What It Can Do
The securitization audit is the backbone of our program. It is a forensic overview of your entire loan from its origination to its current status. It will provide you with the detail on all the federal violations of your rights your lender has committed, show to whom and where your loan has been assigned, if it was done properly and what causes of action you have. The audit report provided is a third party expert review and is admissible in court.
The Audit includes:
Definition
Wall Street created mortgage backed asset securities where Lenders bundled mortgages together and sold them off as packages to investors much like any other stock. These packages were fractionalized and sold as many as fifteen times at face value.
During the last decade, this process during the last decade was so rampant that banks were not keeping up with the required paperwork assigning mortgages from one entity to the next until eventually securitizing the homeowner’s mortgage. The Mortgages or Deeds of Trust signed by borrowers as collateral for the promissory notes have been lost or separated in many of these circumstances, thus rendering the promissory note executed by the borrower unsecured debt.
Click Here to see how the banks may have already paid off your loan.
Two Foreclosures Reversed
After foreclosing on two properties and purchasing the properties back at the foreclosure sales, U.S. Bank National Association (U.S. Bank), as trustee for the Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-Z; and Wells Fargo Bank, N.A. (Wells Fargo), as trustee for ABFC 2005-OPT 1 Trust, ABFC Asset Backed Certificates, Series 2005-OPT 1 (plaintiffs) filed separate complaints in the Land Court asking a judge to declare that they held clear title to the properties in fee simple. We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required filings to show that they were the holders of the mortgages at the time of foreclosure. As a result, they did not demonstrate that the foreclosure sales were valid to convey title to the subject properties, and their requests for a declaration of clear title were properly denied.
Other Notable Cases:
