Truth About the Money — Tonight on the Neil Garfield Show

Click in to tune in at The Neil Garfield Show

Or call in at (347) 850-1260, 6pm Eastern Thursdays

More than 32,000 people listen to the Neil Garfield Show. Maybe you should too.
===============================

Edstrom, Macklin and Marshall rejoin me on the show tonight to talk about one particular subject — explaining why “servicers” undermine the modification process and wherever possible fight against receiving money from the alleged borrower. As one Judge in Broward County, Florida recently mused out loud in the courtroom — “It used to be that banks wanted the money. Now they don’t. Why is that?”

The plain truth is that the servicers are not creditors. And because the alleged “loans” were not acquired by the Trust, their authority to act like servicers and trustees are nonexistent. [AND that is why they are resorting to empty powers of attorney — having realized that we are on to the fact that the REMIC Trust was completely ignored]

BUT even though they are NOTHING in relation to the “loan” or the homeowner, they assert a right to collect servicer advances as though those advances are secured. They are not secured. If the “creditor” on the mortgage or deed of trust makes those payments or if an agent makes payments out of an account that contains the creditor’s money for insurance, taxes, and other expenses covered by the mortgage or deed of trust, then of course the advances are secured by the mortgage or deed of trust.

BUT if the servicer is making payments from its own account or from the account of some third party who is a stranger (neither creditor nor authorized agent) then the payments are volunteer payments that are NOT secured by the mortgage or deed of trust. When you add to that fact that the servicer is making advances out of a reserve fund consisting of investors’ funds but not covered by any agreement because the Investment Bank intentionally avoided the REMIC Trust, then the truth emerges —

the real truth is that servicers delay conclusion of foreclosure proceedings because they WANT to make “Servicer advances” because it it isn’t money of the servicer that they are advancing and it is isn’t money of the “creditor” that they are advancing; BUT they do assert a claim to “recover” those advances after the foreclosure is done and the property is sold and there is nobody around to object because the investors mistakenly believe that they have signed away their right to inquire, much less observe how the money is handled.

So if advances are made by the servicer and not the creditor (which is the way it happens), and those advances include payments of interest and principal as set forth in the PSA (which has otherwise been completely ignored as an entity), the servicer collects money that neither the servicer nor the creditor ever paid as advances.

By the time the whole charade is over, the servicer collects all the money that was “advanced” PLUS the exorbitant fees for “Servicing” a “non-performing” loan that was never acquired by the Trust — which means that neither the Servicer nor the Trustee are authorized to assert ANY claims over the loan (since their alleged authority comes from the Trust through the PSA.

To say the least, this puts servicers’ interests squarely in conflict with both the investors who ended up getting worthless “certificates” and in conflict with the job scope described in the PSA that they have gleefully ignored and even in conflict with the alleged REMIC Trust if it is ever determined to have some sort of interest even though it never paid for nor received the “note” or “mortgage.”

The investment banks STARTED with premise that they were going to screw everyone and that is exactly what they did. They are now laughing all the way to their “bank” in which they are depositing illicit earnings and bonuses.

Now tell us who is getting a completely free house? Who else made a down payment? Who else made improvements to the property? Who else furnished the home? Who else made payments of principal, interest, taxes and insurance? Who else reached out for modifications of the loans willing to waive their defenses to the illegal loan practices? It was the homeowner. The ONLY parties that are getting free houses are the servicers and trustees that have no right to call themselves servicers or trustees.

The real truth is that luring the homeowner into “non-payment” creates the illusion of a default.The REAL truth is that the “servicer” collects years of “non payment” for themselves and not any creditor — only if they get the foreclosure sale. The real truth is that the servicers and trustees are interlopers in a fraudulent scheme where the investor was defrauded from the start. Every time foreclosure happens, the courts are furthering the fraudulent scheme. But how are the courts ever going to know this when the time is so limited on the rocket docket (or its equivalent). Tune in tonight to hear more.

13 Responses

  1. OK LETS get to business,
    ok borrower sends in rescission letter, and it’s certified , so there is a trail. now he /she also send it to every one that was involved in securitization , all party in psa.
    lets say march 4 2015, servicer never responded in the 20 days, but did send a email from servicers/trust laywers debt colectors, saying they have accepted the letter, and rescission,. and then months later saying getting letters because of cfbp complaints, saying we do not accept and never accepted the rescission, and never got a letter stateing they never got it. even though i have them sign for it.
    anyways. no more letter, no more trying to foreclose on us now for 5 months, not a thing.
    so what should someone do. and what would happen if i wait for the 1 yr mark, and still nothing from them, and they didnt file anything in that 1 yr mark.
    so can i go and do a quit title action, and they could say nothing about the mortgage and note that was void by operation of law, and they didnt comply to the rescission as to releasing lien,note mortgage back to me. right they cant bring that in to court .
    and the judge couldnt bring it up either i believe. right?

