Foreclosure in 11207>Question Details

Mike, Home Owner in Dahlonega, GA

Can Chase foreclose a Wamu loan without Assignment of Title being filed?

Asked by Mike, Dahlonega, GA Wed Jul 4, 2012

I've received a foreclosure summons & complaint from a private investor who bought my Note from Wamu/Chase, but Wamu never assigned the mortgage to Chase.

JP Morgan Chase Bank,N. A., Sucessor in interest from the FDIC as Receiver for Washington Mutual Bank claiming to be the holder of mortgage covering real property in......"
My question is does Chase have the right to foreclose? They never filed an Assignment of Title with the Registry of Deeds. According to the Registry of Deeds, Washington Mutual Bank is holder of the Title, not Chase Bank . (I doubt they(Chase) have the original note!)

Help the community by answering this question:

Answers

20
I can tell you that these people are wrong. Dead wrong. I have personally fought my case pro se with chase and the case is being dismissed in my favor. See unless you are an attorney or someone like me who has researched the case thoroughly they can't speak. Because there are certain laws that were not followed and depndening on when your case started chase does not automatically own your loan because they took over wamu.
1 vote Thank Flag Link Fri Jul 20, 2012
Hey Letty, maybe you could help the rest of us out. Where is your case recorded so we can read about it and possibly give it to our attorney?
Flag Tue Jul 8, 2014
Hi Letty,
I have my first trial date coming up. I believe I should have a good case against Chase as well. I would greatly appreciate any assistance you can provide as to what I should be looking for in my research and the laws that could protect me. My loan was issued by Wamu in 2005. SOS Maria
Flag Fri Mar 14, 2014
Can you provide more info such as where, and what do I need to find.
Flag Fri Jun 14, 2013
Letty, can you tell me where I might find these laws. I am looking for laws as they relate to assignments by successor banks. Thanks
Flag Fri Nov 23, 2012
Letty, I am trying to research an answer to this question, can you tell me where you found the laws that relate to assigments for successor banks? Thanks
Flag Fri Nov 23, 2012
If the so called Investor is moving against you, it is no doubt an unlawful detainer action. Do not be intimidated. Ownership of the note is still the central issue. Chase does the things it does over former WAMU notes without any papers connecting it to the note. And the P&A agreement simply does not count. It shows Chase to have brought some of WAMU assets but not all. This triggers the requirement that Chase demonstrate that your note is among the assets actually acquired.

I'm hearing now that the FDIC packaged and sold WAMU notes but in a manner where they lost enforcement capability. This may very well be why the FDIC remains so uncooperative when homeowners tried to verify. Another interesting bit of law: The Federal Deposit Insurance Act, section 10, required the FDIC to have notified homeowners when notes are placed in receivership. The FDIC did not notify us or any of the thousands of homeowners Chase is trying to defraud.
0 votes Thank Flag Link Thu Aug 15, 2013
Rnwil - you response is correct, however, NY law is in your favor. Many state laws do not require a filing of an assignment to be required as long as JP /Chase or whoever is holding the mortgage and note. That is the argument Chase is advancing.
Flag Thu Aug 28, 2014
I've been reading the replies. My original mortgage was a Great Western loan in 1984. WAMU took over October of 2008. In February2009 I received a letter from Chase saying my February payment was late so they it move my payment to the end of my loan to avoid late fees and foreclosure. Chase would not take February's payment. In March they would not take my payment and said I was in foreclosure. Since then I have been in Chase hell going through everything you all have gone through, trial payment plan for 6 months - did and then they still denied settlement, loan mod hell for 3 years (which I never wanted, I just wanted to finish paying the last 3 year of my loan). Hired attorney and been fighting since 2009. Chase cant show Note, Assignment....prove they own my note. Courts seem to ignore this requirement. Chase offered my a couple thousand to help me move. Now going to trial. Chase wants a non jury trial. I wonder WHY?? Anyone winning against them in Pam Beach FL?
Flag Tue Feb 25, 2014
in addition, I am in receipt of an Assignment of Mortgage, dated December 4, 2008, signed by Attorney -in fact, Rick Wilken, of Lending Procsessing Services (LPS) and notorized by Mark Bischof, both of Dakoto Co. MN . Both are known robo-signers. Funny the assignment which was dated 12/04/2008, however Chase did not finalize the Purchase of Sale Agreement until SEPTEMBER 2010
Flag Thu Oct 31, 2013
I am in the same boat as you
Flag Thu Oct 31, 2013
Remember folks, Chase is not the successor in interest of Washington Mutual Bank. Chase, as a purchaser of certain Washington Mutual assets is just that: A BUYER OF SOME OF CHASE'S ASSETS.

