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StumbleLenders get an order: Ramp up the rescues
Billions of dollars remain available for banks to spend to assist underwater homeowners
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Sunday, Dec. 20, 2009 | 2 a.m.
Barbra Ward signs loan modification papers on Friday with Bob Hostetler at Fortress Credit Services in Las Vegas.
In Today's Sun
Beyond the Sun
The Obama administration is publicly pressing banks to modify more mortgages after a Treasury Department report showed dismal results in a federally funded foreclosure prevention program — including only 16,000 mortgages being reworked in Southern Nevada.
Lenders have appeared unable or unwilling to tap into the $50 billion that President Barack Obama made available this spring to rewrite loans to stem the tide of foreclosures, which some estimate will hit 13 million nationwide.
In the first of what are planned to be monthly public assessments from the Treasury Department, data through November show lenders have begun writing down the interest or principal on just 23 percent of the 3.3 million delinquent home mortgages nationwide.
Of those nearly 760,000 trial mortgage modifications nationwide, just 31,000 have been converted into permanent, five-year agreements, a performance that disappoints Treasury officials.
Lenders say they’ve had lackluster results in making trial loan modifications permanent because homeowners have failed to file paperwork in a timely manner or have since lost their jobs and no longer qualify.
But the administration said banks must do more.
“Our challenge now is to keep the pressure on,” William Apgar, a senior adviser for mortgage finance at the Housing and Urban Development Department, said in a statement released with the report.
Under the Making Home Affordable program announced in the spring, the Obama administration unleashed $50 billion from the bank bailout, the Troubled Asset Relief Program, to encourage banks to rework mortgages for those in “imminent risk” of foreclosure. (Another $25 billion was made available to refinance loans, including those that are underwater.)
Homeowners qualify for the mortgage modification program — which is named the Home Affordable Modification Program and is part of Making Home Affordable — if more than 38 percent of their gross household incomes go toward their mortgages, they can no longer afford the monthly payments and are at risk of foreclosure.
If the bank agrees to write down the mortgage so monthly payments equal 38 percent of income, the government will meet the banks halfway and partially subsidize a further write-down to 31 percent.
To sweeten the offer, the Treasury Department is offering banks $1,000 for every loan they modify, with additional bonuses totaling up to $3,000 if the loans remain modified.
Borrowers also get $1,000 a year toward their loans for staying current with payments for the initial years.
Nevadans stand to benefit
The program could be crucial for households in Nevada with adjustable interest rates that are resetting to higher levels and where the state’s 12.3 percent unemployment rate has left many families unable to afford their monthly payments.
Those receiving unemployment insurance can qualify for the program if their unemployment checks are guaranteed for nine months.
Nearly 70 percent of homeowners in Las Vegas are underwater, according to First American CoreLogic — meaning their mortgages are more than the homes’ current value — essentially trapping residents in their homes even if they can no longer afford them.
Nevada has had the highest foreclosure rate in the nation since January 2007. Yet the data show that statewide, just 19,000 mortgages have qualified to begin the loan modification process.
The Las Vegas metropolitan area ranked ninth in the nation for mortgage modifications, accounting for 2.2 percent of the write-downs using the federal program — 16,000 Las Vegas area loans.
The New York-New Jersey metropolitan region was No. 1, with 6 percent of the federally backed cases.
Late-filed paperwork
Bankers say they are doing their part, but complain homeowners are missing deadlines on paperwork for modifications.
Similar to buying a home, that paperwork can be a cumbersome collection of payroll stubs, past tax returns and asset statements.
Plus, industry leaders say skyrocketing unemployment rates overtook the program, disqualifying borrowers who otherwise would have been eligible.
Scott Talbott, a vice president at the Financial Services Roundtable, which represents the nation’s top banks, said all parties bear responsibility for the program’s shortcomings.
“There are challenges with all these parties to making this program a success,” Talbott said.
