A story of the morgage mess so I can understand it…
Ok… I have been reading and reading and reading about the mortgage mess. I think I may finally understand what happened. Let me see if I can explain it in simple terms…
We refied our home with National City Bank. National City Bank had our mortgage promise to pay every month. NCB took our note (promise to make future payments) and bundled it with other notes that were similar and separated the note (promise to pay) from the mortgage or trust deed (the documents for the property) and sold it in the market, therefore the note was satisfied in full.
I know this is the simple explanation, but I think I finally got it! Now the company that “bought” or is servicing the loan now GMAC is foreclosing. However the REAL NOTE is lost in never, never land stock market purchased by investors. GMAC “servicing” is took (since it hasn’t been paid since April 09) the payments and would disperse them to “investors”, or the companies, entities or people who bought the note in the hopes of future payments/dividends.
So the note has been satisfied by the investors through separating it from the deed and now GMAC has “hired” MERS (Mortgage Electronic Services) to come and collect from us, however, no one has the note because it was sold with a bunch of other notes.
Now MERS claims to be the beneficiary of the “payment” that is not actually due any more, by means of filing some document with the county in the hopes that homeowners don’t object to the meaningless paper.
Please correct and comment… Jennifer
Even Gandhi would fight the bank system
You assist an evil system most effectively by obeying its orders and decrees.
An evil system never deserves such allegiance.
Allegiance to it means partaking of the evil.
A good person will resist an evil system with his or her whole soul.
- Gandhi
Where’s the help for homeowners?
Where’s the help for homeowners? | News | The Bulletin.
It is amazing what a few people can do to change my outlook. Thank you for all the comments on the article in The Bulletin. I have the strength to continue. We are not alone and can support each other.
Everyone who is faced with the difficulty of modification, foreclosure or short sale please contact us. We are going to plan a meeting here in Bend to learn more about what works and how to move forward.
Chronological Events of Our Nightmare
Here are our details in brief:
July – 2006 Loan National City Mortgage 656,000
Dec 2008 Tried to start modification before we were behind
March 3, 2009 – Sent in all docs for modification to NCM (informed there was an investor on the loan, NCM had sold the note)
April 2009 – had a forbearance agreement with NCM until permanent modification agreement could be reached – contact at NCM was unsure if “investor” was going to adopt modification plan with lower interest rates and was encouraged by NCM to wait until the end of June with the forbearance agreement buying time to see what the investor was going to do. (did NCM know the loan was going to be service d elsewhere?)
End of May 2009 – received notice that NCM would no longer be servicing the loan as of June 1 – GMAC would be servicing- called contact at NCM he informed me GMAC was the investor on the loan
May/June 2009 began contacting GMAC several times per week to see if they had our paperwork - began getting collection calls stating we were behind on payments – transferred to three different departments to clear up paperwork issues, had to start process all over again – Resent paperwork quite a few times
July 2009 – wrote letters to top execs of GMAC telling our situation -Received letter from executive office stating any agreements with NCM were null and void.
July 2009 received modification papers that conflicted within – two different interest rates and payment amounts within one document – tried to get it fixed – they denied anything was wrong with the documents and continued to insist they sent one thing and did not want copies of what we received
August 2009 – (before HAMP documents were published online) asked for the HAMP plan and were transferred to another department had to reapply again. We qualified, did not want to sign documents because they gave up our rights (ie… Oregon foreclosure laws)
September/October 2009 – received a call from executive offices (new person) verbally we worked out a modification, even have a recording of her stating the agreement – got the docs and they were not anything we had discussed
November 2009 – called and tried to get agreement changed. Was told that we received what she said. (BS)
December 21, 2009 – received another letter from executive offices, different person asking us to fill out modification papers again and submit them.
December 26, 2009 – Same week received Deed Trust Sale/Foreclosure papers from MEERS! Auction dated 5/11/09 11AM
Please contact us if you would like to join forces and fight together!
Homeowners often rejected under Obama’s loan plan | McClatchy
Homeowners often rejected under Obama’s loan plan | McClatchy.
Obama’s Loan Modification Plan: 7 Things You Need to Know – US News and World Report
Obama’s Loan Modification Plan: 7 Things You Need to Know – US News and World Report.
