JPMorgan CHASE STOPS FORECLOSURES!!!

[justbroke]

Same guy signed for Mers alone and Homeowners Financial Group. Metlife can't assign themselves the Note and Deed of Trust. What gives?

What gives is the phenomenon of MERS! Just search Google -- or your favorite search engine -- for "MERS foreclosure" and plan to spend the next millennium reading about the issues. The problem ws how they did assign the original mortgage (not Note) to MERS and it requires MERS to assign the mortgage.

However, there are some very complex issues and it varies from State to State, but in some States, MERS cannot assign anything, because it was never the beneficial holder of the Promissory Note (Note) and even the Mortgages that include MERS as the mortgagor state that MERS is only acting as nominee. This is where the mortgage industry messed up. They almost ALWAYS can fix the assignment problems with time and get a clean foreclosure, but many foreclosures were RUSHED through Foreclosure Mills. About 4 such foreclosure mills are under investigation in Florida for fraud.

[tobee43]

I am nearly a year out of bankruptcy and my house is still not foreclosed. I am renting one neighborhood over. They keep filing NODs and then not foreclosing. I pulled the Assignment of Deed of Trust recorded by the bank. First Horizon transferred my loan to Metlife for servicing a few years ago. A guy that works for Metlife signed the assignment "Michael Fisher" in the name of First Horizon and MERS to lift the stay in bankruptcy. I pulled a couple of Assignments by Metlife in the same month in our county. Same guy signed for Mers alone and Homeowners Financial Group. Metlife can't assign themselves the Note and Deed of Trust. What gives?

My lease is up at the end of November. I think I am going to move back into my house until they can sort this out. I have to pay 75 a month to the HOA and any fines. I am really behind because I received an attorney letter last April telling me the house was owned by FNMA and to remove my property so I stopped paying the dues and watching the house. Months later I find out that it didn't foreclose and a new NOD was filed. Trustee sale for 9/8 that again didn't take place.

Funny thing is: my husband and I have jobs now and can finnaly qualify to work out the loan but we bankrupted it. Now I just hope I bankrupted the right company because heck if I know who I really owe the money to!

wow.....this is extremely an interesting scenario, i MOST certainly would move myself right back in provided they don't have it all locked up...and even if they DO...it's still yours technically....or the deed is still in YOUR names....therefore there has been no transfer and the title not cleared....yeap..i'm move right back in and save myself a few dollars, by just putting bucks away...then i would ask the bank if they would like to do a loan mod at a nice low interest rate......????????? oh...yeah this could work out well for you.

[kevano51]

Ok, well what Im trying to sort out is, I have a house in foreclosure that actually had a sales date set, the loan is now with chase, i called chase they said to go to the judge on the day they were to set the sales date and tell them that i have been working with the bank, that i had it listed for short sale, which i did and see if the judge would stop the sales date in light of this issue, he did not he opted to set a sales date, then before the house was to sell, chase stopped the sale and responded to my short sale offer which i had had with them for several months, in the meantime the original buyers backed out and got their escrow money back as they were tired of waiting, we now have a new offer at a lesser amount and my real estate agent wants me to go ahead with getting a proposal so we can see how it will affect me paying taxes on any deficiencies, what im trying to ascertain is how these new events affect all of this, i called a lawyer and he said foreclosure defense costs 1500, not sure much can be done at this stage as i am in florida and as i understand the law, i should of contested this foreclosure in the first 20 days(sometime last year), what im also trying to figure out is who can i contact at the regulatory level to get my house included in this foreclosure stoppage, im trying to stave off bankruptcy as long as possible. thanks in advance for any ideas!
Kevin

[catleg]

There is also some concern that the mortgages were not transferred into the REMIC (MBS) before it was legally closed; denninger (market-ticker.org) has been talking about this a lot. There are a lot of cloudy issues here.

[justbroke]

There is also some concern that the mortgages were not transferred into the REMIC (MBS) before it was legally closed; denninger (market-ticker.org) has been talking about this a lot. There are a lot of cloudy issues here.