“The industry is committed to working on the (Home Affordable Modification Program) and other administration programs for keeping families in their homes,” he said. “We are going to do a better job.”
Pressure from lenders
Borrowers, however, tell consumer watchdog groups that they are being kicked out of the program and put into foreclosure even before they have a chance to complete the paperwork.
The Treasury Department is pressing the industry to ensure that 375,000 trial modifications that are set to either convert to permanent fixes or expire by year’s end are not deemed ineligible without a thorough review.
Julia Gordon, senior policy counsel at the Center for Responsible Lending, a consumer protection group, said lenders and borrowers share blame for the program’s shortcomings.
Gordon said it is clear banks’ loan servicers do not have the capacity or competence to handle the flood of applications from across the country.
Small states such as Nevada are especially hurting, she said, because they lack the civic infrastructure of housing aid and nonprofit legal organizations that exist in bigger states. New York, California and Illinois, for example, have a greater supply of aid organizations that provide assistance to help borrowers navigate the often confusing requirements.
But banks, she said, have failed to step up.
“They still don’t seem to be able to handle it,” Gordon said. “The real question is: Are they unable or unwilling? I think it is a little bit of both.”
Senate Majority Leader Harry Reid singled out Bank of America this month, saying the bank’s “reputation will suffer” unless more is done in Nevada. He requested that the bank establish an assistance center in the state and assign staff to represent the company in cases before Nevada’s new foreclosure mitigation program.
Bank of America responded it is “committed to helping as many customers as possible stay in their homes during these difficult times.”
Treasury data show Bank of America was modifying 15 percent of its eligible mortgages in November, placing the banking giant among the bottom 10 banks nationwide. Also in the bottom 10 is Wachovia. Wells Fargo ranked 19th with 30 percent of its mortgages being modified.
Pressing banks to act
The power of the bully-pulpit may nudge banks to do more, but it may only go so far.
Gordon of the Center for Responsible Lending is among those who have long argued that politicians need to rely more on sticks than carrots. Consumer groups have long pressed Congress to pass a law to allow bankruptcy judges to write down mortgages — a bill that has passed the House this session, but failed in the Senate under opposition from bankers.
Congress could require lenders to conduct loan modifications before foreclosure proceedings to give homeowners a chance to make new, lower payments on time.
“It seems the speak-softly-and-carry-a-big-stick might work better than speaking loudly,” Gordon said. “No one is going to persuade these banks by their eloquence. They will change their behavior when there’s an economic reason to do so.”
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I was one of those 'helped' by Chase Bank to modify my loan. After my 3 trial pmts were made, Chase raised my permanent mortgage by $150 per month above the trial payment amount. I am still grateful for their help. Anyone who can't apply directly to the bank servicing their loan should contact NACA.com who helped me do my modification without charge.
Now if they can waive the 2nd mortgage? Wish me luck that I can keep up with the pmt in this economy.
The loan workout was like this:
Chase extended my loan from 26 yrs balance back up to 30.8 yrs.
1-5 yrs = 2% interest
6 yr = 3% interest
7 yr = 4% interest
8-31 years = 4.75% interest
FYI, they did not reduce the principle balance. My home value has fallen drastically, but the value is equal to the mortgage amount.
I would recommend the Republicans who are against the banks modifying mortgages to help homeowners stay in their homes to consider this: Keeping people in their homes will help to prevent your home value falling to the point where you decide to walk away as well.
And can someone from the LV Sun staff enlighten me as to why this state of Nevada is still a 'deficiency state'? Why doesn't the state of NV pass a law retro-actively protecting all homeowners and limiting banks recourse for mortgage losses to the home itself. No Bank should be able to pursue a homeowner for losses beyond that of foreclosing on the home or a short sale.
I am amazed that the Pulitzer Prize-winning Las Vegas Sun is using istock imagery. Can we expect to see some great new feature stories from Associated Content in the future, too? Or is the next step "citizen reporters" and reader-submitted images?
