Wells Fargo Mortgage Backed Securities (MBS)

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
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ManicMangaManiac

I tried looking up my TRUSTEE on the SEC.gov website and got over 8K inquires back. Trust me i have tried and for some reason its not available for me. In fact let me give you info: Securitized asset act receivables mortgage loan 2008-1 grantor trust series 2008-1
Let me know if you find ANYTHING.
I found a document that says that SABR 2008-1 is exempt from registrations under the Securities Act of 1933.
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
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Looks like the Trust starting paying out in September of 2008. So I'm assuming that the cut off date would have been August 2008 ?

There are loans that have been modified that are in that same pool.

I'll see if I can copy and paste it.
 

soccermom

LoanSafe Member
Mar 18, 2010
162
1
0
surf when u can...I know you can get that same info for my trust, you have gotten me the PSA before. I still am having a hard time on my mac to see stuff, but can you get me that modification section on my wf mbs 2007-11 trust? I would love to have that when I send them my attempts at mods or whatever they are willing to do. thanks so much!!!
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
surf when u can...I know you can get that same info for my trust, you have gotten me the PSA before. I still am having a hard time on my mac to see stuff, but can you get me that modification section on my wf mbs 2007-11 trust? I would love to have that when I send them my attempts at mods or whatever they are willing to do. thanks so much!!!
Hi Soccermom,

I think you might be referring to me. Not sure. I also had a hard time getting into the CTS site last week. I had to request a new token. After copy and pasting the token into the site I held down Ctrl and then I hit submit. Not sure why that made it work. Every other time it was telling me I had an outdated token. Try it and see if it helps. I'll go look for your Mods on 2007-11.
 

shazloco

LoanSafe Member
Jan 1, 2010
23
0
1
I just finished writing a QWR to the bank explaining that their legal dept and loss mit. dept are giving me conflicting info regarding who owns my loan. I stated that I am requesting the name of the note holder, trust and the pooling and servicing agreement if this loan is or ever was a securitedzed loan.
I added the part of is or ever was because loss mit is telling me they are buying the loan back from the pool of investors, and I don't want them telling my it was a MERS but is now bank owned because they bought it back. So does that seem like the right thing to write. What other info should I ask for, should I request the assignment of mortgage pertaing to our loan??? - Do they have that info.
I would appreciate some imput before I print and send.
Thanks
 

soccermom

LoanSafe Member
Mar 18, 2010
162
1
0
awesome still reviewing...you are the bomb. There have been mods,
but who knows how they pick them. some seemed extremely behind
on payments
thanks!!!
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
I just finished writing a QWR to the bank explaining that their legal dept and loss mit. dept are giving me conflicting info regarding who owns my loan. I stated that I am requesting the name of the note holder, trust and the pooling and servicing agreement if this loan is or ever was a securitedzed loan.
I added the part of is or ever was because loss mit is telling me they are buying the loan back from the pool of investors, and I don't want them telling my it was a MERS but is now bank owned because they bought it back. So does that seem like the right thing to write. What other info should I ask for, should I request the assignment of mortgage pertaing to our loan??? - Do they have that info.
I would appreciate some imput before I print and send.
Thanks
Yes, they will have the assignments if there were any. Most assignments are not getting done until just before they are ready to start foreclosure proceedings.

I would ask who the investor/owner of your note. Ask how ALL your payments were applied.

Found the following .....



NOTE: This Section makes clear that a Borrower may request “other information†(with no limits placed on what constitutes “other informationâ€). Therefore, please do not state that this request “goes beyond that which is permitted by RESPA.†RESPA places no statutory limitiations on the information which can be requested. A loan servicer is not therefore entitled to ignore this provision merely because of any perceived inconvenience in responding.
B. LEGALLY MANDATED LOAN SERVICER ACTIONS REQUIRED (LOAN SERVICER DUTY):
(1) Action with respect to inquiry:
Not later than 60 days (excluding legal public holidays, Saturdays, and Sundays) after the receipt from any borrower of any qualified written request under paragraph (1) and, if applicable, before taking any action with respect to the inquiry of the borrower, the servicer shall make appropriate corrections in the account of the borrower, including the crediting of any late charges or penalties, and transmit to the borrower a written notification of such correction (which shall include the name and telephone number of a representative of the servicer who can provide assistance to the borrower);
After conducting an investigation, provide the borrower with a written explanation or clarification that includes to the extent applicable, a statement of the reasons for which the servicer believes the account of the borrower is correct as determined by the servicer; and the name and telephone number of an individual employed by, or the office or department of, the servicer who can provide assistance to the borrower; or after conducting an investigation, provide the borrower with a written explanation or clarification that includes information requested by the borrower or an explanation of why the information requested is unavailable or cannot be obtained by the servicer; and the name and telephone number of an individual employed by, or the office or department of, the servicer who can provide assistance to the borrower.
NOTE: This makes clear that 2605 requires the lender or loan servicer to take action includling providing information requested by the borrower, conducting an investigation of the borrower’s concerns, providing an explanation or clarification of the reasons the servicer believes the account is correct and, if necessary, making appropriate corrections to the borrower’s account. Once a borrower makes a “qualified written request†RESPA requires loan servicing companies to: (a) provide written notice to the borrower (within 20 days) acknowledging receipt of the request, (b) take appropriate action with respect to the inquiry either by making corrections or providing a written explanation or clarification; and (c) protect the borrower’s credit rating by not reporting to credit bureaus the overdue payments relating to request for 60 days after receiving the request.
(3) Protection of credit rating:
During the 60-day period beginning on the date of the servicer’s receipt from any borrower of a qualified written request relating to a dispute regarding the borrower’s payments, a servicer may not provide information regarding any overdue payment, owed by such borrower and relating to such period or qualified written request, to any consumer reporting agency.
NOTE: This Section provides for damages for any negative credit which is reported to any credit bureau which causes damage to my Clients.
C. RECOVERABLE DAMAGES FOR NON-COMPLIANCE:
Whoever fails to comply with any provision of this section shall be liable to the borrower for each such failure in the following amounts:
(1) Individuals:
In the case of any action by an individual, an amount equal to the sum of any actual damages to the borrower as a result of the failure; and any additional damages, as the court may allow, in the case of a pattern or practice of noncompliance with the requirements of this section, in an amount not to exceed $1,000.
(2) Class actions:
In the case of a class action, an amount equal to the sum of any actual damages to each of the borrowers in the class as a result of the failure; and any additional damages, as the court may allow, in the case of a pattern or practice of noncompliance with the requirements of this section, in an amount not greater than $1,000 for each member of the class, except that the total amount of damages under this subparagraph in any class action may not exceed the lesser of $500,000; or 1 percent of the net worth of the servicer.
(3) Costs:
In addition to the amounts under paragraph (1) or (2), in the case of any successful action under this section, the costs of the action, together with any attorneys fees incurred in connection with such action as the court may determine to be reasonable under the circumstances.
D. “ACTUAL DAMAGES†MAY PERMIT RECOVERY OR EMOTIONAL DAMAGES SUFFERED DUE TO NON-COMPLIANCE:
NOTE: If a lender or loan servicer breaches this duty, a borrower may recover any “actual damages†proximately caused. “Actual damages†includes time spent on the case (and lost wages if required to be away from work), attorney fees, and there is legal precedent for the recovery of emotional distress damages for a loan servicer’s failure to comply with RESPA. See Johnstone v. Bank of America, N.A., 173 F.Supp.2d 809, 814-16 (N.D.Ill.2001) (RESPA plaintiffs may recover for mental suffering); Ploog v. HomeSide Lending, Inc., 209 F.Supp.2d 863, 870 (N.D.Ill.2002); and Rawlings v. Dovenmuehle Mortgage, Inc., 64 F.Supp.2d 1156, 1166 (M.D.Ala.1999). See also Wanger v. EMC Mortgage Corp., 103 Cal.App.4th 1125, 127 Cal.Rptr.2d 685, Cal.App. 5 Dist.,(2002)



Source ~ What is a qualified written request (QWR) under the Real Estate Settlement Procedures Act (RESPA)? The Legal Side of Loan Mods
___________________________________________________________________________________________________
 

Heidi31

LoanSafe Member
May 14, 2009
7
0
0
CA
We're Still Reviewing,
Thank you, thank you, thank you for the spreadsheet!! I saw my WFMBS loan pool listed and saw what kinds of mods they are offering. This has been so helpful. I have been working on this with Wells for almost two years now.
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
awesome still reviewing...you are the bomb. There have been mods,
but who knows how they pick them. some seemed extremely behind
on payments
thanks!!!
Hi Soccermom.

I have no idea how they pick these mods over others. I wish I knew the "secret" ! The best thing that this modification report can do is supply leverage for us. If WF is telling us that loans in our particular pool aren't being modified now we have the Ammo to show them otherwise. In my last Hardship letter to WF I included some of the loan mods. they have already done. We need to show them that we are not just a bunch of dumb homeowners. We've got them by the "balls" and it's up to them how tight the vice will be.
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
We're Still Reviewing,
Thank you, thank you, thank you for the spreadsheet!! I saw my WFMBS loan pool listed and saw what kinds of mods they are offering. This has been so helpful. I have been working on this with Wells for almost two years now.

