May 3, 2008

Welcome to Figth Foreclosure Now!

Isn't it time. Join NLS and web site http//borrowerhotline.com ask you to join us in the fight against negligent mortgage lending.


We will post interesting and informative information intended to give readers a complete perspective of the current mortgage crisis plauging American homeowners.


Are brokers the blame? Not sure! A white collar crook is only as good as his sources of training and support system. Crooks don't hang out at church to pick up new ideas and tricks of the trade. The crooks go to the source of criminal activity and bad brokers had bad mortgage lending outfits to support their activities. They were required to meet minimum licensing and networth requirments. So they found a licensed broker in some instances and got an accountant to fabricate a false fiaincial statement. It's tougher to get loan through a lender as a broker than it is to become approved as a correpsodent and make loans to youself and all your friends.


Lenders were at a time, in the country, sacred ground and nothing a novice would dare to exploit. Wow, have things changed. I saw the deterioration of tehis indistry occour over the years 203 through 2007. While working as a contract underwriter, cocnultant and anayst i saw it all. Not many gig's lasted long as I exposed the probems inherent otthe operations and production platforms I came across.


Posted by Mortgage-Mess at 6:04 AM
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Ask the Expert

TRUSTEES DEED UPON SALE 1) the grantee herein was the foreclosing beneficiary. 2) The amount of the unpaid debt was..... $2,020,589.63 3) The amount paid by the grantee was ....$1,096,500.00 4) The documentary transfer tax is .......... $0 Item 1) states the parties bringing the foreclosure are in possession of the rights of a holder in due course and selling to themselves the property. We will show this not to be the case. Item 2) can they verify the balance and how the breakdown of interest and fees are distributed? It is likely the numbers do not add and constitute grounds to rescind the sale. Item 3) how can the lender, who sold the loan into a bulk pooled asset and for due consideration upon which it has lost its rights to the asset, bring a foreclosure? It cannot! Only by first repurchasing the asset is the party foreclosing in a position first. Loans sold that were securitized into a closed end fund for which many layers of stock certificates were issued is an indication foreclosure is an impossible proposition. What stands out to me most of all is a claim of bid rigging and manipulation of a trustees sale for which a borrowers right to tender is removed. Where the trustee’s deed transfers by credit bid, the tender of the full debt is not appropriate. Credit bids are distinguished from purchase money bids. California Civil Code 2924h (b) provides: (b) At the trustee’s sale the trustee shall have the right (1) to require every bidder to show evidence of the bidder’s ability to deposit with the trustee the full amount of his or her final bid in cash, a cashier’s check drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code Stay tuned