Let me be clear about this one more time.
MORTGAGE LOAN SECURITIZATION AUDITS ARE A CRIME!
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.
Just this week I had another client in my office who almost lost their home because they had given thousands of dollars to a loan audit/securitization “expert” who told the to ignore the lawsuit that was filed against them. They did not respond to the lawsuit and the bank was prepared to set a sale. The judge did not have to let my new client defend the case, but the judge recognized that this old, immigrant family had indeed been the victim of a widespread and rampant fraud so the judge allowed them to defend their case and their home is safe…for now. Good call by the judge. Fair. Balanced. So now, I’m going to bust my hump to make sure this client fills out all their paperwork and gets the modification done. Here’s the thing….with their income, they could have had the modification done months ago….if only the scammer had not sold them up the river.
I get variations of the loan audit scam in my office nearly every single day. Hapless consumers are either directly approached by companies or they respond directly to any one of the hundreds of websites that have sprung up everywhere. Here’s the rap: The company or expert will audit their loan, show them how the bank committed fraud or their documents are bad or whatever and the homeowner can use that information to get a free house….for a small upfront fee of several thousand dollars…and maybe a small monthly fee if the mark can swing it.
ANY REPRESENTATIONS LIKE THIS ARE A VIOLATION OF STATE AND FEDERAL LAW!
And yet, the proliferation of these scams is mind blowing. Homeowers are pounced on by cold callers and emails and direct mail and people coming directly to their door as soon as a foreclosure lawsuit is filed. Some are pounded on just as soon as they miss a few payments….these consumers are placed on widely available lists that are purchased by the securitization scam companies and the victims are pounded on relentlessly.
WE’RE EXPERTS IN LOAN AUDITS
THE BANKS COMMITTED FRAUD
WE HAVE ACCESS TO THE BLOOMBERG TERMINAL
WE HAVE TRAINED BANK EXAMINERS ON OUR STAFF
WE HAVE FEDERAL ATTORNEYS ON OUR STAFF
WE WILL GET YOU A FREE HOUSE
I’ve wasted good years of my life reporting such scams to the Florida Attorney General, Florida Department of Law Enforcement and anyone else that should be paying attention, but no one seems to care. Years ago I met with representatives from several different agencies, they handed me their fancy embossed cards and talked about the multi-agency task force that was going to be set up to go after these scams that ensnare countless consumers every day…..but no follow up ever came of those meetings and phone calls….I wonder if the shuffling of papers I heard in the background were….(self deleted comment here aimed at trying to not make me such a target) Here is an example of how long I’ve been screaming about this and here
The scams morph and twist, but the outcome and intent are the same. The outcome is a homeowner is scammed. The intent is to take thousands of dollars from those who can least afford it.
Every time I write one of these posts I get pounced on and attacked by all sorts of people who claim they are the real deal, they do real audits and provide real service to homeowners. Now, I will acknowledge that there are a handful of individuals out there who are working with attorney and who have very valuable information that can be useful to the homeowner….BUT THAT INFORMATION IS USELESS IF IT IS NOT ADMISSABLE IN COURT!
So I issue the challenge once again….WILL ANY SO CALLED SECURITIZATION EXPERT PLEASE STAND UP? PLEASE, SHARE WITH ME ADMISSABLE EVIDENCE OF SUCCESS IN ANY FORECLOSURE OR BANKRUPTCY CASE!
Now, I know that there are legitimate people out there who are working with attorneys and who have provided useful information. Recently I came across a woman who provided invaluable information that was very, very useful. I will use her again and I will encourage other attorneys to use her. A key element for any person who asserts they have valuable information to share is that they will only work directly with attorneys….they will not sell information or services directly to the public. So where do I get off saying that securitiztions are a crime, well, you read the following language and ‘splain to me how anything sold to a consumer ain’t a violation?
(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; or2.”ƒCuring or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.