The Uniform Commercial Code adopted by the 50 states requires ownership interests in real estate to be transferred by writing. Article III, Section 3.3 of the Purchase and Assumption Agreement between Chase and the FDIC specifies that all notes purchased by Chase from the FDIC be transferred by either a FDIC Receiver's Deed or a FDIC Receiver's Bill of Sale. If Chase cannot produce either, Chase did not buy your note.

All of the above notwithstanding the basic requirement that Chase produce your note and trust deed properly endorsed to Chase. There is an argument that since the transfers was an FDIC action, no writing is required. The operation of law authorizing FDIC takeovers only applies to the takeover itself. When the FDIC seeks to sell a note, the transfer must be in accordance with the host State.

Courts - many of them, simply will not apply the above described law in cases brought before them - particularly those brought in pro per. But keep pressing. A Judge who follows the law may someday be found. Usually judges appointed by Democrats. I am at rnwil3@aol.com
0 votes Thank Flag Link Thu Aug 15, 2013
Your inquiry poses the wrong question. It is not whether Chase or anyone else filed the assignment. Rather the issue stands squarely whether the assignment(s) exist.

JPMorgan Chase Bank continues to employ a fraudulent scheme concerning mortgage notes originated or controlled by former Washington Mutual Bank. Chase Bank has never been able to establish before any court throughout the United States standing to enforce a Washington Mutual note. Chase has been given a pass by many of the courts by not having to establish standing in the manner required by law. (Uniform Commercial Code adopted by the states) Instead, courts have enabled Chase to get by with the (infamous) Purchase and Assumption Agreement between Chase and the FDIC. Ironically this should not have been the case. Because Article III, Section 3.3 of the agreement, specifies how notes' ownership interest purchased by Chase were transferred by the FDIC to Chase. Either by a Receiver's Deed or by a Receiver's Bill of Sale. Without either, Chase should not be able to establish anywhere standing to enforce a WAMU note. All not withstanding the UCC and the requirement to produce the original notes - a requirement also not made necessary by the Courts. We are at rnwil3@aol.com. Need to get the Chase/WAMU victims together because there is strength in humbers.
0 votes Thank Flag Link Tue Aug 13, 2013
Chase seems to think they have a right to my house. I had the original note made while entering loan agreements with WaMu. I wonder if Chase and no bank, essentially has a right to my house of 13 years, now.
Flag Wed Aug 14, 2013
It is really interesting to follow Chain of this forum and I'm concerned where Mike is today with this.
Interestingly...Mike and I are have many things in common. First, I'm in the same town/area he's in -in GA, a non judicial state. Secondly, I have a WAMU/CHASE Note that originated with Accredited Home Lenders, in April 2006. In July 06' WAMU began servicing the note. The serviced until Chase acquired their Assets in Sept. 08'.
The closing attorney recorded the note in our county court house in 2006.
MERS on behalf of Accredited Home Lenders and their Assessors RECORDED the
ONE and only assignment recorded on 10/12/2012.
The notary - Melissa Riley supposedly notarized out of Louisiana, the electronic document was recored by
NTC (National Title Clearing)
Out of Palm Harbor FLA.
Note that NTC, has sworn dispositions of Robo Signing from Bryan Bly & Crystal Moore at this location, also note the notary out another state.
Just as many others have stated Chase forwards a Modification Packet, after completing the package then returning in 2008/2009 Chase Reps advise that it won't be considered and reviewed for modification unless we are two payments in arrears. For Four years I've returned package after package only to be advised they hadn't received all the documents. We finally resort to meet directly with Chase Reps out of Fla directly when the are in the Convention Center in Atlanta in May 2012, the Chase Rep advises the paperwork is now complete that an Auditor would sign off and we would be Modified within a week. THIS DIDN'T HAPPEN, we sent emails, made phone calls to this Rep., we never heard from her again.
We believe it Chase had acknowledgement of their ability modify because they lacked possession of the actual note to lead them to fabricate and forge the assignment dated 10/12/2012. Prior assignment had never been recorded. This note was assigned to MERS and numbered however, when calling HOPE, they could not reference or provide any information in regards of investor or owner. I haven't had any success in locating it in the SEC. After numerous QWR, Chase replies stating they are Investor and Servicer but any other information in regards of servicing or ownership is confidential. Then January Payment comes due 2013, Chase refuses payment unless my husband and I sign some additional paperwork at one of their branch offices. By February Chase has had their Atlanta Attorneys Certify us with Foreclosure Proceedings for April 2nd. On March 29, we deliver a check for over $10k to Atlanta to reinstate the note. (mind in Jan we were 3 due of $1307. Each) upon delivery, I request a the original blue copy of the note. They provide a e-copy with an ALLONGE. This Allonge has never been provided in any of the prior QWR packets I'd recently received. This Allonge was blank signed by
LINDA CHEN-LUKE, Accredited Home Lenders. There was plenty of room on the last page of the note to have added this endorsement however an additional page was included unattached with the note pages. I was furious! This led me to research additional Legals finding Foreclosure Documents out of SC with another signed Allonge LINDA CHEN-LUKE Asst. Sec. Accredited Home Lenders, Completely different Signatures..Forged?? Fraudulent ???
While this has been lengthy... exposure is a necessity! Should you have interest in seeing a comparison of these two Allonges or have an interest in comparing your own email me
0 votes Thank Flag Link Sat Aug 10, 2013
They do not have the right to foreclose. Take it from me. I have fought Chase through the Nevada District Court, to the Federal District Court, the District Court of Appeals, and, yes, the United States Supreme Court. While I could not gain a court decision sustaining our evidence that Chase has nothing to do with our mortgage but is trying to control it anyway. We are under a mortgage default notice that was filed with our county recorder during November 2009. It identifies Washington Mutual Bank as the beneficiary demanding foreclosure, and California Reconveyance as the Trustee. AS YOU KNOW, Washington Mutual Bank could not have been the owner of a mortgage note, thus could not institute a foreclosure at any time after September 25, 2008. The FDIC divested Washington Mutual of all of its assets on that date. Yet, in hundreds of thousands of foreclosures nationwide, courts are allowing Chase to enforce WAMU notes that the latter could not have owned after the 2008 date. I recently assisted a Homeowner in the Nevada District Court who was subjected to a mortgage default notice during 2011 where WAMU is still listed as the beneficiary.