You're very welcome. This spreadsheet is only for May 2010. There are many more months that have loan mods. on them as well. Let me know if you need me to upload those.
 

soccermom

LoanSafe Member
Mar 18, 2010
162
1
0
still reviewing....you are right! showing that we have more info than they can imagine is awesome! the last time I talked to my sympathetic contact in the OOP and he was telling me how sorry he was and he knows these MBS loans are so hard to work with...I said I just read your PSA and you have had the authority to work with me all along...it was quiet. screw them. i am sending another hardship letter tomorrow and I will also include the loans in my pool that have been modified. LIARS!
 

we're_still_reviewing

LoanSafe Member
Sep 10, 2009
507
3
18
still reviewing....you are right! showing that we have more info than they can imagine is awesome! the last time I talked to my sympathetic contact in the OOP and he was telling me how sorry he was and he knows these MBS loans are so hard to work with...I said I just read your PSA and you have had the authority to work with me all along...it was quiet. screw them. i am sending another hardship letter tomorrow and I will also include the loans in my pool that have been modified. LIARS!
I love it. He was probably thinking *snap* she's on to us ! LOL !!!
 

jennifer123

LoanSafe Member
Feb 26, 2008
168
0
0
sorry about that. i meant to say loan documents. i was looking to see if there is a id/acct number on the docs that can be used to look up the loan pool
 

kjenkins7

LoanSafe Member
Nov 3, 2009
423
1
0
We're_still_reviewing,

Thanks for the info in regards to my Trust SABR mortgage loan 2008-1, but what do you mean by "exempt from registrations under the Securities Act of 1933"? Remember i want to fight my bank (WF) because they state my "investor" does not participate in HAMP and i really want HAMP. They shut me up by just offering an "in house" mod but i want security for the loan instead of a 5 year mod that defaults back to its original terms. To risky as i minus well leave now.
 

soccermom

LoanSafe Member
Mar 18, 2010
162
1
0
ok, need help with our next move. Have not paid 1st or 2nd since March (april 1 we stopped). Have submitted again for loan workout options, but screwy WF sends some info and responses from Loss Mit and then another reply with different info comes from WF Home Mortgage. are they on this planet? So, I am wondering if I get aggressive with them and say look, I will be asking for proof that you own the note, I will be taking our FC to court when you file on me....do I tell them that you are required to offer us a mod before FC??
or do I sit quiet, not paying and wait??? If I thought they could offer a really good proposal that would be PERMANENT and no trial, I would think we might stay in our house...but I hate all this crap. I posted earlier about the NACA site, and what WF proposed, a Piggy Back that we would be looked at for after making 3 trial payments (our original payment).
interest only loan bites, we are stuck in it with no chance of refinance...oh wait our PSA says they could refinance at anytime without appraisal, income verification......just didn't seem convenient for them at the time I guess. ANy thoughts??? playing the game and I need my next move!
 

goldie

LoanSafe Member
Nov 19, 2009
1,934
6
0
CA
ok, need help with our next move. Have not paid 1st or 2nd since March (april 1 we stopped). Have submitted again for loan workout options, but screwy WF sends some info and responses from Loss Mit and then another reply with different info comes from WF Home Mortgage. are they on this planet? So, I am wondering if I get aggressive with them and say look, I will be asking for proof that you own the note, I will be taking our FC to court when you file on me....do I tell them that you are required to offer us a mod before FC??
or do I sit quiet, not paying and wait??? If I thought they could offer a really good proposal that would be PERMANENT and no trial, I would think we might stay in our house...but I hate all this crap. I posted earlier about the NACA site, and what WF proposed, a Piggy Back that we would be looked at for after making 3 trial payments (our original payment).
interest only loan bites, we are stuck in it with no chance of refinance...oh wait our PSA says they could refinance at anytime without appraisal, income verification......just didn't seem convenient for them at the time I guess. ANy thoughts??? playing the game and I need my next move!
Keeping in mind that your average rep doesn't know diddly about securitization, servicing fraud, assignment fraud and hears people scream all day at him that they are going to sue him, sue him, sue him; I doubt he will think much about this threat. If you want to stay and fight, I REALLY suggest you go get a KNOWLEDGEABLE attorney consult BEFORE you get an NOD - it buys you time/strategy/peace of mind to know EXACTLY what your options are.

My opinion is that the only decent mod you will see is if you pursue legal action. Depending on the violations, you might be able to negotiate a settlement of 80 or 90% fair market value and an under 5% interest rate. I read somewhere that 95% of people don't pursue any type of action during a FC. This is what the banks count on.