Banks charging fees for mortgages they do not own [View all]

[dixiegrrrrl]

From foreclosure Fraud website: ( halfway down the article)

"While the settlement with Mr. Pino is confidential, we do know that a satisfaction of his mortgage was recorded in the public records in July 2011 (below).

Despite the fact that this mortgage “asset” no longer exists,
the trust is still claiming this mortgage as an asset as of the Jan 2012 investor report,
charging all sorts of fees, including monthly servicing fees, etc."

Snip:

Our research has uncovered other non-existent “assets” on the books of this trust. To put this in perspective, at the origination of this trust there were 6,734 loans of which 61 were originated in Palm Beach County.
As of the Jan 2012 investor report, 29 of the original 61 Palm Beach County loans remain on the trusts’ books. Only ONE is performing as originally contracted at closing.
Three others have been modified; one has a $39k forbearance, one has a $8k added to principal, one has $16k added to principal. The other 25 loans are non-performing
. (As of Jan 2012 report, total left in the trust 2,921; of the 2,921 left 1,187 are non-performing (delinquent = 237, bankruptcy 188, foreclosure = 512, REO = 250) but we know this data isn’t correct, so….)

Some “non-existent” loan examples from the trust

Roman Pino loan #130133456 – $162,400 – (July 2011 satisfaction – still on the books in Jan 2012 trust report in “foreclosure” status)
BoA monthly servicing fee for non-existent mortgage $50.73

Samantha Woodruff loan #130521936 – $171,940 – (Sept 2011 deed from trust REO to new buyer – still on the books in Jan 2012 trust report in “REO” status)
BoA monthly servicing fee for non-existent mortgage $33.70

Robert Rodriguez loan #130450231 – $176,542 – (Sept 2011 short sale deed & Nov 2011 satisfaction – still on the books in Jan 2012 trust report in “REO” status)
WOW – BoA monthly servicing fee for non-existent mortgage $181.69

Elsa Castillo Rivas loan #130445815 – $375,000 – (July 2011 short sale deed) – remained on books through Dec 2011 in “REO” status), finally reported as “liquidated” in Jan 2012 report
WOW – BoA monthly servicing fee for non-existent mortgage $328.04

This is just a small example of what we are uncovering. If we learned anything from the robosigning scandal, if there are more than two “irregularities,” there are thousands.

More examples from other trusts to come.

We feel comfortable saying that this is widespread…

http://4closurefraud.org/2012/02/20/exclusive-the-sophisticated-and-the-scammed-mbs-trusts-keeping-assets-on-the-books-long-after-they-are-liquidated/