JP Morgan Chase and Scam Foreclosures: Is Your Home Safe?
Your bank is threatening to foreclose. Can they really do it? They may be able to, if you don't follow these steps.
That's right, a pending foreclosure might just be a scam. Well, what's the scam? Many banks--even if they claim to own your Note (and the only entity in many cases that can actually foreclose, must own the Note)--may not have POSSESSION of it.
They need POSSESSION of the Note in many states, in order to foreclose on you. Now, here's where the work comes in. YOU have to do the research. Even if you have an attorney DON"T trust him, until you have a reason to (just because you pay him, doesn't mean he works for you--he's beholden to the LEGAL SYSTEM).
So, what do you do when banks like JP Morgan Chase and others, notify you that they're going to foreclose--or, even before it gets to a legal proceeding where you think you might loose your home?
Follow these guidelines and it MAY just save you tons of money in legal fees and keep the roof over your head.
1. Ask for a "Qualified Written Request"
A QWR is a request from a homeowner to the home loan servicer (the bank serving your loan or taking your mortgage payments), for the files on the account. You want them all--especially a copy of the Note. Basically, you are trying to find out who owns the Note. Of all the problems that homeowners are facing, this the MAIN one.
Many banks have gone under. Like Washington Mutual
But, no one bothered to tell the homeowners that their paperwork "disappeared". We're talking about the loans of millions of homeowners, some who have continued to pay their loans, on time;their loan documents however, may not exist.
What does that mean?
Well, it means that if no one has the Note, in many cases--you will own the home. But, the government and banks like JP Morgan Chase don't want to tell you that because their "investors" (in many cases your friends and neighbors who have stock in the banks and the trusts) won't be able to receive your monthly payments, or be able steal the home outright--if you get "behind" on your non-existent mortgage.
Enter the "home loan modification".
2. Avoid a home loan modification, if possible
Maybe this is the first time you've heard it, but a home loan modification could be deadly. You see, lots of people don't read the find print. What's happening is that the bank will inflate the mortgage payment after the initial lower payments end, increasing the modification amount by thousands of dollars over what the initial amount was.
This means that you'll be paying MORE, when your objective was to pay less and ease your financial burden. But, you're only getting deeper into the matrix, if you sign the document.
Don't believe me? Talk to someone who's gotten a modification. Or,
search the Internet for stories about loan modifications. The horror stories are real.
And, why would you want to sign the document when you could have done step "1" --to determine if you own the home free-and-clear, anyway?
3. Find out if your loan is "federally-insured"
A federally insured loan is one insured by the federal government (e.g., loans like Veterans Administration loans ("VA-loans"), Fannie Mae and Freddie Mac loans, etc.). Chances are that if your loan was federally-insured, it was placed in a government trust--and if you didn't default on the loan at any time (or, missed three successive payments)--it should STILL be there. If it's not in the government trust, then someone may have removed it ILLEGALLY.
If someone did and the loan servicer magically says it now OWNS the loan, then "Lucy, someone's got a lot of 'splaining to do!"
That would be your loan servicer. You see, the servicer is a government contractor and has to follow strict guidelines when dealing with government-insured loan documents. The documents can't just go walking around leaving government trusts and giving themselves to banks, like Chase--that's well--downright illegal.
So, when it happens and you are harmed by it, what do you do? Well, that's the hard part because most people don't understand what's going on. Now that you know, it's time for veterans and others with federally-insured loans, to DEMAND that the federal government explain the truth about what's happened.
How do you find out if your loan is federally insured? Glad you asked.
4. File a FOIA Request
A Freedom of Information Act Request ("FOIA) is a request from you to the government (usually the Department of Housing and Urban Development, for federally-insured loans) to find out if your loan was put into a trust, insured by the federal government. If
you get a reply and find that your loan is still in the trust, then you're fine and the servicer should have no problems producing all the documents you've requested.
But, if your loan has been removed by "persons unknown"--then, there is a problem. Now your work begins to prove that the servicer is a "pretender lender"--or, claiming to own your Note--when it doesn't.
Many judges know this to be the case, but when homeowners come before them in bankruptcy and civil cases, they say, "You owe the debt. You must pay." I say, they are looking out for the banks interest because they're getting paid to ignore the law. In fact, they're also capitalizing on the mismanagement and theft that has been going on for years, finally causing the "financial meltdown" of the mortgage systems.
What did the US Government know?
In addition, industry insiders--and the US government--are seeking to capitalize on this massive fraud as well, by keeping this information secret from the public so that anonymous "investors" can get profits that they didn't earn--or, steal homes they never made one mortgage payment on.
Some of the victims of this scam are older veterans, who may be in dire financial straits--they have no clue what is going on and despite the "hype"--the VA is NOT helping them.
In many cases, government employees and contractors--especially ones who sell "foreclosed government homes" along with the attorneys and judges that ensure the process goes in the banks favor--will acquire the foreclosed properties, or payments from the scam and profit from the veterans ignorance or inability to protect their interests.
Some of you might say, "Hey, those deadbeats still owe a bill. They should PAY for the property."
That's not how I see it.
The government should cease-and-desist, call off their lap dogs (the banks) and halt these illegal foreclosures. Just allow homeowners to keep the property that they've paid on for years and live in peace.
That's one bailout "We the people" surely deserve.