Skip to main content
Foreclosure Defense Florida

Securitization Audits, REST Reports, Loan Audits, MERS Reports, Consultants…COME PROVE YOURSELVES.

I have been very critical of any party or company who offers advice to consumers about how their loan was or was not securitized and who provides any suggestion that such information can be used in a court case.

I have stated that if the person or company cannot be qualified as an expert in a court of law, then the information has little or no value, no matter how pretty or official looking the report is, no matter how long it is, no matter what the website or consultant or “expert” says.

I see and hear examples every single day of consumers being charged thousands of dollars for such things and being promised all manner of results.

In many states, selling such information is a violation of consumer protection laws.   Selling any such information or making any such representations to consumers in Florida is absolutely a violation of state law. Here are relevant portions of Florida law:

” Foreclosure-rescue consultant” means a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services.

(c)”ƒ” Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with:

1.”ƒStopping, avoiding, or delaying foreclosure proceedings concerning residential real property; or
2.”ƒCuring or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

 

(d)”ƒ” Foreclosure-rescue transaction” means a transaction:

1.”ƒBy which residential real property in foreclosure is conveyed to an equity purchaser and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed; and
2.”ƒThat is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner’s residential real property.
VIOLATIONS.””A person who violates any provision of this section commits an unfair and deceptive trade practice as defined in part II of this chapter. Violators are subject to the penalties and remedies provided in part II of this chapter, including a monetary penalty not to exceed $15,000 per violation.
Now, I want three things.
1) A lively and frank debate on this issue;
2) Someone argue that loan audits are not violating this law; and
3) Proof from any company or person that has been qualified as an expert in any court, including a deposition transcript.
Don’t get me wrong, I think there are many, many problems with these loans and I might even agree with some of the facts and “expert” opinions in the material, but I want to see someone using it in court…..