That is exactly my case now! I discovered that my ABS/MBS was allegedly in a 2006 series that closed in July 2006. However, I have an un-filed "assignment" that shows a transfer in November 2007. So, the REMIC is entirely wrong and it's not part of the pool legally. Should get interesting when they go to foreclose on my home. Maybe that's why they never recorded it. Besides, it is "MERS" acting as nominee, doing the assignment. Additionally, the original lender is defunct.

I also caught them in a lie -- fraudulent docs -- in the bankruptcy court. They submitted the Promissory Note in one Motion without any endorsements and "certified" it with stamps that it was the original. Then in another motion, they submitted the Note with "undated" endorsements and didn't certify it. What is wrong with these people?

[ozarkmiss]

"That means hordes of victims of predatory lending could end up owning their homes free and clear—while the financial industry could end up skewered on its own sword." I wonder if this is the reason my attys are hot to trot with litigation on my pending FC. The primary servicer was sold numerous times. Original lendor defunct. Their paperwork in order is dubious. (gmac now)

http://www.independentamerican.org/2010/10/05/homeowners-rebellion-could-62-million-homes-be-foreclosure-proof/

[justbroke]

"That means hordes of victims of predatory lending could end up owning their homes free and clear—while the financial industry could end up skewered on its own sword." I wonder if this is the reason my attys are hot to trot with litigation on my pending FC. The primary servicer was sold numerous times. Original lendor defunct. Their paperwork in order is dubious. (gmac now)

I don't see any hordes of people getting their homes for free. In a recent Florida Bankruptcy case, the Trustee went specifically after those facts and lost. The Judge mentioned that the mere fact that a mortgage was recorded and not "satisfied" is fact positive that the property is encumbered. The Trustee had tried to show that the mortgage was already paid for and that the property should be free and clear of liens -- in order for the Trustee to sell the property, of course.

Foreclosure attorneys are chomping at the bits because there is a lot of "work" out there! They typical charge $1,500 for a foreclosure defense here in Florida, and can keep a homeowner in their home for 1-2 years! That is certainly worth it. Some of the attorneys are actually trying to get a case where they can get the home free and clear, but that has NOT happened. Still goes back to the fact that there is a mortgage, it was recorded, and despite the fact that the "mortgage" was sold, the mortgage was not satisfied.

For some reason, there are many that seem to jump to the conclusion that the mortgage is satisfied and paid for, because someone else purchased the mortgage. The fact is, that the buyers, whether asset-backed securities or traditional mortgage transfers (sales), are not buying the home. They are buying the rights to the proceeds and the terms of the promissory note. In other words, they are buying it to be paid the interest over the term of the note... they didn't "purchase" the property.

[ozarkmiss]

Of course that is the voice of reason JB...

[Billssuck]

I haven't been listening to the news or on the computer the last week or so and now I hear this. WOW! Unfortunately, my state isn't listed as one of the 23 where foreclosures are halted. But...I haven't made a mortgage payment since May and I still haven't heard ANYTHING from BOA. I ponder if this will still somehow slow them down with my FC to cross their "I's" and dot their "T's"....hey that's funny...that's what the bank's are screwing up on too...simple English and writing skills. I'm still in my house and plan to stay here until our auction date...whenver that will be as we haven't even gotten a relief from stay yet (we're in an active 13).

[tobee43]

I don't see any hordes of people getting their homes for free. In a recent Florida Bankruptcy case, the Trustee went specifically after those facts and lost. The Judge mentioned that the mere fact that a mortgage was recorded and not "satisfied" is fact positive that the property is encumbered. The Trustee had tried to show that the mortgage was already paid for and that the property should be free and clear of liens -- in order for the Trustee to sell the property, of course.

Foreclosure attorneys are chomping at the bits because there is a lot of "work" out there! They typical charge $1,500 for a foreclosure defense here in Florida, and can keep a homeowner in their home for 1-2 years! That is certainly worth it. Some of the attorneys are actually trying to get a case where they can get the home free and clear, but that has NOT happened. Still goes back to the fact that there is a mortgage, it was recorded, and despite the fact that the "mortgage" was sold, the mortgage was not satisfied.

