. Do you see that?
Who is the current sevicer for your loan?
Because (most especially the non-judicial states do not monitor the process through the courts. They are handled by way of trustee sale. It is a lack of regulations, transparency & greed that got us into the mess & leaves the homeowner with so many unanswered questions.How are banks even able to foreclose?
I think the entire system is corrupt! All the so called regulators are in bed with the banks. Heck, even the OCC was considering releasing BofA of any future criminal prosecution.1. Why aren’t foreclosures more scrutinized by the system? (ie no more non-judicial foreclosures)
It absolutely does, however; the banks know the average homeowner DOES NOT have the funds to take a quiet title action to court & follow though. Their attorney will certainly rack up lots of billable hours which will in turn cost the homeowner if they don't win. That in addition to the fees it may cost for the homeowners attorney. I was told it's highly possible to get in pretty deep 30-50k in attorney fees with still no guarantee of a win.2. Don’t these fraudulent actions by the banks open a wide open door for Quiet Title?
I took a stab at sending a letter to BofA that touched upon this issue along with many others. (See item C below). I was certain to ask questions that they either do not have answers to or even if they did, will not tell me because they wouldn't want to incriminate themselves in writing. Essentially I asked the following of BofA:3. What will it take to prove that your loan was not securitized?
That would have been a good question for me to include in my letter. Because once again, BofA is not going to be transparent with this information. Even if there's no PMI on your loan, the bank will still have it insured. As far as I'm concerned, BofA is double dipping on a lot of these loans. I just don't know how to get that concrete evidence.Can one inquire which loans were subject to insurance claims?
Time for me to hit the sack. Goodnite!FreedomwonDetails of the proposed B of A settlement with the 530 Trusts listed has its own website atCountrywide RMBS Settlement and you can find the 530 trusts listed under the court documents menu on the list side of the home page. Really interesting reading regarding the proposed settlement, and how each investor could later still go after B of A if the level of default exceeds what the settlement guidelines indicate. So you are right, B of A is really in deep on this one, as the liability is still there, and the $8.5 Billion is just like 'hush' money for these investors to not make the bank buy back the 530 Trusts! My favorite read on this site is the complaint and what violations these investors are accusing B of A of, as the master servicer here. Really major stuff. Happy Reading! You can also visit the attorneys web site who negotiated the settlement at www.gibbsbruns.com/countrywide
Thanks for taking the time to read that post. I've been wanting to start that thread for quite some time but needed to get it in an easy to follow organized fashion.Funny thing I was reading it as you were writing this! We had a moment of telepathy or something. I seriously doubt that she is signing herself. Thanks for your thoughts on this. It's mind boggling how far they'll go.
With regard to filing a claim against the bond, is that something you would pursue now or later?
The truth is, I'm navigating new territory & am just trying to figure it out as I go. For instance, I've been thinking for an entire year, there must be some way to secure solid proof if my documents contain valid signatures or not. It wasn't until the past 60 days, it all started coming together & one idea led to another ie; getting a hold of a notary list, getting an address of a notary, figuring out what the laws they are governed by, reading the handbook, figuring out how to get a copy of their bond etc etc.Unraveling the information helps, but how do you use it to secure your own personal interests in your mortgage?