Posted on 12/03/2010 9:19:18 PM PST by DoctorZIn
Are there conservative wimmen on this blog and do they have whiskey?
Good writing. Nice Blog.
Welcome.
Wells Fargo claims the notes are lost.. but in actuality they are held at various “Iron Mountain” locations,, completely free of all the necessary assignments involved in creating an investment instrument. Every MBS they created is a LIE , the docs were never delivered to the trustees.
Bank of America is similarly screwed , their “record custodian” testified recently that Countrywide NEVER ransferred the loan docs to the various trusts ...
The robo signers are just one tiny piece of evidence of the fraud.. The FED and Fannie/Freddie all know that the hand they’re holding is unenforceable at best and in most cases is plain old fraud.
If the original note can’t be found, does that mean I can’t sell and transfer title? Am I stuck here forever?
Hold on.... the mods just don’t like people who show up and pimp their blog and don’t otherwise interact.
Maybe we need a specific definition of blog pimping.
I wasn’t saying they were doing that. I was saying watch out and don’t do that.
Sheesh.
When I “refinanced” with Wachovia around 2002 (it was actually a new loan because we owned free and clear at that point), Wachovia came back and told us we didn’t have clear title, but they were going to make the loan and close the deal anyway. They said there would be some kind of special clause added to the title insurance. It seemed like a ho-hum snafu, but I needed to clear things up with my old lender. Being told I didn’t have clear title annoyed me.
I made some calls to my (paid-off) mortgage servicer, Atlantic Mortgage, and was told that I needed to talk to ABN AMRO. I finally pushed enough buttons on my phone to get ahold of somebody named Alyson Wright, and was told that they had received the unrecorded satisfaction piece I had mailed to them the previous week and would send it to my county for recording. (I have no idea why I had an unrecorded satisfaction piece, but I believe it was sent to me by Atlantic shortly after we made our final payment.) She told me it would take ~90 days for them to get the paperwork rolling because they have “a microfilm process”. It could then take the county 3 months or so to get the now-recorded “satisfaction piece” back to me.
My new loan with Wachovia was closed and so I forgot all about it (but I kept my file and notes and copies of EVERYTHING for future reference, of course). About 9 months later I received a recorded satisfaction piece in the mail. God only knows whatever happened to the original note. I recall thinking that all parties involved were confused in general, and maybe overwhelmed by the sheer volume of new business. Wachovia’s nonchalance about closing my very favorable (for me) mortgage despite a cloud on my title left me thinking that all these banks must be swimming in the same cesspool.
I have since refinanced that Wachovia loan with somebody else and there (apparently) is no longer any issue with my title.
Yawn.
I hope that we can get over this and still be cyber friends. After all, at Ronald Reagan said: Wat do you call someone who believes 80% of what you do? I call them ‘friend’.
BTW, I am a rule follower too. No worries.
That is why the NOTE IS EVERYTHING. It is physical and therefore needs to have a physical note and recording. There is a reason for why the system works a specific way.
After the 60’s, do the Boomers still insist on changing every system they come in contact with? And in so doing, collapse those very systems when they ‘realize’ there were reasons for the system being a certain way? When will we Boomers learn?
Your tagline says it ALL. I wish I would have thought of it.
Thanks. I already like it here. The people are very knowledgable.
Thanks for the validation. This really is a problem. So far the idea has been to just sweep it under the rug and follow a liberal idea of kinda following the rules.
What really pisses me off is that these perps were making huge sums of money. It’s not like somehow the money wasn’t there to do this right by following the rules.
OH MY LORD!!!
i(sic) love it.
Thanks for letting me know.
That will keep a smile on my face all day.
Thank you. I am truly humbled by everyones positive comments
?No one knows for sure. However, no, you aren’t stuck there forever.
It may take awhile to get the ‘cloud’ of title straigthened out. But if you have a normal, non-distress sale (not a short sale, foreclosure, etc.) there won’t be a problem because none of the parties will make an issue of it.
Where this is really playing out is the foreclosure market. If people don’t buy foreclosures it drags the market much lower. Remember, the worse thing for ANY market is insecurity. And right now, the biggest category of homes for sale has a huge dark cloud over it. Not good for real estate.
FYI, thats how I took it...that you were looking out for me.
Thanks.
Oh, rilly? Please share mods' other likes / dislikes. It would surely make for fascinating reading
I left ABN AMRO in March 2007, literally the Friday before they were sold to B of A. ABN's mortgage servicing systems were considered industry leading and ABN AMRO had a very clean mortgage portfolio that was sold to CitiBank as ABN AMRO was being broken up and sold into pieces. From a risk perspective, ABN AMRO never not into the high-risk loans or mortgage backed securities business, mostly because the damn' Dutch were too stodgy and slow to take advantage the booming mortgage market.
That and a little 'money laundering' case that Elliot Spitzer was holding over the Bank along with a cease and decist order stopping ABN AMRO from doing alot of business here in the U.S.
At the end I guess I'm not surprised it took all those months for you to receive your paperwork and satisfaction piece, nice to know the old microfiche systems that we relied on as the archive of last resort still worked. I'm guessing your initial mortgage initiated somewhere in the mid to late 70's based on the fact they had to go back to the original fiche and didn't have the images online yet. I'm also guessing it was right near the tail end of the retention requirements for the bank to retain your paperwork which is why they never transferred your records from microfiche to image? Just a guess ....
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