For some reason, there are many that seem to jump to the conclusion that the mortgage is satisfied and paid for, because someone else purchased the mortgage. The fact is, that the buyers, whether asset-backed securities or traditional mortgage transfers (sales), are not buying the home. They are buying the rights to the proceeds and the terms of the promissory note. In other words, they are buying it to be paid the interest over the term of the note... they didn't "purchase" the property.

yes, jb, i think many believe that is what the results of this situation will conclude....no way....no one is getting their home for free. we all know we purchased them...and could have cared less as to who was holding the paper at the time.

and, now although, i'm quite certain that my house is one that is included in this situation, it's just a matter of the banks actually figuring out who is it that owns the property. once that do i'm certain this moratorium on the halting of the foreclosures will be lifted.

that example of what is transpiring here should result in, to say the least some rather interesting legal arguements. giving more money in atty's pockets!

one who think this is not between those debtors that listed their mortgages and got discharged, (in good faith), but between the investors and the banks and the courts.

justbroke: In any event, this doesn't quash the lien and note at all. It just ensures that the entity/person prosecuting the Foreclosure, is actually the RIGHT party to grant a judgment to! There was one case, I think in Florida as well, where the person had their home foreclosed while in Bankruptcy. Then, shortly after, the REAL HOLDER OF THE NOTE stepped forward! What a mess!

i think this is the perfect example of who's on first!!! and it's the debtor! LOL!!!

[tobee43]

I haven't been listening to the news or on the computer the last week or so and now I hear this. WOW! Unfortunately, my state isn't listed as one of the 23 where foreclosures are halted. But...I haven't made a mortgage payment since May and I still haven't heard ANYTHING from BOA. I ponder if this will still somehow slow them down with my FC to cross their "I's" and dot their "T's"....hey that's funny...that's what the bank's are screwing up on too...simple English and writing skills. I'm still in my house and plan to stay here until our auction date...whenver that will be as we haven't even gotten a relief from stay yet (we're in an active 13).

bill....the word i saw on cnn yesterday is the situation is extending the number of states included daily.

[KevFinnerty]

These are the "lucky" 23:

Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

I'm in PA and Chase has most certainly not stopped my foreclosure proceedings. I even declared bk but they filed for relief for the stay just last week.

[KevFinnerty]

Chase didn't ask for a relief of stay... but I filed as retaining the house and changed to surrender at the 341 meeting.

I have a thread about the intentions part of my bk filing - just got a HUGE shock when I looked over my documents that were filed prior to my 341 meeting tomorrow. My atty/paralegal had it filled out as "retained" but left the rest of that blank. I originally questioned that since it is my hope that the trustee takes the house & sells it but I get my homestead exemption. It was explained to me that it needed to be filled out as "retained" and that the rest is purposely left blank and is discussed at the 341 meeting.

I never looked over the papers that were actually filed - until tonight - I assumed they were the same as what I was shown b4 going in to sign them. But now I see that they filled in the blank parts as retaining/other to "sell property" and then checked it as "not claimed as exempt". I am literally freaking out right now, at 2 am, the day prior to my 341 meeting.

From your post though it sounds like this can be changed at the 341 meeting itself??? (whew)?? I really need my atty to explain this.

[justbroke]

I'm in PA and Chase has most certainly not stopped my foreclosure proceedings. I even declared bk but they filed for relief for the stay just last week.

They didn't stop foreclosures that were already in progress... they were only stopping "new" foreclosures.

[tobee43]

They didn't stop foreclosures that were already in progress... they were only stopping "new" foreclosures.

jb, mine was "new"....it's going on 2.8 years now....and still no movement....

kev your property is PA....mine is in NJ...maybe they just don't like NJ...LOL!!! but they as of YESTERDAY still have not budged on the foreclosure. we are only speculating that the property MAY have run into some problems.

1. our mortgage truly could be one of the mortgages that have been falsified and they continue to have problems with the documents
2. there are so many problems, water issues, septic, leech field, cracked foundations, leaking underground oil tank, black mold..on and on...they make think it's not marketable?

of course, we cannot get any direct answer from chase.

last week someone we knew stopped by the house...the bank has a sign up on the door...they have continued to maintain the property from the outside as far as the person was able to see. we also check the sheriff's sale site regular and it's still NOT listed...so we continue to wait.... and wait and wait.