Banks control everything. They will do what they want, when they want! There is no way to control the monster that has been created!
Amazing here we have the liberal theory that you can spend your way out of debt. Most of these loans given were to people that overextended themselves and some were created by the Fanny Mae/Freddie Mac Fiasco of lets make everybody a homeowner which was forced on them by Frank, Dodd, Pelosi, Reid etal. Once again we have government dictating to private businesses as in socialism. If this move continues, rest assured the second coming of the Fannie Freddie Fiasco will happen. The definition of insanity is----- doing the same thing over and over again expecting different results. You can read the ignorance of the writer in this article.
Tent Cities. The lingering reality from the failed Trickle Down era.
Foreclosed office buildings would make conversion condos for those forclosed out of houses / only fair -- saw a cool site; Balkingpoints ; incredible satellite view of earth
As usual I hear the blame game. Its the Democrats fault, no its the Republicans fault. It seems to me the two parties continue to act like a bunch of little kids fighting on the playground. I don't see any solutions to the problem with the banks and mortgage industry until these politicians stop acting like children. The Republicans are the party of "no" and the Democrats can't seem to come up with solutions now that they are in power and seem to lack the backbone to move a head. Our political arena is in shambles. We need people in power who are not beholden to the special interests and power brokers. Probably will not happen in the near future as long as we keep re-electing a lot of these people. Of course that is my opinion and I could be wrong.
NO INCUMBENTS, PERIOD.
Let's get the theme rolling now and it will catch on. Do not re-elect your Senators, do not re-elect your mayor, do not re-elect your dog catcher. Sweep 'em clean.
NO INCUMBENTS, PERIOD.
Shrek - nice interest rate. I was a responsible owner who got a fixed 5.3 at 30 years that I could afford even though banks offered me ARMs. Apparently you now enjoy the help of the govt for being a bad borrower.
No one should waive your second. It is your debt pay it. And if not and you lose your home not because of medical or job lose, but because you got stupid loans more than you could pay so be it.
I am sure you got a 100% loan balanced between a first and second at a variable rate....all that means is YOU NEVER SHOULD HAVE BOUGHT THE HOUSE!!!
so live and learn.
It is a good thing Nevada is a deficiency state to keep terrible borrowers like you from walking away from loans without the possibility of someone asking you for the balance of your debt.
The bank gave you a loan to buy a house. they did not give you a house. they do nor want your house.
So in the end Shrek. You are the problem. You and everyone else that bought about what they could afford by getting exotic mortgages. You are the reason we are in this mess in the first place
Way to use clip art that has no connection whatsoever to Las Vegas. Way to lay off the best illustrator in the history of Las Vegas, Chris Morris. Very short sighted.
"Amazing here we have the liberal theory that you can spend your way out of debt."
cignettis -- there may not even be a debt. If the "lender" can't show it's the Note Holder there is literally no one entitled to receive payments.
As this article shows loan mods are a colossal failure. Funny with all the attention on HAMP, etc., this reporter mentions nothing about the biggest flaw in all this -- if the lender can't show it's the Note Holder, there's no loan to modify. Who even bothers to ask? And where's Nevada's grandstanding AG on this massive fraud against the people?
KillerB,
You sound like a broken record when you repeatedly say "produce the note!!!". Why do you want these people to avoid paying a legitimate debt based on a techncality? They borrowed the money but you want them to be able to keep the house and void the mortgage. What in the heck is wrong with you?
"You sound like a broken record when you repeatedly say "produce the note!!!". Why do you want these people to avoid paying a legitimate debt based on a techncality? They borrowed the money but you want them to be able to keep the house and void the mortgage. What in the heck is wrong with you?"
azbycx0918 -- I'm going to break this down so even one as simple as you can understand it.
