Thanks,
Dan Edstrom
dmedstrom@hotmail.com

Who CAN provide me with the Satisfaction of Mortgage?????

Thanks,
Heather H.

But…hey! That’s easy for me to say! Mr. No Money Down, rough credit, started out with nuthin’ and still has most of it! Yeah, that’s right! SUBPRIME. I only bought because it was cheaper than renting, or at least, I thought it would be BETTER than renting. In other words, no skin in the game. Those of you out there, and you know who you are, have an opportunity. If you got shafted on your mortgage, you fell behind, you found out you got screwed at the closing table like everybody else, WELCOME ABOARD. Get mad, and get even. If getting even means living in your house for FREE for one year, three years, ELEVEN YEARS, SO BE IT! But don’t let this battle cloud your judgment or lead you to make bad decisions. Desperation will get the better of you if you let this take up too big a piece of your life. Your family needs you, too, not just the roof over their heads. Believe me, if they had to choose between you OR the house, they would pick YOU! Love your spouse and kids FIRST, please.

Now many other people, those snobby PRIME customers (just kidding, gotcha!) with all that equity and good credit and 401k’s and platinum cards, now THEY have something worth fighting for, more than you, right? The house was in the family for years, they put in a pool, they put big cash down (only to have the equity evaporate overnight), they have to fight their brains out , and loose their sanity or the house, or both, right? WRONG!

We are all in the same boat. Rich, poor, Prime, subprime, it doesn’t matter. When the LIABILITY or THE BATTLE begins to take away YOUR quality of life, YOUR relationship with YOUR family, or YOUR ability to make a living, then you must make a decision.

My first post was August of last year and I came in here crying with “I can’t pay-waahhhh, I need help-waahhhh, find me a lawyer-waahhh! what do I do-waahhh?” just like everyone else starts out. It’s natural. We start out thinking like victims, and before you know it, we’re all PERRY MASON (or L.A. Law for you younger folks)! Now, we think we know something, and then we learn some more. Now, were HUNGRY. HUNGRY FOR KNOWLEDGE. We seek out new avenues for guidance, look for the magic piece of case law that fits our situation and,,,,,,,,wow, that’s hard!

You know you have a case, it’s plain as day! You go to court a couple of times, the judge busts your balls and pay’s no attention and all of a sudden, you’re DESPERATE! Now, you have lost the ability to think rationally.

Please, take a little time to inventory what you have going.

That’s all. Don’t get tricked into believing that KNOWLEDGE IS THE POWER TO WIN IN COURT! THE LAW IS THE POWER TO WIN IN COURT. And, it’s DIFFERENT in every State of the Union! That’s why attorney’s are licensed to practice State by State.

And when you start paying for knowledge that other people have, knowledge obtained either by training, education, experience, or licensure, do not give of your funds easily! Seek out the referral of a satisfied client or customer. That should be easy to produce if the purveyor of such knowledge is operating in an ethical fashion.

Take the time to learn what causes of action you have, bring those causes of action against the proper party, and find the laws that were broken in the course of your particular situation. Once you have done that, you can approach an attorney and ask for his help. And pay him a fee. If you are indeed CONFIDENT in his abilities and ethics.

Sorry I write so much. Now go to sleep!

If we all are in agreement that the notes are defective, were split up in thousand of pieces, the assignments were never recorded most parties who originated those notes are no longer in existence, they will not step up either to face all the fraud claims and those who are trying to get your home in foreclosure would have to prove their standing. It seems to me that this strategy should work at any time.

Why wait until the end when you can get the bastards off the table from the beginning and in fact once they are removed from the table , you can then go after them for all the other fraud and illegality.

There is an outfit called Kondour Capital entering the fray, they are purchasing servicing rights from GMAC and others. These people knowing that the consumer is ill informed and that the court are ignorant about what happens behind their closed doors are foreclosing under their name, they do not even bother to file the Trust or anything. They acquire the servicing rights , foreclose without proper standing , kick the rightful owner from their homes and sell the property right after that for a ill gotten windfall.

The sad part is that they are choosing jurisdictions where the landlord tenant laws benefit them. In our Nations Capital, Washington DC, the owner once his property has been foreclosed , needs to get a bond of 5% of the properties current market value, plus pay the thieves rent while the court case is going.

Can you imagine anyone of us, paying 5% of $500,000 of property market value as a bond plus a monthly rent to the same people who stole your home through fraud.

that is more less the case in DC, in VA they require you post a bond, and so on. The courts make it impossible for many of the victims to exercise their constitutional rights. Our court system in many areas of the country are still in denial. They have no idea that the real victims are not the “LENDERS” but WE THE PEOPLE.