Article III, Section 3.3 of the infamous Purchase and Assumption Agreement specifies that all mortgage notes purchased by Chase from the FDIC be transferred by either a Receiver's Deed or by a Receiver's Bill of Sale. Since the P&A agreement includes this, Chase must produce either FDIC document to establish standing. The courts have not required either of those instruments, and has ruled in Chase's favor also without the original mortgage instruments. The P&A documents it seems could be a Homeowner's argument against Chase. We are at rnwil3@aol.com
0 votes Thank Flag Link Sun Jul 21, 2013
This is the Homeowner MCMTGKING@aol.com. I just received my Prelim today and I am The Homeowner in Huntington Beach. JPMORGAN CASE JUST RECORDED ON THE 11-28-2012. MEANING JUST OVER A MONTH AGO THEY FILED AN ASSIGNMENT BENEFICIAL INTEREST under said deed of trust. The Lawyer at Trustee Corps, spoke to me on friday and said he has to proceed but is represebting chase the Serviser now. I have contacted 3 Lawyers in the Real Estae Contracts and they won't touch it as the jusdges are corrupt and always go with the Gov't. I have more than the normal sutuation. Also on my prelim are Abstracts in Judgements for which I know nothing about as my name is incorrectly spelled. Both from Superior Court of California Orange county. So this is messed up. if you can do the what seems extremly tough to win over the Gov't. I have more documentation show all kinds of things to even if the Gov't is so corrupt and know I talk things to far and will not stop untill I get an answer I. MY home is up for sale but might be taking it off as I will fight this and no NOD filed yet. Gotta go as Realtor must leave and I am not there. Thanks everyone for answers. If you can beat the the Feds as I have a very strong case and written proof . Call Me If U Can Help me beat the "Machine" 714-418-7453. thanks Gary
0 votes Thank Flag Link Sat Jan 5, 2013
One of our problem is the corrupt involvement by the FDIC. There is a reason why the Purchase and Assumption Agreement is without the schedule of mortgage notes purportedly purchased by Chase from the FDIC. You see, in the interest of doing its duty to maximize the return of WaMu assets, the FDIC appears to have packaged and secretly sold or otherwise transferred WaMu assets, but in a way where individual notes lost their enforceability. It appears that the FDIC advised Chase that the notes were lost, and then encouraged Chase to be as creative as it need be to take fraudulent control of the WaMu paper. The proper defense to Chase Bank's claim of acquiring ownership or server interest is to raise Article III, Section 3.3 of the underlying purchase and Assumption Agreement. It specifies that the FDIC had to transfer the notes it sold to Chase by a receiver's deed executed on September 25, 2008, in favor of JPMorgan Chase Bank.
Flag Sat Sep 28, 2013
California recently enacted a law titled Homeowners' Bill of Rights. It is comprehensive and requires banks to produce specific items (documents) to foreclose. It includes a cause of action for wrongful foreclosures. Trustee Corporation is no down a foreclosure mill. But remember, only the trustee has the power to institute a trustee's sale. These foreclosure mills were silently replaced when the trustee cannot be readily identified. Only a beneficiary can change the trustee. If your note originated by Washington Mutual, then any involvement Chase claims to have is a fraud - an absolute fraud. The assignments must show an unbroken chain of title. If WAMU originated the loan or controlled it before the takeover, and Chase's claim is that it secured your note from the FDIC - the feds issue either a receivers deed or receivers bill of sale regarding all notes sold to Chase that were originally WAMU's. No bill of sale or deed from the FDIC means Chase is lying
Flag Thu Aug 15, 2013
To mcmtgking i tryed useing your mcm as email wont work. Put email. On post a answer. Mark oakhills
0 votes Thank Flag Link Fri Jan 4, 2013
Hey in newport. I have wamu chase. In ct sue check on home owner bill of rights its now. Law. Whats your. Email
0 votes Thank Flag Link Fri Jan 4, 2013
Chase is not the successor in interest to Washington Mutual Bank.

