GMAC commingled cash. What about the mortgage itself?

If GMAC and other mortgage servicers have no qualms about commingling funds for which they have been entrusted (by investors); it is easy to understand they have no problem jerking a single homeowner around with his loan modification or short sale.  Anything to make a buck.

NEW YORK, March 4 (Reuters) – Moody’s Investors Service on Thursday said [...]

Lien stripping in action, let’s just get rid of the unsecured part, shall we?

David Leibowitz posted a short blurb on stripping liens from a property.  Bottom line is that the “underwater portion” of a mortgage may be fair game as it is unsecured.  This is a huge benefit for investor or the average homeowner who also has a rental property or two.  Too bad it is not readily [...]

Midland Mortgage grants 37.5% reduction in rate for homeowner

Loan modifications offered through HAMP can be beneficial for some homeowners but if the homeowner is denied for HAMP or the offer is unacceptable, litigation may be an option.  This is a more costly alternative but in most cases results in more beneficial and permanent modifications.
Recently we helped homeowners with legitimate hardships due to medical conditions negotiate a settlement with Midland [...]

MERS – Who or What are they?

Recently we came across a great list of data points on MERS.   Prepare to be overwhelmed with the purposeful confusion MERS aims to achieve.  Articles specifically about MERS can be found here.
MERS Basic Corporate Information

MERS is incorporated within the State of Delaware.
MERS was first incorporated in [...]

IndyMac sets record for slowest response to RVD!

IndyMac has set a new record (at least in our office) for the longest time for a simple response to a Request for Validation of Debt (“RVD”).   Granted some mortgage companies never respond but as far as actually responding this sets a new bar.
We sent a standard RVD to IndyMac, now OneWest Bank, asking [...]

Evidence. Where’s the proof!!!

The biggest mistake most people make is not knowing basic rules of evidence.

Testimony from a “copy” is inadmissible. Testimony is inadmissible unless it comes from a witness accepted by the court — not some lawyer lathering up his mouth and using finesse to escape the rules of evidence.   Every witness must be sworn, must [...]

Man vs. Mortgage

Judge wipes out $461,263 mortgage serviced by PHH in New York.

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