First off, my thanks to Rip-off Report for providing an avenue for consumers to air their grievances. Unfortunately my story is not unlike many others. I file this complaint because without consumers standing together against injustice we will never be heard. In 2006 I took out a loan with a Option One mortgage company and after a substantial job loss got behind on payments. The bank foreclosed and evicted me. What I found out next is absolutely mind blowing. In short Wells Fargo Bank foreclosed and they did not own loan. Now before all of you email me to explain how mortgages are sold and re-sold let me save you some time. I am very well informed on the foreclosure process and know exactly what laws must be followed when large banks buy and sell loans. I understand what assignments must be made when those loans are sold. I also understand what documents and due process are required before foreclosure can commence. What I have learned over the last 6 months is truly disturbing. This is what I have learned. Loans are bought and sold all the time; in fact almost all of sub prime loans are sold. Banks are required to execute assignments when they sell loans informing not only the borrower of the change of ownership but more importantly for auditing purposes and to give the new bank legal ownership of the loan. A fifth grader can understand this. Its the same thing with a car title. It indicates that a sale has transacted. Wells Fargo never executed an assignment! Giving them no legal ownership of the loan. This in itself is only a minor problem. After all even banks can have paperwork errors. Whats to stop them from executing the assignment and starting foreclosure again with legal backing? This. The banks dont know who owns the loan. After researching this matter diligently I have found out that big banks are (newsflash!) greedy and dishonest. Imagine that! (sarcasm intended). They choose not to execute assignments because it ties their hands and wont allow them to manipulate the system. An assignment is a legal binding document and banks dont like to be bound. Also, there has been a huge lie perpetrated on the American public as these banks all claim they own the loan when only one bank in fact does. For instance, you take out a 200K loan, its sold 4 times, assigned 0 times. 4 banks claim they own it and now a 200k loan has turned into 800K of assets! Hence the reason the notional value of OTCs and mortgage backed certificates is now estimated at 1.54 quadrillion dollars. And banks like bear and sterns are going out of business because they are insolvent! People, the money doesnt exist! I have stumbled onto this and am in the fight of my life. I have filed a federal civil action against my bank, the public trustee and several lawyers. I am very angry with the local public trustee because they know the law and willingly do not follow it. In a Colorado foreclosure when the original bank on the deed of trust and note is not the foreclosing entity an executed assignment is a required document before the trustee can foreclose. (CS 38.38.101) My bank did not present this and the public trustee foreclosed anyway! What's scary is I believe that most sub prime loans are like this and in the end it will be the hard working people of America that pay the ultimate price for these bankers greed. I post this because I need your help. One person is not going to change the system, only Americans standing together as one will bring attention to this matter. Please email me if you have any resources or would like to join the fight. I am currently working on starting a class action and looking to consumers who are being foreclosed on or already have been foreclosed on to stand up and demand their rights. If you would like to see the federal action please contact me. Thank you.
Fighting mad in colorado
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