The FDIC Receiver is successor in interest.

Chase is the purchaser of unspecified loans from the Receiver.

Many people are confused about this.
0 votes Thank Flag Link Thu Jan 3, 2013
I also have a Washington Mutual Bank 1st that is now with Chase Bank (this loan was made in 2006) I have been trying to get a loan modification and have been receiving the run around like others; now I feel they realize it can not be processed for my loan must not actually have Chase assigned and it may still be with FiCA? Here is a question, I got a 2nd trust deed by a loan broker who is threatening to foreclose; if my original loan has not been assigned to Chase and is still with FiCA, is my 2nd loan even valid? which they could not foreclose on me because it was an original WAMU Loan? Thanks!
Flag Wed Feb 6, 2013
I have been paying on my loan with wamu now chase now FNMA since 04-2004 when I signed the loan documents. the Purchase Price was $585,000 and the conforming loan limit was $333,700. My balance is 267K now and my value in Huntington Beach CA is 600K as there is no supply of homes. I never had a late charge untill Feb 2012 . And even paid the late charge along with my $183.05 per month to accelerate my loan. As I made pymt every month of $2000 and put $251,000 down and am over 2 years ahead of my amortization schedule. I made a pymt on August 15th and Chase declared me in default in june when I was still making pymts. Thery did property preservation inspection on 05-31-2012 or what is called a Drive By Appraisal every 30-45 days. And have continued since then. I tried to Do a loan Modification in Dec 2011 and in sept 2012 and they were so blatently violating my FTC Collection rights as to Misrepresentation. Banging On my door before 8am. NO respect at all from chase who took my payments since 12-2009. and would only accept 2 payments as I was then due for Aug !st when I made my June 1st pymt aug 15th and the 16th of August said I needed to pay for Sept which was not due. I have all of my original Deed of trust and Note and Purchase agreement etc. So I can produce them and show the court that they verbage is unenforeable and the county recorder does not open till 9am and was supposedly recorded at 8am . Also there were 4 people on title and only 2 signed the Purchase Agreement and closing Doc's and Chase just added $14,500 to cure my default after being 16days late. I had my wife pass under suspicios circumstances in 03-2010 and exhausted all my savings Etc in making payments and this is crazy. I should get my 251k back and all of my payments since 2004 of $2000 and I get foreclosure notices and they wont Modify me as The lender was Fanne Mae all of a sudden and the Trustee is a Collection Firm. How messed up is that?????? and I just found out they being chase was paid by Fannie Mae on Dec 26th 2012 $267,000. And I am not working due to stress and Chase still calls me each day. WE must stand united and don't get bullied into agreeing to a Loan Modification as all they wanted to do was have me sign an enforcible Deed and Note. I need a Laywer who can stand up for me or I can do it myself. I have a valid Real Estate License and cannot belief they can get away with this. Anyone want to join forces and get a Real Estae Lawyer who is up to the challenge. Please help!!!!!!!!!
0 votes Thank Flag Link Wed Jan 2, 2013
Feeling like I am in the same boat. I am also a licensed Real Estate Agent. I feel Chase is trying to pull a fast one on us. I am now in the process of going through the 3 months trial period. I have been keeping an eye on my assignments in land records as since 2007 does not have Chase on the deed of trust. I noticed a couple days ago they did a corporate assignment of deed of trust. Says incomplete. I called Chase, they are all like Congrats! ON you loan mod, youll be all great when you get your permanent loan mod! But what is the reason for the assignment? Are they trying to clear title or pull a fast one on us? We haven't gotten any foreclosure notices or anything, but I am panicking, because why would they assign? Confused.. Went to an non-knowledgeable attorney, paid him, and he was clueless. I found someone in charlotte that will help us if need be. He seems knowledgeable and I will keep him updated as things go on. They cant foreclose without letting us know right?
Flag Mon Jul 1, 2013
Chase is not the successor in interest to Washington Mutual Bank.
The FDIC receiver is the successor in interest to Washington Mutual Bank.

