Borrowers don’t know who they need to negotiate with for a modification, which is illegal, because the modifier does not own or hold the mortgage and note.Housing analysts reveal home prices and construction starts, but the fact is that the legal wrangling over faulty foreclosures and broken processes never actually ended: Questionable legal and bank fees are levied on troubled borrowers. A foreclosure may lead to class actions filed by borrowers, who contend they were charged improper bank fees, court costs and legal-related fees in their pre-foreclosure and foreclosure.
It often occurs years later, during the discovery process when the bank is sued, does it emerge that the bank servicer or Trustee has no ownership in the underlying property as claimed by these bank scammers. The collection of fees is called improper bank and legal charges or advance fees and is rampant in foreclosures and the un-knowledgeable judges are letting the banks get away with Highway Robbery.
Why should we be moved to care about bank mortgage foreclosure and servicing fraud, since it only impacts so-called “deadbeats” who bought too much home. Right? Well, think again.
When someone without a mortgage can get a foreclosure notice; when a bank without an interest in a home can generate fees off a property in foreclosure; when a sampling of 100 bank loans finds that the actual monthly payment cannot be substantiated on 97 of them; or when a family’s mortgage payment misplaced by their bank leads to a foreclosure two years down the road, you can understand that these problems are in no way limited to those “deadbeats.” In fact, they’re not limited to those in foreclosure.
Everyone with a mortgage – everyone with a home or commercial property – is a potential target for bank mortgage fraud and abuse, because the judges are letting the banks get away with foreclosing illegally and unlawfully.
The culprit is MERS, the shadowy, secret, electronic database set up by Freddie Mac and Fannie Mae years ago to unlawfully record the lender and banks’ mortgage transfers, and to evade county government transfer fees under all States statutes. This greased the skids for securitization, where mortgages and notes get traded many times, in some cases, before landing in a pooled trust and sold again and again as bond or stock certificates to investors.
The bank cannot track their interest, because MERS doesn’t work in its only job description, to track and record the transfers. In realty, MERS has been found to be an illegal recording entity in courts.
MERS doesn’t so much track mortgage transfers as much as it pretends to track them. The so called interested parties do not own or hold the mortgage and note under Federal law, but pretend to have legally completed the transfers, recorded the assignments, and made true sales with receipts. This makes it easier to charge additional fees on a borrower, who has no idea who actually owns his or her loan.
MERS is DELIBERATELY opaque. The less the borrower knows, the more they can get fleeced and robbed.
Using MERS resists mortgage and foreclosure accountability. Borrowers don’t know who they need to negotiate with for a modification, which is illegal, because the modifier does not own or hold the mortgage and note.
If fraud is discovered down the line, banks can finger-point at the other actors in the broken chain of ownership (trustee, servicer, note holder, certificate holders, investor, lender, etc.). So not only can the banks claim extra fees, they can find a convenient excuse to avoid blame if they ever get revealed as mortgage frauds.
It’s a nice little system for the banks. For the American homeowner, it is a negative credit rating, emotional, and life disaster!
David Young, The Mortgage Lien Remover, is a consumer advocate that focuses on teaching you how to get a mortgage lien release to win against the banks. This process gives you the power to take control of your finance by eliminating your mortgage. You could get your questionable mortgage lien removed for a free and clear home or commercial property by visiting www.1RealEstateHomes.com.
Read how the mortgage lenders are cheating you and breaking the law. Remember, you have already pre-paid for your home at your closing by signing the promissory note and giving the lender the loan first, so why would you want to pay again with interest? Take Action Today.