It is up yto you to push your lawyer from the naive believe that they can negotiate their way through a quick settlement and for the courts to see your case for what it is, mostly your constitutional rights were crushed in the process of home ownership and now in the process of the theft of your home.

Most lawyers out there are in for the sweet ride, piling on cases and playing the delay game. Well that does not work either. Either you fight or go and work as a greeter at WALMART, and that would still be a tall order for many lawyer who are not fit to be that LAWYERS.

There are great lawyers out there, and you know who you are. If we could only clone Mr. Garfield we could solve half the problem we face out there.

Neil, this might make a good discussion and novel legal attack?
Questionable conduct by Trustees at Foreclosure Sales?
Would a “complaint” of this sort still fall under California
Non-Judicial Statutes? Or would it be possible to gain “due process”
and an evidentiary hearing somewhere along the line forcing the
“Pretenders” to flee?

I should note the below article is about events in ARIZONA not
California. However they are pointing a finger at a Trustee FROM
California. So they may be doing something similar here in my state.
Perhaps you are aware of these Phoenix Shenanigans, I believe you
live in AZ.

ILLEGAL HOUSING BIDDING ON RISE
MANY FLOUTING LAW AT FORECLOSURE AUCTIONS

EXCERPT:
When foreclosure homes come up for public auction in Phoenix, a minimum opening bid is set and bidding is open to anyone.

At least that is the way it’s supposed to work.

But a Republic investigation into the daily public auctions held on the Maricopa County Courthouse steps and at some local law offices suggests a growing number of homes are sold for less than the posted opening bid.

Prices on some foreclosure homes are being dropped below the opening bid just hours or even minutes before the auction. Buyers aware of the “drop bids” scoop up the houses before other bidders know about the price drops.

Drop bids violate the state’s foreclosure-sale laws, say the state’s leading court-appointed foreclosure-trustee attorneys…………..

• PEOPLE LOSING HOMES WHO ARE NOT OFFERED THE LOWER “DROP BID” PRICE. A BUYER WHO LOST A HOME OWING $200,000 TO THE BANK MIGHT THEN SEE IT RESOLD FOR $50,000 BUT WOULD NOT HAVE HAD THE CHANCE TO BID ON IT AT THE LOWER PRICES. ………..

In this atmosphere of little oversight and record numbers of homes going to foreclosure auction, state laws are being IGNORED, and the foreclosure process has been compromised.

“It’s common knowledge (in the foreclosure market) that a certain CALIFORNIA TRUSTEE has been lowering the minimum acceptable bid hours and sometimes minutes before the scheduled trustee’s sale,” said Tom Ruff, an analyst for the Arizona property-records research firm Information Market. “The amount by which these bids are dropped can be substantial.”

Drain, the Phoenix attorney and court-appointed trustee, was among the group of Arizona attorneys who wrote the law. She said drop bids are CLEARLY ILLEGAL………..

“………”What we have with drop bids is the potential for a class-action lawsuit over illegally conducted trustee sales,” Drain said…….”

Four page article:(Remove the “x” before the “http” to activate the link.)

xhttp://www.azcentral.com/arizonarepublic/news/articles/2009/11/22/20091122dropbid1122.html

It may be that if they had gone to judicial foreclosure and explained what really happened, the judge would have ruled in their favor. Instead, they have resorted to fraud upon and identity theft (among other things).

I think I have strayed away from the original question. Let me know if you still have questions.

I am not an attorney and this is not legal advice, just my own opinions.

Thanks,
Dan Edstrom
dmedstrom@hotmail.com

[Washington Mutual] Chairman and CEO Kerry Killinger had pledged in 2003:

“We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank.”

Thanks,
Dan Edstrom
dmedstrom@hotmail.com

Dan,

Is it your position that if the Note was not physically transferred to the buyer and subsequently the seller either filed for BK or stopped doing business, the debt must be nullified?

Thanks,
Dan Edstrom
dmedstrom@hotmail.com

I JUST PULLED THIS UP ON CRAIGSLIST

———————————————————————————

Agents to Work New Hedge Fund Principal Reduction Program (sunnyvale)
Date: 2009-11-18, 4:02PM PST

Reply to: see below

Now hiring agents to work our new hedge fund principal reduction program

Our office is now offering a Principal Reduction Program that will replace loan modifications. The State of California has shut down all the attorneys who were doing loan modifications who were charging an advance fee. The banks were not cooperating very well doing loan modifications. You do not need a real estate license to do this program.

We are working with a Hedge Fund which buys loans. They have $5 billion in private funds allocated for this program. They purchase notes at a discount, based on market value, which are then liquidated for a profit.

They will purchase the loan from the bank along with 30-50 other loans at 65% of the value today. The bank can not pick and choose the loans. They will do a new loan with the owner at 90% to the value today and give them a 30 year loan at prime + 3 or 4 points depending on their credit rating with a 3 year prepayment penalty.

An example of how it works:
House purchased for: $500,000
Financing 100%
Value today: $300,000

Current loan of $500,000 @ 6% or $2,983/Month
New loan of $270,000 (90% of $300,000) @ 7.25% $1,831/Month
Net savings $1,152/Month

We will make 1 to 2 points on the new loan amount.

This is a WIN, WIN Program. There is very little down side with this program. They also work with non-owner properties.

If you are interested in this program call Bruce Martin at (408) 350-4501. You must become a Century 21 El Camino Agent to participate.

Benefits of being with Century 21 El Camino:

* Training, Training and more Training!! We offer more than any other office
* Unlimited Opportunities to work in all areas of Real Estate
* Great Commission Structure offers Profit Sharing and Retirement Income
* CENTURY 21 is the most recognizable name in Real Estate
* Century 21 El Camino is ranked in the top 2% of all offices in CENTURY 21
* Professional Century 21 Marketing Materials
* Office established over 26 years
* 25 years as an award winning office for CENTURY 21
* Cover 23 counties in Northern California
* Cover the entire State for Commercial and Businesses
* No desk fee
* No monthly fees
* No upfront E&O insurance fee
* E&O insurance fee is $100 per closed transaction
* In-house marketing department
* Design and print materials in-house
* Color copies on high quality paper for 10 cents a copy
* Office escrow coordinator
* Good central location

Each Office Independently Owned and Operated.

Century 21 is a registered trademark licensed to Century 21 Real Estate LLC.
An Equal Opportunity Company. Equal housing opportunity.
Each CENTURY 21 Office is Independently Owned and Operated. DRE # 00971088

—————————————————————————————

I had seen this news report also.
You give me other Food for Thought.

I am going to DIG a little deeper on this
see what comes up.

From the article:

“But Charney said the critical error was that the originating lenders systematically pledged the loans, and didn’t actually transfer them to the trusts that are supposed to hold them and issue the securities. The result is a paper trail that goes nowhere, and a reasonably successful legal strategy.”

It is important to know who all the parties are that made a pledge. If the originator pledged it and they are no longer in business (or in my case, bankruptcy), they are unable to win if you fight correctly.

A pledge is a promise to do something. If it never gets completed, it has not been fulfilled and their is no sale.

So the originator pledged it and is not the owner (they were paid in full or how much? Doesn’t matter, right?)

The parties down the assignment chain all purchased a pledge, but the company went out of business (or into bankruptcy) before it fulfilled its pledge, so they do not own it.

No matter who else comes along, they cannot legally fulfill the terms of the pledge. If this is the case there is no owner and their cannot be an owner – except for the homeowner.

I am not an attorney and this is not legal advice.

Thanks,
Dan Edstrom
dmedstrom@hotmail.com

Thanks,
Dan Edstrom
dmedstrom@hotmail.com

Current pool value if everyone in pool was paying as (allegedly) required: $100,000,000.00

Pool loans behind 1 or more payments: 35%

Original appraised value of all pool loans (that are still in the pool): $150,000,000.00

Current BPO’s and/or estimates of loan collateral: $60,000,000.00

Lender wants to DUMP toxic waste for twenty cents on the dollar so selling pool for $20,000,000.00

So if the actual pmts are made they win. If they foreclose, they win. Why would they tell you they bought the pool (including your loan)? They would just have it foreclosed on by the servicer for business as usual.

This would double or triple their investment.

This doesn’t even consider that they could go in and do loan modifications dropping say 10% of the principal and lowering the interest rate to a better level for the homeowners. The homeowners think they got a good deal and the pool buyer makes out like a bandit.

Of course the deal could be a bad one and the pool buyer knows he could lose money. But hey, the market already crashed big time. What’s the chance of it going down big time from here? Not likely (say the pool buyer’s advisors).

It would behoove EVERYONE to know what deal they are located in and who the actual current owner of this deal is. That doesn’t mean you will necessarily get anything from them, but at least you will know who the players are and how much skin they have in the game.

Thanks,
Dan Edstrom
dmedstrom@hotmail.com

I’m confused. The article says the foreclosure must be dormant 5 years before filing quiet title. Are you saying this is a follow-up to “produce the note” or an action onto itself?

Thanks,

Fighting in CA