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Nationstar Mortgage / mortgage loan servicing

US Review updated:

For anyone fighting a wrongful foreclosure you really need to read this book (Chain of title by david dayen) ! We are not connected to the author in any way, but this book explains exactly what the problem is, and why most homeowners (Especially in florida) have no chance of winning their cases. We have been fighting a wrongful foreclosure since march of 2010 (Beginning with our original loan from countrywide mortgage), making our payments to the servicers (Bac home loans servicing, bank of america n. A., and currently, nationstar mortgage), via certified check every month - only to have them returned to us for the past seven years! All of our returned payments are in a bank account (And have not been touched during the seven year period). We are scheduled to go to court at the end of april but have been told by our attorney that we will need to be prepared to pay the entire note in-full or to walk away from our investment home. Why??? Because the majority of judges don't want to hear the details from your defense attorney and they automatically rule for the bank/servicer (Because it is easier). We have spent close to $35, 000.00 in legal fees paid to attorneys to fight this, but after reading this book we now understand that in most cases, attorneys don't even get the chance to defend their clients because the issue is way too complicated and the judges just don't want to spend the time to drill down to find out where the errors occurred on a borrowers account (Especially if the loan has been sold and/or servicers have changed during the foreclosure process). I am over simplifying the issues, but that is really the bottom line here. Read this book before you spend a bunch of money on hiring an attorney to defend your foreclosure case (Especially in florida). This problem with the servicers has been brought to the federal level and even the feds decided to sweep it under the rug by settling with the banks, instead of prosecuting them for mortgage fraud. Leaving all of the homeowners/borrowers paying the ultimate price for the bank/servicers wrong-doing.
Many of these issues posted here (Lender placed insurance, excessive late fees, inspection fees, lost paperwork for modifications, etc. ) are not new issues! And when you do your research online, you will see that many of the defenses that people/homeowners and foreclosure defense attorneys have used are being rejected by the judges/courts. Educate yourselves!!! I know this sounds crazy, but it's true!!! Read this book and research the issue online. You will clearly see that very few of you have any real chance of saving your homes - because the entire system is setup to support the lenders & servicers - not the homeowners/borrowers!!! And if you think filing a complaint with any of the government consumer protection agencies will make a difference... Think again... It's all been done already and garners little results for the common folk on main street! Educate yourself - you will not believe what you read - but it is all true. We know because we have been living it for the past several years!

Fi
Mar 15, 2017
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Comments

  • Ed
      Apr 04, 2017

    I read your article and saw a very important item not mentioned. Is your mortgage a remic for if it is you will find out remic stands for real estate
    mortgage investment conduit. If you fall into this category your original loan no longer exist. You should call and ask who owns my loan. If it is a remic
    that means your original loan was destroyed because wall street can't get tax free money on a original loan. And in court the lender has to produce the original loan not a copy . Check into to it further.

    0 Votes
  • Fi
      Apr 20, 2017

    @Edward J Hess Hi Edward,
    Thanks for the info! Our loan is one of the original Countrywide loans that is in a "Trust" with US Bank being the "Trustee" for Credit Suisse First Boston, the "Investor" and Nationstar as the current servicer (previous services were BAC Home Loans, Bank of America N.A.). This mortgage is/was part of an investment pool (investment backed pass through [protected]). It was also held in MERS (Mortgage Electronic Registration System), so it is most likely a REMIC.

    Unfortunately, many of the Florida courts/judges have not required the servicers/lenders/trusts/investors/etc. to produce the original Mortgage or Note (even though they are supposed to). The majority of Judges consider a copy produced by the Servicer acceptable! They also don't care if the mortgage was assigned by a known "robo-signer", which ours was.

    Unfortunately, the Florida Courts were so overwhelmed with foreclosures that many of the laws have been manipulated through rulings by Judges that determined "people/homeowners" were the problem, and the poor banks were just being harassed by unreasonable defense attorneys that insisted on the bank providing documentation (original documents), and details about the borrowers account (which the servicers/banks did not have). All of our requests for Discovery have resulted in the Servicer's response that our requests are "overly burdensome", "unreasonable", and "not probable that the information will change the outcome". It's truly unbelievable! It really does read like the book I mentioned. I guess the only saving grace is that after we read the book, we had a better understanding of exactly how this type of thing could happen... and, that we're not crazy & we're not alone! We're hoping for the best - and planning for the worse possible scenario when we go to court next Wednesday. Thankfully we can payoff the balance due and then sell the house to get our equity out of it, if need be... but most folks don't have that ability. Makes me so angry & sad that the banks/servicers are getting away with unjustly stealing people's homes on a daily basis because Judges don't like to listen to the icky details!

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