Chase cannot prove that the note was transferred to them by the Purchase and Assumption Agreement because there is no Schedule 3.1 of loans transferred.

So Chase will claim to have possession of the Note which will be endorsed in blank.

They will forge the note so that they can foreclose under the UCC. Yes! This is going on now around the nation.
0 votes Thank Flag Link Sun Dec 16, 2012
The Loan Was Paid! Just an update to "How can this be true" Chase through and OCC QWR from us recently sent a very large package of redundant paper work IE the same stuff like history transactions etc as sent before only duplicates. I read every single page with a microscope and lo and behold it appears our loan was paid 3 months into default yet we are still being asked by Chase to pay the debt. The same thing happened to another person on this thread earlier and to BUTLER vs FNMA and Chase. The judged referred to these entities as OZ behind the curtain. Butler was foreclosed on for a minor $10 billing error on an $800,0000 home where he had already paid over $400,0000 on. You need to QWR everyone involved in your loan transaction and really research the documents closely. Also a lot of these mortgages are covered by the covered protection letter which also protect the borrower too in most case for fraud etc. Demand to see yours. They will probably tell you this is none. But there is.
Flag Sun Mar 9, 2014
How can this be true??? Chase showed up in court today with a "wet ink" doc that WAS endorsed in blank, however the original copy I requested from my original lender was not. This is Fraud!
Chase cannot prove that the note was transferred to them by the Purchase and Assumption Agreement because there is no Schedule 3.1 of loans transferred.

So Chase will claim to have possession of the Note which will be endorsed in blank.

They will forge the note so that they can foreclose under the UCC. Yes! This is going on now around the nation.

Any further information you have on the WAMU/Chase FDIC subject would be greatly appreciated, the rabbit hole is getting dark and frightening!

We were sent a copy of the PSA with our QWR and alos a copy of the Limited Power of Attorney Doc attached as well which clearly states that these "purchased assets" were to be identified, that the borrower was to be notified, and that the documents were to be properly recorded. THIS WAS NEVER DONE!

Sincerely,

Diane Wilson

Apopka, FL
Flag Sun Feb 10, 2013
How can this be true??? Chase showed up in court today with a "wet ink" doc that WAS endorsed in blank, however the original copy I requested from my original lender was not. This is Fraud!
Chase cannot prove that the note was transferred to them by the Purchase and Assumption Agreement because there is no Schedule 3.1 of loans transferred.

So Chase will claim to have possession of the Note which will be endorsed in blank.

They will forge the note so that they can foreclose under the UCC. Yes! This is going on now around the nation.

Any further information you have on the WAMU/Chase FDIC subject would be greatly appreciated, the rabbit hole is getting dark and frightening!

We were sent a copy of the PSA with our QWR and alos a copy of the Limited Power of Attorney Doc attached as well which clearly states that these "purchased assets" were to be identified, that the borrower was to be notified, and that the documents were to be properly recorded. THIS WAS NEVER DONE!