  2. Garfield’s Goose & Friends
    (every Thursday night starting 15 minutes after Neil’s show)
    Call in at (724) 444-7444 (then use Call ID: 139335) then “0” for guest
    and/or use your computer to blog/type at http://www.talkshoe.com/tc/139335
    6:45 PM Eastern Thursdays (for 60 min)

    please use the phone to speak

  3. Its your policy and you pay for it.
    After having had multiple parties change the loss payee on my policy … I had a Alert put on my account denying anyone who tried to change it. They were asked to provide proof of claim that I would forward to my attorney. It was not to be changed without my or my attornies consent.

    Never heard another peep from them since.

  4. shadowcat…re: ins policy…who dictates who the loss payee is?

  5. again a reminder…
    i would really think it would be cool if you guys & gals would – PLEASE – come on the follow-up call tonite after Neil’s show – to speak, cry, scream – whatever you want – out loud – about this mess that our trusted representatives, instructors and advisors have buried us under…

    unless it gets unruly, i’ll leave all the lines open so we can do it conference call style…

    Garfield’s Goose & Friends
    (every Thursday night starting 15 minutes after Neil’s show)
    Call in at (724) 444-7444 (then use Call ID: 139335) then “0” for guest
    and/or use your computer to blog/type at http://www.talkshoe.com/tc/139335
    6:45 PM Eastern Thursdays (for 60 min)

    be advised… to the best of my knowledge – computer access does not allow speaking – only listening and typing-

    use the phone number to fully hear and speak…

    i started this follow up show for YOU folks – now please show up and pitch in…

    thanks a bunch
    greg

  6. Louise said
    louise, on October 15, 2015 at 11:05 am said:
    Standing has always been the bottom-line issue in fraudclosure right from day one. HAMP and HARP are also scams to drain every drop of money you have. There is a veritable tsunami of fraudulent paper filed in the Clerk of Court’s office & the Register of Deeds office. The courts are still letting MERS get away with transferring (illegally) real property. I am waiting for the explosion.

    Exactly mers is not a natural person though a natural person committed the acts and a natural person and their council aided and abetted the process, depiste being put on notice

  7. Tip….boot anyone off your insurance policy who claims to be mortgagee and makes themself a loss payee.on your policy.
    You should be the loss payee.

    Tell your agent the party need to provide proof of claim ..

  8. Let me rephrase that last statement.

    The tax and INS comes in my name and the borrowers name.
    … And the wanna be a servicer bills the borrower.

    AFTER I PAY THEM IN CASH!

  9. Desert gal… Great!!!!!-
    No…I pay them…but they still bill the borrower.

    I can’t imagine why….can you? Hahaha

  10. Slimebag Servicer NATIONSTAR BECAME NEW SERVICER APRIL 2013 (LOAN refi/CREATED IN 2007) I chose to PAY TAX/INSURANCE ON MY OWN. NATIONSTAR TRIED TO FORCE IMPOUNDS UPON ME IN 2014. It turned into big fight which led me to hire atty to get them to backoff. I won. Then a couple months later my monthly statement changed. It now says “VOLUNTARY PAYMENT COUPON” (BEGAN SHOWING UP ON 2.2015). Anyone else seen this verbage on their statement/coupon?

  11. Standing has always been the bottom-line issue in fraudclosure right from day one. HAMP and HARP are also scams to drain every drop of money you have. There is a veritable tsunami of fraudulent paper filed in the Clerk of Court’s office & the Register of Deeds office. The courts are still letting MERS get away with transferring (illegally) real property. I am waiting for the explosion.

  12. exactly Neil, there is no stopping the freighttrain of foreclosure. I was bamboozled in the courtroom from day one and no attorney I had helped me, they only helped the bank and the truth is the bank is the one that gets the free house. there was never an evidentiary hearing and the bank likes it that way so they don’t have to show their phony paper to the judge. As long as the clerk of court files it away in their neat little filing system, it is just electronic paper pushing to justify their crooked foreclosure. I am paying these jerks to remain in my home for now which is all I have ever tried to do anyway is pay them. They have used every stall tactic in the book to run up their crooked fees and padded interest and bully me out of my home of 16 years. No PSA, NO trustee or trust or creditor and A POA assigning the rights to Fannie Mae, What a Maroon! as Bugs Bunny would say.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: