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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
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Experience:  25 years of experience in general practice, real estate law and estate law.
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We had a loan with Fieldstone Mortgage dated 04/04/2003..with

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We had a loan with Fieldstone Mortgage dated 04/04/2003..with MERS as a nominee for Fieldstone. Fieldstone went into chapter 11-2008. The loan was paid off to Washington Mutual..probably the servicer. Did the loan get paid off? We refinanced with Homecomings Financial Network Inc Feb 4-2006. Homecomings Financial is in Chapter 11 as of last year.
March 1-2006 a substitution of Trustee and Full reconveyance to MERS as nominee for Fieldstone was filed. How can they file this when the Co is in chapter 11?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

You said: March 1-2006 a substitution of Trustee and Full reconveyance to MERS as nominee for Fieldstone was filed. How can they file this when the Co is in chapter 11? You say that Fieldstone went into Ch. 11 in 2008, so I can't see anything wrong with them filing something in 2006. Also, Chapter 11 doesn't prevent the debtor from operating its business. Regarding the additional information, you will have to either believe the party that says they are servicing your mortgage or wait for them to file a foreclosure action where you can raise your objections in court. You mention Aurora and Nationstar both of which are active companies. Be very cautious about claiming knowledge about who actually owns your mortgage account. Mistakenly stopping mortgage payments based on what you think may be going on behind the banking scenes has cost many people their homes. I hope this Answer is helpful and that you will give it a positive rating. If not, then do not enter a rating at this time and send back a Reply for more information or clarification. You should consult a local attorney to verify that this information is accurate for your state. Thank you for using Pearl.com- Just Answer. We appreciate your business.

Customer: replied 1 year ago.

The party servicing my mortgage is by definition a 3rd part debt collector who acquired the loan from Aurora after 5 months of non payment when it was in "default" status, thus making them a debt collector. Nationstar as i understand it has the burden of proof that they are the "owner" of the Note or have a "right" to act on the interest of the owner. Aurora stated that Deutsche Bank owned the Note as did Nationstar. Nationstar later answered that they own the Note. I do not believe any of them since the UCC codes are very specific how they need to proof that they own them indeed. I found my loan supposedly in the Bloomberg report in the Rali Series 2006-Q03. There are NO records of sales/assignments at the County Recorders office. The fairness doctrines of the UCC indicate they have the burden of proof. They can say they have and own the Note. I also have a Note.


Aurora has deleted the arrears of my credit reports, but Nationstar has not. They actually put a derogatory remark on it. After the sale/assignment/transfer from Aurora to Nationstar in July 2012, I received a letter from Aurora in December of 2012 that even though they sold/assigned / transferred the loan, they were still the servicer and Nationstar is the subservicer and to direct my attention to Nationstar. I have disputed this since they wrote us they were the servicer.

Expert:  Irwin Law replied 1 year ago.

This information doesn't change my prior answer. The road you have selected to travel is risky. The problem is that once they gather up the necessary paper work and do the necessary recording in order to foreclose, defeating a foreclosure is extremely difficult and rarely occurs in real life.

I hope that this information is helpful. If you need further information, please just send me a reply asking for clarification. After that, I hope you will enter a positive rating so that I will be credited for assisting you. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using this service. Your business is appreciated..

Customer: replied 1 year ago.

They would have to backdate all the recordings. Legal?????? They have to proof this. The Note needs to be proven that they have been paid from one party to the other party according to the UCC code and recorded to the county recorder's office according to the UCC code. All the parties involved have to do this. From the loan originator to the Selller to the depositor to the trust fund. The chain of title has to be established according to the UCC code. They also have to show if they received insurance payments......especially after the non- payment for 5 month.

Expert:  Irwin Law replied 1 year ago.

I have nothing more to add and you obviously think you know more about this subject than I do. I will opt out so others can come into this discussion.

Expert:  Attyadvisor replied 1 year ago.

Welcome and thank you for your question. I will be the professional that will be assisting you.

The prior attorney is correct with regard to chapter 11. Chapter 11 is re-organization and does not stop the debtor from operating their business. That being, said if you can prove fraud there is certainly the possibility of defeating the foreclosure.

You may find this link interesting http://b-g-law.com/news-alert-groundbreaking-case-recognizing-securitization-claims/

Do you have any additional questions with regard to this matter?

Customer: replied 1 year ago.

WinkThank you LeslieEsq,


 


I am looking for a lawyer who is thoroughly aware of what is going on in the mortgage industry, since I know I will face a possible foreclosure. I have studied this now for over a year and was aware that there are attorneys far and few in between who understand the full scope of this area. I have written several QWR's and done a lot of discovery. I have done my securitization chain, because I took courses. The previous person Irwin Law, could have answered that they were not aware of all that is going on and many do not understand this. Thank you for the article. You have given me more knowledge to battle this. Nationstar has also broken FDCPA and FCA laws. I do want to go after them, but need to find an expert lawyer who I can work with the resolve this. I have done the discovery. I reside in the Vacaville area in CA. I would appreciate a suggestion.

Expert:  Attyadvisor replied 1 year ago.
Unfortunately, the terms of service of the site will not permit me to refer an attorney to you. I apologize for the inconvenience this may cause you. I am glad that I was able to help.
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3716
Experience: 25 years of experience in general practice, real estate law and estate law.
Attyadvisor and 2 other Real Estate Law Specialists are ready to help you
Expert:  Attyadvisor replied 1 year ago.
Thank you.

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