Sincerely,

Diane Wilson

Apopka, FL
Flag Sun Feb 10, 2013
This situation should be put to the strictest of tests. I would contest the matter in a legal proceeding and put the private investor to their proof.

Your questions cannot be answered without a full investigation. This means a person competent to read everthing alleged in the foreclosure complaint must be put on the job.
0 votes Thank Flag Link Wed Dec 5, 2012
OUch! The who owns what game.

Chase now owns Wamu, so Chase owns all of Wamu's assets, if the deed was in their name, they will find a way if they have not already, to put it under their name. Good luck and if you are not making mortgage payments while you figure this all out, my advice is to hold and don't spend the money at all and do not put it in a bank account or spend it on vacations and cars. Once the dust settles and you need to make all the payments you missed you will have the cash stored away. I know of a couple who is dealing with the same issue and have been for over a year now. The bank is quiet for now but I'm sure something is brewing behind the scenes, its just a matter of time. Your checkmate move is the common line we hear today "show me the deed!" the logic behind this statement is, if the deed was sold to another bank then why would you owe anything?

Scenario: You borrow from bank to get house, bank keeps the deed in trust until you pay the money you owe them in full. Bank goes belly-up and sells all assets including your promissory note then the question becomes "where is the note?" new bank doesn't have it because it's stuck in storage under a ton of other deeds that nobody wants to or will ever touch and their systems don't have you on their records "its in the other banks system" The Home Owners stance is that they no longer owe the money if the note was sold (technically correct) the Bank's stance is that you borrowed the money so you need to pay it back. Naughty Naughty Banker, don't you know that double dipping is a no no?

This is how I understand it, please correct me if I'm wrong here so that I can update the database upstairs. :)
0 votes Thank Flag Link Wed Dec 5, 2012
Wrong! Chase is the acquirer of certain unspecified assets and liabilities.
It is not the sucessor in interest to Washington Mutual Bank.
Flag Sun Dec 16, 2012
Madaline, Mike is trying to play the game improper assignment of loan and then show the note. In my area that delays the forclosure about 2 seconds.
0 votes Thank Flag Link Thu Jul 5, 2012
Hi Mike
regardless - that Chase now owns it did when they took ovr Wamu it became theirs. mortgage notes are trading constantly. so more importantly you are facing foreclosure. contact an attorney,
contact the bank or this private investor to see what if anything you can work out with them to get it
current. perhaps you can qualify for a modification if you really can't afford your mortgage.888-995-4673 or http://www.995hope.org maybe they can help.
good luck
madelinepadovano@fillmore.com
0 votes Thank Flag Link Thu Jul 5, 2012
Charles is correct J.P. Morgan Chase Manhattan took over (had crammed down their throat) everything for WAMU when the FDIC closed them. There would be no individual assignment of title as the entire company was sold to Chase and you can not assign something to yourself.
0 votes Thank Flag Link Wed Jul 4, 2012
Dear Mike:

You need to speak to a real estate attorney and find out your rights. If you need help locating a great attorney, contact me, I know several that can help you. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Jul 4, 2012
I believe Chase took over Wamu . They are the successors to Wamu and wouldn't need to do an assignment . I believe it's written in on the original mortgage . An investor would not touch it if not the original note. You also can call your local state representative for clarification
0 votes Thank Flag Link Wed Jul 4, 2012
There is so much misinformation here...there were no Notes to assign to Chase in the sweetheart deal with the FDIC, because WaMu securitized literally everything they wrote through Fannie. The "loans" never occurred, because WaMu lent nothing of their own money, they lent from warehouse lines established by a pool of investors who were told their money would be used to fund the mortgages underlying Mortgage Backed Securities, and none of the documents were retained as promised in the PSAs. The Notes were destroyed per requirements of the GAAP rules, that state that when a Note is converted to a security, the Note is forever a security and can't be reconstituted into a Note. They are therefore burned. It is securities fraud for the Note and the security to exist at the same time. Chase and WaMu converted all the Notes to electronic files, and they print them out and forge endorsements in order to foreclose, but they've been busted for this in N.Y.
Flag Tue Nov 26, 2013
I live in Queens who would I contact, kathy
Flag Sun Sep 8, 2013
For accurate advise, and in order to best protect yourself, you really should be consulting with an attorney who specializes in real estate....
0 votes Thank Flag Link Wed Jul 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer