Archive for 'Servicer' Category
By Donna Steenkamp One of the most common claims made in foreclosure cases is simple and dangerous: “We have the original note.” Judges hear it. Lawyers repeat it. Homeowners are told it ends the case. It doesn’t. That statement hides critical facts, ignores how modern mortgage transactions actually work, and often masks a complete failure […]
Know your Options Foreclosure is a legal process that allows an entity claiming the legal right to do so to take ownership of a home when the borrower fails to keep up with mortgage payments. For homeowners facing foreclosure, this can be a frightening and stressful experience. The biggest question most homeowners have is: When […]
If I didn’t take the time to outline the confusing structure of Covius and their cronies, most would not believe it. I learned this from my mentor Neil Garfield and he went into it in great detail with me. I was frankly shocked at the lengths these entities go to in hiding their real identity, […]
From LoanDepot quarterly report, 2022: The Company derives income primarily from gains on the origination and sale of loans to investors, income from loan servicing, and fees charged for settlement services related to the origination and sale of loans. Not one word about revenues or profits arising from the receipt of principal and interest from […]
Hat tip to summer chic Judicial Notice is a rule of evidence in which the court receives a written request to accept a document into evidence as proof of the truth of the matter asserted. In Foreclosures, the truth of the matter asserted is that there is an unpaid loan account, and the named plaintiff […]
The mortgage lien is designed to protect against financial loss — not to promote financial gain. If Wall Street wants to protect the financial gains it created from its crazy scheme using weapons of mass financial destruction, then the least it should do is share a little of that with homeowners, consumers, the government, and […]
since loss mitigation is a statutory condition precedent to foreclosure, there is a failure to comply with the condition that requires loss mitigation exhaustion before pursuing foreclosure, the steamrolling of homeowners is not just wrong, it is also a breach of statutory duty for which the homeowner can seek injunctive relief, damages, and attorney fees. […]
Why This “Boring” Statute Matters In a world where access to credit often outweighs access to savings, FCRA protections are crucial. History shows that dry statutes can bring down major offenders (think mail fraud in The Firm, tax evasion for Al Capone). Likewise, the FCRA can be the pressure point that changes outcomes for homeowners. […]
when the time comes that a judge enters an order or judgment containing findings of fact, for example, that the records of the designated “servicer” are not business records that are not exempt from the hearsay rule, the poop will hit the fan. I received multiple emails from lawyers and homeowners who were confused when […]
One of my constant comment contributors recently informed me and others that she was trying a new tack. She writes “My attorneys are making a demand that any refi money be placed with the Court and that the judge decides who he wants to pay.” This is very close to an Interpleader action which is […]
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