"You sound like a broken record when you repeatedly say "produce the note!!!" -- because that's literally a perfect defense. Even the 9th Circuit Court of Appeals is training its judges in that, and the American Bankruptcy Institute is pushing it. And judges are starting to expunge entire mortgages based on this centuries-old law of notes.
"Why do you want these people to avoid paying a legitimate debt based on a techncality [sic]?" -- that's just a dumb statement, considering how the banks and their attorneys live and die by technicalities. But to answer -- without holding the actual, physical note the homeowner signed, there is literally no one entitled to receive payment. That's clearly printed right on the note itself -- you know, the same thing this broken record has posted a few times. Maybe the people will wake up.
"They borrowed the money but you want them to be able to keep the house and void the mortgage." -- it's actually questionable whether they borrowed any money at all. Considering how about 90% of the "money" in existence is in the form of promissory notes, one literally creates the money which the bank then "loans" you. Then bundles your note with thousands of other similar notes and trades them as securities. It's the bank & its players who void the mortgages -- by losing the notes, or separating the notes from the security instruments (deed sof trust) -- not the homeowners.
So what the is wrong with YOU?? Spend some time on Google and do your homework before posting your ignorance. I've provided plenty of links.
they might talk a big game but lenders aren't interested in rescuing anyone. they're interested in paying upper management big bonuses with all that bailout money. on their terms a modification still usually leaves the borrower substantially upside down.
the biggest problem is the incompetence of the loss mitigation case workers. period.
KillerB,
I will respond to your misunderstandings below:
"it's actually questionable whether they borrowed any money at all". - That is an insane comment because money was wired to the seller at closing. The bank gave money to a third party on behalf of the buyer and a note was signed by the buyer. Just because the note cannot be found does not change this fact. You know a loan was made and the buyer knows a loan was made, I mean the buyer is living in the freaking house as we speak!!! To suggest otherwise is dishonest and disingenuous.
"without holding the actual, physical note the homeowner signed, there is literally no one entitled to receive payment. That's clearly printed right on the note itself" - How do you know that it's clearly printed on the note itself if the note cannot be found? Produce the note that says no one is entitled to receive payment without the note, and I will show you a note that proves the lender is entitled to the money.
Your attempts to circumvent the system are dishonest and hopefully not successful.
"How do you know that it's clearly printed on the note itself if the note cannot be found? Produce the note that says no one is entitled to receive payment without the note, and I will show you a note that proves the lender is entitled to the money."
azbycx0918 -- copies. Only if the lender is also the Note Holder.
Do explain why my "attempts to circumvent the system are dishonest."
Nothing else you posted is worth answering again.
you're not just paying for "underwater desperate homeowners mistakes". you're paying for well-to-do, I took out all my equity to buy toys/vacations/fine-dining/vehicles/investment property homeowners. There are just as many "affluent" homeowners who have decided that they shouldn't have to pay for all the money they took out of their home and have let their mortgages go into default and foreclosure, not due to financial hardship, but due to greed. If we were dealing with only people who were sold on the American Dream by unscrupolous real estate agents and mortgage lenders the quagmire wouldn't be as deep.
killerb, you are foolish. Go to the county recorder's page and you will find a signed and recorded deed of trust for every one of those loans. Getting a copy is very easy. The problem you are incorrectly conveying is that the current lender or servicer of the loan is not on the original deed of trust. And they don't have to be. When you took the loan you allowed the lender to assign it, which most did, and MERS tracked those assignments. What MERS DIDN'T do in the cases you are referring to, was record those assignments. Without being recorded it gives the current servicer or owner of the loan, no legal recourse against the borrower because they aren't LEGALLY the holder of the Deed of Trust. To check this out if your case falls into this, just go to the clark county recorder's web page and you can find the original loan docs as well as any assignments. if those assignments were't recorded, or if MERS isn't recorded as an agent to foreclose, they have no standing. However, all this will do is delay things because MERS will now start tracking and back recording those assignments and the now servicing lender will record a substitution appointing an agent to do the foreclosure and it will eventually go through. That being said, since nevada is a non judicial foreclosure state, the only way to even try and use that defense to stop foreclosure is to file a lawsuit against the lender. You can be assured that before that action ever sees trial, the proper documents will be recorded, the foreclosure will be effected, and you will be out whatever money your attorney charged you for filing the suit.
Citi just put a 30 day moratorium on foreclosures to help start reworking these loans. i just reworked one from a 6.5% interest only to a 2%, 40 year fixed with 38% principle reduction. Granted, it won't become permanent until after the 90 day trial period and it is up to the borrower to submit the necessary documentation in time.
KillerB,
What is your response to JustMe's debunking of your "produce the note" scheme? His explanation seems way more plausible than your hair-brained theory that people can keep the house without paying the mortgage.
JustMe -- you're confusing the deed of trust and the note. Not the same thing.
I'm not making any of this up, regardless of skeptic jabs from azbycx0918. The 9th Circuit (the federal courts on the west coast) has endorsed the "show me the note" -- you can see that for yourself at http://www.ce9.uscourts.gov/jc2009/refer...
Another excellent links on the subject -- http://www.nytimes.com/2009/03/01/busine...
Spend some time looking at her other columns on this subject, it's worth it.
MERS has been kicked out of at least two states as having no standing to even be on those deeds and a federal judge in Vegas has kicked them off foreclosures as a party. That's at http://iamfacingforeclosure.com/blog/200...
and
http://www.webofdebt.com/articles/mers.p...
School's out for now.
justme, the lender reduced your principle by 38%? cool, but you're still probably 20% to 30% upside down compared to market, right? just curious.
Killer, I know the judge Dawson ruling intimately. Your only correct statement is MERS has no right in foreclosure. What MERS needs to do is backtrack all the conveyances of those Deeds of trust and record them, which is by the way the instrument a borrower signed when getting the loan and that document is recorded and is the basis for a foreclosure.
For instance, in an example case the deed of trust was recorded in the name of Mortgageit inc. It was conveyed and recorded let's say to Bank of Nevada, it was then re-conveyed an indeterminable amount of times, eventually to Citimortgage, but never recorded, only "tracked" my MERS. Then MERS assigns their right of foreclosure to Ctimortgage, the most recent servicer. The problem is that MERS has no right to assign it because the last recorded holder would be Bank of Nevada, therefore Citi has no right of foreclosure.
Now one big problem is the county allows these assignments to be recorded and as i said previously it will take a lawsuit in Nevada to stop the foreclosure and figure out that MERS has no right of assignment.
Now the important part, and if I can get a meeting with the CC recorder and treasurer this week I will make it known to them. THE REASON MERS didn't record these numerous conveyances and re-conveyances is because of recording costs, since those costs have to be born by the parties involved and can't be charged to the homeowner as a party of the original DOT. With MERS tracking 60 million mortgages those recording costs could be billions of dollars nationwide. Which means Clark County was ripped off for millions in recording costs. There is no law that says you have to record the conveyance, but without recording it, it gives the new holder, in this case Citi, no right of foreclosure because they are NOT the recorded holder of the Deed of Trust. What the county needs to do is stop accepting MERS assignments and force MERS to go back and record ALL conveyances, thereby netting the county tens of millions of dollars in recording fees, and probably bankrupting MERS if it were to be done nationwide. This would surely help the Clark County budget so I hope to get a sympathetic ear. I'm sure there would only be a need to record the docs that are actually involved in foreclosure proceedings, making the windfall to the county much less, but the first step is for the county recorder to make sure whoever MERS assigns the rights of foreclosure to, are in fact the recorded holder through a recorded conveyance, of the DOT.
I don't claim to be a lawyer, and I have never played one on TV, but I do date one and have several god friends and so far, not a single one has given an adverse opinion to mine.
