njcu_workshop presentation - final

8/13/2019 NJCU_Workshop Presentation - Final

1/19

Whos Your Lender?

What amount, if any, do you really owe onyour home?


2/19

What is a Mortgage Loan?


3/19

Pension Funds Clamored to Invest in MBS

Louise & George ALWAYS pay their mortgages. Want a pieceof this revenue stream?


4/19

Banks Allegedly Sold Shares of Homes


5/19

Securitzation Fail = Unlawful Foreclosure


6/19

Foreclosure Fraud 101


7/19

How Can Homeowners Secure their Homes?

At its core, Foreclosure Fraud is a violation of theRule of law

We restore the law, one home at a time

Organize as a group to effect change on largerscale

There are many laws Federal, State to protect

homeowners from predatory lenders and credits

NJ Communities United will guide you topreserving your rights under the law by

QWR Letter to servicer RESPA

Debt Validation Letter to servicer Fair Debt

Collections Practices Act Whos Pete? Letter Uniform Commercial Code

governs the Notes there is ONLY ONE personwith the rights to enforce your Note. Who is thatperson?


8/19

The Uniform Commercial Code is Clear

ONLY the person with the rights to enforce the Note can declare the Notein default

If the homeowner falls behind and stops paying their mortgage, THATDOES NOT MEAN THEIR MORTGAGE LOAN IS IN DEFAULT

The servicer is the company that you send your monthly payments to

they usually are NOT the person with the rights to enforce the Note underthe UCC

You have EVERY right to know the identity of the person with the rightsto enforce. The servicer MUST tell you. If they do not, you can consultwith an attorney and ask to file a lawsuit against them.


9/19

How Much Do You Really Owe?

The fact is, we do not know until the servicer or the person with therights under the UCC provides you with a full loan level accounting thatincludes:

TARP

Credit Default Swap

Insurance Payments from Third parties


10/19

Knowledge is Power

We will coach you on how to obtain the information andevidence

We are NOT attorneys and cannot provide legal advice

We WILL refer you to a law firm that woks closely with NJ

Communities United and helps homeowners preserve theirrights which may include fight foreclosure and/or get leverage for a substantial principal

reduction


11/19

What are your Rights to Modification?

The servicer is NOT required to approve a modification.

But the Attorneys General Global Settlement with Citi, Ally,Bank of America, Wells Fargo and Chase DOES require them toprocess a request for a modification that includes, but is notlimited to principal reduction and lower interest rate.

Servicers CANNOT foreclose on you IF you have a loanmodification pending dual tracking

The Consumer Financial Protection Burueau polices theservicers : www.consumerfinance.gov
http://www.consumerfinance.gov/http://www.consumerfinance.gov/


12/19

Your Right to Know PETE

This requirement is often violated by the servicers when they refuse toprovide homeowners with the identity of the Person Entitled to Enforce theNote (PETE)

The Qualified Written Request Specifically requires the servicer to provide

Copy of the Note with ALL indorsements

Name of the investor (trust name)

ALL violations should be submitted online to www.consumerfinance.gov
http://www.consumerfinance.gov/http://www.consumerfinance.gov/


13/19

Who to Go to For What


14/19

Who to Go to For What


15/19

NJ Foreclosure Process


16/19

NJ Foreclosure Timeline


17/19

NJ Foreclosure Timeline


18/19

Final Stages of Foreclosure


19/19

njcu_workshop presentation - final

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