Situation: Purchased May 2007;
Green Tree Servicing 1st Lien; PNC Mortgage 2nd Lien; Atlantic Coast Associates, LLC 3rd Lien (IRS $50K withdrawal limit on retirement account) Home Underwater $400k; Current Home Value $450k. Cash into home $175k;
Ready for the funny (haha): Loan is owned by GMAC Trust Fund. This is the same GMAC (renamed to Ally to deceive) which shared $25 Billion with 4 other banks. So, they tell me my Loan Modification was not approved because the Owner of my Note does not participate in any of the Federal Programs. What??? Oh yeah, taxpayers money being spent to kepp shuffling papers, making phone calls, etc. for a modification they ABSOLUTELY knew they would not make. And then, the Denial Letter arrived stating loan was disapproved because of my credit. I have not made any late payments in 3 years on anything.
I saved my property from foreclosure after receiving the Notice of Default probably about 4 or 5 times now (count please). Note was been paid many times to investors by insurance. Green Tree Servicing strung out the application process stealing taxpayers money all along the way. After months, the package finally made it to the Underwriter where it sat for weeks waiting approval.
The call: Your Lender (GMAC) does not participate. Of course Congress (and all of the Networks) are OWNED by the banks, thus, Congress made a $25 Billion settlement where the Debt Collectors keep making more and more, while they help noone but themselves! Mortgage Collectors can make $25 billion but it is voluntary to help underwater homeowners with that money. What?????
The Denial Letter: Green Tree Servicing Point of contact told me loan was disapproved because of my credit. All of my payments have been on time for 3 years. Income supports expenses now (unlike a few years back when credit dropped from 802 to 559 in 9 months). As always, elevated problem to a Manager (Deposition Time for Her in Court), told her she had better come up with a better excuse then bad credit because I am in the 700's. After pushing her she finally broke. OMG: My note Owner, GMAC Trust, does not participate in any of the Federal HAMP programs. This is the best part: the manager absolutely refused to send anything in writing to explain the real reason the modification was denied. This lie is in writing. Another Qualified Written Request.
National City Bank (Pitch Man) sold my Note on Wall Street two weeks before I purchased my home. National City Bank has no funds or dog in this fight. Settlement money for Sellers came from Wall Street, so they are paid! Note was sold, pooled, and paid for by Wall Street Investors (our 401ks, retirement accounts, etc.) without my knowledge. So, Maryland State Contract law (I thought) v.s. New York Trust Law. Banks get 9 times the note's face value which they can use to issue more high risk loans. A $500k note results in $4.5 million in credit. What???
Pretender Lender Mortgage Companies are nothing more then low life, scum debt collectors who tell HUGE lies and have no rights to your money! They get paid to service your loan and steal whatever YOU alllow them to steal. Just like a speeding ticket - if the cop does not show up in court with supporting documentation when you challenge the ticket, its an automatic win for you by DEFAULT. You need to locate your mortgage on Wall Street, get the Pooling and Servicing Agreement, and read the Debt Service Collectors Responsibility. Foreclosure is NOT listed. They can not do it legally.
Loan Modification - Mortgage Companies mascarading as a bank (PNC Mortgage a division of PNC Bank) is nothing more then a Debt Collector. The Banks intentionally named Debt Collectors to trick you, attorneys, judges, and everyone else to believe they are the Bank.
Game Plan: Debt Collector sets you up on a Trial Plan (or several of them, or longer then expected, etc.) while they attempt to go back to Wall Street to purchase your Note back. If they can locate and buy your note, you may get a loan modification. If not, you are screwed into making extra payments or worse yet, losing your home to a debt collector - not the bank. Banks have destroyed all the paperwork and never recorded most documents at your County Land Records Office. They need your document copies - Do Not Fall Prey Again! Do not give them anything! Do not sign new documents! They need those to foreclose on you!
What to Do:
1. Send Cease Letter to Debt Collector telling them to only contact you via writing and to not contact family, friends, neighbors, etc. This may save your health, since all they do is lie and take you in circles on the phone. They do not want to send you anything in writing.