Lesson over for the day
BAM, I wasn't upside down in the first place. Myabe by the time you add in realtor commissions and such I would be near zero equity. However before i removed it from the market, which by the way the mods require the home CAN'T be for sale as the program is designed for home retention not for resale with equity, I had an offer that would have netted me about $20,000 after all expenses. I almost took it then got a call from the lender, removed it from the market, and worked out the mod
So now I will be in about a 50% equity position. THANK YOU !!!!!!!!!
It is not an easy process and frustration had nearly worn me out and forced me to make the sale. When I finally found a competent MOD case worker she realized the only reason all other attempts had failed was because the case workers were too stupid and incompetent to tell me that having the property for sale would immediately cause the mod to be rejected. Now instead of having $20,000 and being homeless, I get to keep my beautiful home and have a 50% equity position and a payment that is approx 65% less when including taxes and insurance.
sounds like a pretty good deal.
JustMe -- good for you on Dawson. No one's provided a link for it or explained why it's even relevant here.
And you're being very simplistic about MERS, like they can correct anything by recording. I refer to Judge Riegle's 3/31/09 Memorandum Opinion on In re Mitchell, the lead decision on 28 cases. MERS can't even legally be on the deed of trust -- that's explained on pages 7-8, which also covers the importance of note holder status.
Like I said, I'm not making this up.
I know. You aren't quite understanding. MERS tracks the DOT's, therefore they could get to the last legal recorded holder and get the conveyance needed. However, I opine that that they would need a "Chain of conveyances" from each party that sold and bought the DOT from it's inception and having each one recorded.
Consider this for example, I can buy my neighbor's car and sell it, then that guy can sell it to someone else etc etc etc. Each time the title transfers to the new owner, DMV tracks that title. DMV can't just "Jump" title and give it to buyer number 6 because buyer number 6 now has the car. Buyer number 6 has to have proof that buyer number 5 sold it to him and so on.
Not the perfect example because the DMV not only tracks, they record and make sure the title chain is complete upon issuance of a new title. on the DOT side of things, the county recorder leaves it to MERS to say who owns the DOT and allows them to assign without proof of ownership.
The ownership of the "right to foreclose" needs to go from owner to owner and MERS, the tracker, can't just say because we followed ownership of the DOT we can just assign it to the latest lender, take our word for it, they legallly own it.
Like I said, not the best example but i am trying to simplify it for you.
JustMe -- I understand what MERS does. Being a grantee/beneficiary on DOTs then acting as a foreclosing party is where they overreached.
Killer, The Judge Dawson decision was a reaffirmation of Judge Riegle's earlier decision. I'm not sure if it is the case you quoted but his ruling was concerning a bankruptcy trustee that argued MERS had no right to foreclose on the petitioner's property. Judge Riegle found in favor of the trustee and Judge Dawson upheld that decision.
Killer, in the foreclosures I am working with MERS has not acted as the foreclosing party but has assigned the DOT to the foreclosing party when they in fact where not the last recorded holder of the DOT, making it impossible for them to have any right to assign. I think the County Recorder should immediately stop taking assignments from MERS considering the Federal Court's ruling, thereby halting all MERS foreclosures. That would save homeowners their homes and give them enough money in their pockets to stimulate the economy. The victims would be the banks who started the whole CDO mess in the first place and then got bailed out.
Sorry but they won't get my sympathy.
