Dec 1, 2016
In the final analysis there is nothing about the business model that makes sense. Switching servicers and owners is simply not the norm of the industry except in relation to cases in foreclosure. It only makes sense if you assume that they are hiding the truth.
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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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So I just responded to a homeowner who, with a little help from us, sent out a QWR and DVL and received a response that was quite revealing. The homeowner was dealing with the usual chorus line of ever-changing servicers and alleged “lenders” (pretender lenders).
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After YEARS of denying that anyone other than BOA owned the loan they now admit that they are now asserting that Freddie Mac owns the loan, although, despite the QWR and DVL letters, they have never produced a single document that shows that.
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And after years of denying the involvement, Bayview makes the singular uncomfortable admission that LPS/Blacknight in Jacksonville maintains the system of records for Bayview (along with most everyone else in the “securitization” scheme). I say that means LPS is the servicer. If that opinion is right, then LPS is the servicer for virtually every loan made in the last 15 years. [Remember this is the company who published a menu of services that included the fabrication and forgery of documents]
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What they don’t say is that LPS (now known as Blacknight) maintained everything from the beginning because the loan didn’t legally exist nor was it ever purchased or acquired by anyone. The debt was and remains owing to institutional investors who don’t know they are owed money from the party who received their money. Neither the creditor nor the debtor know of each other’s identity or existence.
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So here are some of my responses to the array of documents sent to the homeowner leading one to the inevitable conclusion that they are intended merely to confuse and obfuscate.
- Freddie Mac is the owner. When did it become the owner?
- Did Freddie Mac approve the modification?
- Does Bayview have the right to commit to modification? ON behalf of whom did Bayview approve the modification? Who is bound by the modification agreement?
- Servicing changed from BAC—>BOA effective 7/11/11. BAC was the new name of Countrywide. So when did Countrywide get involved and how?
- When was servicing changed from BOA (the original pretender lender) to BAC or Countrywide?
- Servicing changed from BOA—>Bayview 8/1/15. It would be interesting to learn what other events may have prompted this change of servicer.
- What documents exist showing BOA right to service the loan?
- What documents exist showing Countrywide right to service the loan?
- What documents exist showing BAC right to service the loan?
- What documents exist showing Bayview right to service the loan.
- Request copies of servicing agreement.
- Who was the owner of the loan when the loan was first originated?
- Who was the owner of the loan when the servicing of the loan was transferred to Countrywide?
- Who was the owner of the loan when the servicing of the loan was transferred to BAC?
- Who was the owner of the loan when the servicing of the loan was transferred back to BOA?
- Who was the owner of the loan when the servicing of the loan was transferred to Bayview?
- Why was I not notified that Freddie Mac has become the owner of the loan? [Suggest letter to Freddie Mac asking if they are the owner and if they are aware there is a modification.]
- LPS/Blacknight: I am surprised they admitted it. So the question to them would be (a) are all records concerning my loan maintained by Blacknight and (b) is Blacknight actually my servicer? — Since Bayview says Blacknight has the records you could write to Blacknight and ask where your records are kept and who has access to them.
- The other question is if LPS/Blacknight maintains the system of records, what does Bayview do?
- 11/22/16 statement was prepared by Blacknight? where did they get information from? If there is a credit balance shouldn’t you get the money?
- If Freddie Mac is the owner then why did Bayview sign the acknowledgment as lender?
- If Bayview is the servicer why doesn’t the acknowledgment say that they are signing on behalf of FreddieMac, the owner?
- If Freddie Mac is the owner, why does the modification not state that and why does Bayview sign as and have you sign “in witness whereof, lender and Borrower have executed this agreement.”
- Since the modification has supposedly been completed, why hasn’t Freddie Mac or its authorized agent sent a correction to the credit bureaus — with the foreclosure dismissed?
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