Anybody have any experience with this?

I heard that it gives you a better leverage for a loan mod if any discrepancies are found in your closing docs and that pretty much anyone that purchased sub prime in the past 5 years or so will most likely have infractions violating the law.

Also heard that if a non-profit company does your loan mod, they get attention quicker than a normal person on their own from the lender.

I would like to know about this as well

Let's pretend that I'm you. I would do a forensic audit, and if there were significant defects that could potentially permantently keep the "interested"parties from filing foreclosure (or was an absolute defense, fatal flaws in title, etc.), then I would do the audit and then work out a deal for permanent title AND cancellation of said Note that they probably don't have anyways.

Fraud is rampant in this situation. What I've seen by researching my own county's records is that....well a little background.

In order to foreclose, at least in OH, you need to produce the Note AND Mortgage. The Note must be an original ink copy, or certified copy-which I don't agree with because the fraud is sooooooooooooooooooooooooo bad that you could get anyone to "certify" a copy. While I'm not sure, but I "think" that statute or common law states that original must be produced. Anyways......

Let's say that they don't have the Note, but you Modify your loan. They foreclose. The Modification, based on my observations, is considered a Note and a Mortgage. Gotcha. It's almost like a plan by the you know who to rectify the problem of no Note. Can you imagine if most Mortgage holders didn't have the Note? See.....that's what's happening. At first they were filing foreclosures and getting default jugments, and they were being granted like crazy, no questions asked. Then, it became apparant that they didn't have all docs to successfully foreclose (legally anyways). The courts caught on and told them that they must produce both at the time of filing the original Complaint for Foreclosure. So they decided to start doing these BS Assignment of Mortgages. They are sooooooooooooooooo bogus (not all, but most that I've seen are BS). And to boot, the judges are allowing many in my State/County, months to "produce" the "correct" Assignments/Documents." Can anyone say BS? These cases should have been dismissed for lack of prosecution/fraud "with prejudice."


THEN? They have all they need to foreclose (well and a few extra fraudulent Assignment of Mortgages of course ).

If I sound pissy, its because I have personally witnessed it in my own county records. I've spent almost the past 2 weeks researching this stuff.

What I've found is truly sickening.

But you must realize that if they cannot produce the Note and the Mortgage (the mortgage usually being recorded in the county records so that's a no brainer), then they cannot foreclose.

The thing about the forensic audit, is that it will likely show that whomever is willing to foreclose on you, isn't the true party who holds interest in your property to do so. These loans are shopped around like a whore on Keowee Street.

I've seen many many fraudulent Assignment of Mortgages. It doesn't take much to go out on the internet and research to realize that these people do not have the authority to Assign ANYTHING....for various reasons. They are arrogant and sure of themselves.

But for me......I'm full of this information about several mortgages, that if I alert the homeowners, I could be in trouble for "Unauthorized Practice of Law."

I'm not sure that I answered your question. If it were me and I found that the lender in question, after a forensic audit, didn't have the right to foreclose, then I wouldn't enter into any agreement with them. I would put my money into an escrow account.

Just me.........

It's always possible to explain it to someone by phrasing it as your research - what you found out, or that you read this article or look at this...

Of course, if you are in law school and hoping to practice law in the future, that would be a really bad idea. But if you are just another consumer who reads a lot and has an interest in the subject, it's just a matter of how you present it. Look at the advice given here on CB - a lot of it is about legal issues, but it's all personal experience, referring people to the right reference sites so they can research. Can't get in trouble for that.

You are right. I need to figure out a way to rephrase what I say....

Thank you for this post. It makes a lot of sense!