There are still homeowners out there (like us) who want to stay in our homes, but due to circumstances beyond our control, are now having to ask for help. We bought a foreclosed home in 2007 and thought we were doing the right thing financially because most of the homes were still over priced at that time. We put good money down, purchased a home that was well under our budget and obtained a fixed rate mortgage from Wells Fargo. We have good credit scores and always pay our bills, including our mortgage, on time. Then my husband was placed on 'lay off' status this year at one of the local casinos and although he goes to work everyday, he makes a fraction of what he used to take home. We've tapped our savings, obtained a second job (I have) and are still just barely keeping our heads above water. And we can't refinance, either, because we are over $100,000 upside down. So, this federal program is something that I see as necessary for folks in our situation - if it works properly. We were not irresponsible in purchasing our home, nor have we missed any payments and we aren't walking away or trying to get out of paying on a technicality. And while we are making every effort to adhere to the terms of our promissory note, it seems Wells Fargo isn't interested in making good on its promise to modify our mortgage. We entered a 'trial period' where they reduced our monthly payments a bit(approval took 4 months) We have done everything they've asked on time. We've endured weekly calls from Wells Fargo even though our payments are not late and have received 'Post It' notes on our door stating 'call your mortgage company'. Now that they've 'pre-approved' us for a loan modification, they suddenly don't have certain paperwork that we already sent to them. Then they sent a rep out from Titanium Solutions to our home to help us with paperwork. And when you call Wells Fargo (if you can get someone who's not reading from a script) they'll tell you Titanium Solutions has our new contract - then Titanium says they don't provide a contract at all, just help with the paperwork provided by our lender. We kept getting the run around and had to ask for a supervisor. We were finally transferred to the woman who was working our file - at last, a break through!!! No, just her voice mail... Hopefully we will have a resolution before the end of the month when our trial period ends. I don't know if there are words to describe the stress and frustration we've endured going through this process since last April. We have never asked for any kind of government help, and when we need it desperately, this is what we've been forced to deal with. I honestly think that the government needs to do more to hold these lenders accountable - especially if they've received tax dollars from this program and are supposed to be helping homeowners.
I cant believe there are still people out there saying how wonderful they are because they have a low fixed rate mortgage. Hope your not underwater ha ha ha ha ha ha
JustMe -- we're almost on the same page, with one slight kink, MERS lacks the right to assign ANYTHING. If MERS can't qualify as a beneficiary then the entire deed of trust is void simply as an operation of law. From page 7 of In re Mitchell:
"...it is obvious from the MERS' "Terms and Conditions" that MERS is not a beneficiary as it has no rights whatsoever to any payments, to any servicing rights, or to any of the properties secured by the loans. To reverse an old adage, if it doesn't walk like a duck, talk like a duck, and quack like a duck, then it's not a duck."
One must wonder what part the title companies played in this mess.
sincitymomma -- use this part of NRS 104.3501 in a letter to the Wells Fargo entity demanding payment (the demand is the presentment):
"(b) Upon demand of the person to whom presentment is made, the person making presentment must: (1) Exhibit the instrument; (2) Give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so..."
"Must" creates an affirmative duty on the part of the person who made the presentment to do according to your demand. Do that and you just changed the rules of the game to favor YOU.
killer, I think if you read what I wrote above, i think you will see we are closer than you think. I agree MERS has no right to assign. This is from my earlier post, problem and a solution ;-)
........MERS has not acted as the foreclosing party but has assigned the DOT to the foreclosing party when they in fact where not the last recorded holder of the DOT, making it impossible for them to have any right to assign. I think the County Recorder should immediately stop taking assignments from MERS considering the Federal Court's ruling, thereby halting all MERS foreclosures............
momma, you have my sympathy. Loss mitigation case workers have to be one of the most incompetent group of workers in the country. Even more incompetent than airline counter agents, which I thought would be impossible to ever say.
Set up your own small company, learn the gov programs and sub-contract the case work from the banks. You'll make enough to pay your bills and you'll feel good when you can help people. (I have no idea if they are sub-contracting the work, but why not try. The foreclosure business has caused a rash of related cottage ndustries to spring up).
Good luck with yer situation
I got a very nice home when I move here 8 years ago. I need no credit and little down, and I get a new house. I have 6 bedrooms and 3 car garage and pool and spa. I move my parents in from Mexico, and my coisan and his wife. We have no problem with payments. If we do, we know where to go
Finally....
A great idea has arrived!!!!!!!!!
http://moveyourmoney.info/
Have you closed your bank account today???