Okay, so you're hopefully NOT facing foreclosure... I hope you aren't, although this entry should help you if you are:
I've been thinking, and I think it's time, given the recent discoveries and court cases involving mortgage fraud (and I do mean fraud, not "mishandled paperwork"), for each and every homeowner to become the captain of his or her own fate.
I got thinking about all the crap coming down the pike, and part of what I'm gleaning from the blogosphere is anecdotal evidence that several lenders are literally racing to re-finance people to clean up their dirty paper trails. How cool, right? You're paying on time, still working, doing all the right things, and all of a sudden you have your lender's full attention? Reeeeeaaaallllyyyy??
Thing is, when they issue a new loan on your property, the most recent paperwork supercedes all prior paperwork. They do the new one all neat and tidy, and all of a sudden your note isn't part of the mess they've got on their hands, that may cost them a boat-ton of money.
I think it just became a homeowner's market, folks. Here's your assignment:
Dig out your purchase paperwork. Find out your plot number, loan number, all that good relevant stuff. Once you've got it in hand, get online, and go to your county recorder's website. We're looking, in particular, for not just the assignment of the note, but the assignment of title. Remember in another article I mentioned "splitting the baby"? Quick review: the mortgage holder MUST also have the Deed of Trust in order to enforce foreclosure proceedings. Without it, they're f*cked, and what I'm hearing out there in Internet-land is that the "baby" has been split, diced, sliced, and tranched into oblivion.
Go into the county recorder's website; hell, if they're not online, take half a day and go to the office; pay the fees, and get a title search done on the property you own. Check all the signatures on the certified copies; chances are you will find MERS as the recording agent. If you do, this is PAYDIRT, folks. There are no less than FOUR court cases recorded in different states as of this writing denying MERS any rights as a title and/or note assignee.
Next, you want to check all the notaries, dates, and lender's representatives. You may very well find duplications. That is, simply put, a GOTCHA of the highest order: it spells FRAUD, and you just bought yourself a whole lot of bargaining power with your lender. Don't forget to check dates on Lis Pendens filings; they cloud title, and may have been filed BEFORE your note was filed - another no-no.
Note for the rulebooks: I am NOT a lawyer, and this ain't legal advice.
Okay, having said that, if your certified copies don't make sense to you, and/or you spot at least one of the things I've noted, talk to a legal eagle or a paralegal - just make sure you're ready, because the next thing you're gonna do is pick up the phone...
...And call your lender. I don't care if you're 3 months behind, or if you pay on the dot without fail. If your credit score is 300 or 800 has now become immaterial. It's negotiating time, and you want to come at them from a position of KNOWING that they've made legal errors that could cost them BIG.
So, before you call, make yourself a list of demands. Lower interest rate? Haircut on the value if you're underwater? 90 day deferment of payments so you can catch up a bit? And of course, you'll be paying no closing costs, no early payment penalties, and they can bring the paperwork to YOU for signature. How can you do all this? Simple: "Hi, there, Mr. or Mrs. Lender, this is So and So with Loan # X. I've got some certified copies of my recorded deeds that I've had my lawyer review, and apparently we've got a problem..."
The first cubicle-bot will not be able to help you; take it up the chain, until you can ask the person on the other end of the phone, "are you the decision-maker?" When you get to the one who says, "yes", the game is on, and it's all YOURS to lose.
The most likely scenario is that your loan is assigned to "blank"... this does NOT fly in a court of law. Nor does it give your original lender any power to collect from you, if what I'm reading is correct. Hmmm...
Be polite; you'll feel better when it's over. Be patient, but only to a degree.
My few readers, you have just been granted the keys to the kingdom: you can negotiate your way out of an "underwater" situation, a foreclosure situation, a financial cramp that won't go away.
The seeds of revolution - with nary a shot fired - are lying dormant in county recorders' offices all across the country.
I suggest you grab the keys, and run like hell, before they get too lawyered up to deal with individuals. I'd love to know how you make out; comments are always welcome at any rate.
And, rock ON.
Brutal Truth
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