2. Send a "Qualified Written Request" to your Pretender Lender exactly as they have dictated. This MUST BE SENT within 20 business days of receiving "Notice of Default". Look for examples on the internet. Consult Real Estate Servicing Practices Act (RESPA) for details. Find out who owns your Note. It is not the company who is trying to collect, default, and foreclose!
3. Notorize and Record Quit Claim Deed at County Count House.
4. Get a Securitization Audit to trace ownership of your note in the Securities and Exchange Commission's System "Edgar." Your Note is a Promissory Note which negiotiates exactly the same as a check from your checking account. The Deed of Trust (maybe recorded at County Land Records) attached to the Note to establish collateral. Once a Promissory Note changes color (i.e. in a Mortgage Pool on Wall Street) it can NEVER go back to its original state. The Note is VOID once IRS REMIC status is granted (within a month of your note issue date but pool must be opened and closed in 90 days) to Wall Street Mortgage Pool which your note is in. The Deed of Trust has nothing to attach to and it is now Void also. DO YOUR HOMEWORK. Google and You Tube Mortgage Fraud. Read the Laws.
5. Get a Forensic Audit to identify all of the laws (TILA, RESPA, Debt Collection Act, etc) that were broken. Banks have destroyed all the paperwork and never recorded most documents at your County Land Records Office.
6. Do not send documents to the Federal OCC for the Independent Foreclosure Review. They share everything with the Pretender Lender. This is a ploy to get your copies to the Debt Collector!
7. Do not allow your data to be shared if you work with a Federal Home Counselor. They enter all of your financial information into the bank's system! What??? Are they really counseling or is it just one more way to get your private data to the Debt Collector?
8. Search your County, State, and Southern New York Court (Securitization Trust Laws) records for all Trustees, Lenders, Mortgage Companies, Title Companies, etc. involved in your Note. You will see how they operate. If you get an attorney, they keep submitting motions, postponements, etc. to intentionally exhaust you emotionally and financially. If you have Project Management skills, Sue them Pro Se (without an attorney).
9. Challenge and Sue your Debt Collector. Homeowners, Taxpayers, and Investors are giving them a free lucrative ride.
10. Once you win, you get back all of the money you have paid them!
The ONLY thing Pretender Lenders must pay for is when you challenge them in court.
Litigate like you really mean it! You keep filing motions, postponements, etc. Look at how many cases are voluntarily dismissed by the Pretender Lenders once they realize they have no chance at winning. Remember, you do not have to be late on payments to take your Debt Servicer to court. You have rights. They have broken many laws. You have to develop your strategy and stay on top of it. I am not an attorney, but I refuse to be raped, used, and abused any longer.
As for the rest of my story:
PNC approved my 2nd Lien loan modification which added 5 years and $3k to my principal balance and only reduced the payment by $27. Keep in mind this is for a loan that will get $0 in foreclosure, because I am $300k underwater on the 1st Lien. What???? Do they really think I am that stupid? Supreme Court rulings will deal with them. Again Pro Se.
Atlantic Coast Associates, LLC dissolved in March 2011. Thats odd. They issued 12 months interest on the 2011 IRS Form 1098 for Interest Received. Spoke with each Partner independently who hardly recalled dissolving LLC. Yeah, Right. Was treated like a mushroom (fed me sh*t and kept me in the dark). Have left 8 messages for their CPA since last week and no response. Each time the Receptionist says he is in the office. Left message for CPA that 1098 needs to be re-issued since only 3 months were LLC. So who is cashing my mailed checks to the dissolved LLC PO box? If my loan was written off and they continued to collect my mortgage payment, THIS IS CRIMINAL and I will Prosecute to the fullest extent possible. Rather, Dept of Justice will.
Also, my 76 year old mother has and investment loan with Atlantic Coast Associates, LLC who direct debit her checking account each month. So, who is getting her money. What bank account is being used for a Dissolved LLC? I prepare her taxes. Again, the CPA will need to re-issue 2- 1098s to properly reflect interest.
Karma will get you in the end. Go Directly to Jail> How do these people sleep at night? Good luck to all.... Keep informed via Advocate Blogs and Grass Roots efforts on the Internet. The truth and your solutions will be found there.