Take the Red Pill

Our understanding is that generally the requirements set forth in the pooling and servicing agreements were not followed, and they were not followed in the following way: The pooling and servicing agreements says that when the notes are transferred to the trust there needs to be an endorsement in blank to the trust, as well as a complete chain of endorsements for all proceeding transfers. That means that the originator of the loan has to have a specific endorsement transferring it from the securitization sponsor, the sponsor to the depositor, and then the depositor in blank to the trust.

What we have found is that in the majority of the cases that chain of endorsements is not there.  There is simply a single endorsement in blank.

That creates a problem because it does not comply with the trust documents. That is a severe problem because most pooling and servicing agreements are trust that are governed by New York law, and New York law says that if you are not punctilious in following the trust documents for a transfer, the transfer is void. It doesn’t matter if you intended it, its void. That transfer is void even if that transfer would have otherwise complied with law. And if the transfer is void that would mean that the trust does not own the mortgages, and therefore lacks standing to foreclose.

It’s axiomatic that in order to bring a foreclose action the plaintiff must have legal standing. Only the mortgagee has such standing. Thus various problems like false or faulty affidavits, as well as back dated mortgage assignments, and altered or wholly counterfeited notes, mortgages, and assignments all relate to the evidentiary need to prove standing.

If your mortgage loan contract was part of a table funded securitized transaction then there is a really good chance that your mortgage loan documents probably contain legal errors, violations, tortuous conduct, contract breaches, and fraud, that could result in you being entitled to receive financial compensation, a reduction in your principal balance, clear and free title to your property, or even better!

If you are currently facing foreclosure, or you have already lost your house to foreclose, we recommend that you take immediate action and register for a free securitization and fraud analysis to discover if you have grounds to achieve legal remedy.

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For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.

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Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.

 

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