THE BIGGEST SCUMBAG BANK, DEUTSCHE BANK, ON EARTH…

 

 

FORECLOSURE FRAUD – DEUTSCH BANK MEMO NOTIFIES SECURITIZED LOAN SERVICERS AND THEIR ATTORNEYS THAT THEY MAY HAVE BROKEN THE LAW

Posted by Foreclosure Fraud on November 3, 2010 · 1 Comment

First some excerpts from ForeclosureDefenseNationwide

In an October 25, 2010 letter from Deutsche Bank to “All Holders of Residential Mortgage Backed Securities For Which Deutsche Bank National Trust Company or Deutsche Bank Trust Company Americas Acts As Securitization Trustee”, DB reports on “alleged deficiencies” in certain foreclosure proceedings and advises of the prior issuance, by the DB Trustee, of an “Urgent and Time-Sensitive Memorandum” dated October 8, 2010 to its Securitization Loan Servicers regarding servicing foreclosure procedures, demanding that the servicers “comply with all applicable laws relating to foreclosures”.

The October 8, 2010 “Urgent and Time Sensitive” Memorandum attached to the October 25, 2010 Memo makes things even more interesting. Here are some select quotes:

“The Governing Documents typically require the Trustee to furnish the Servicer with powers of attorney that allow the Servicer to sign documents and institute legal actions, including foreclosure proceedings, in the name of the Trustee on behalf of the Trusts in connection with these servicing activities…. Recent media reports suggest that the Alleged Foreclosure Deficiencies may include the execution and filing by certain servicers and their agents of potentially defective documents, possibly containing alleged untrue assertions of fact, in connection with certain foreclosure proceedings. The reported scope of such alleged practices raises the possibility that such documents may have been filed in connection with foreclosure proceedings relating to mortgage loans owned by the Trusts and may have been executed under color of one or more powers of attorney granted to Servicers pursuant to the Governing Documents. Any such actions by a servicer or its agents would constitute a breach of that Servicer’s obligations under the Governing Documents and applicable law.”

So what we have here is DB tacitly admitting that its servicers and attorneys “possibly” filed fraudulent foreclosure documents (which we all know did in fact happen, with “robo-signer” assignments, backdated notaries, etc.), which if done “under color of” required powers of attorney, is illegal on more than one front.

Well isn’t that interesting…

Full memo, plus others, below…

Enjoy!

~

4closureFraud.org

Oct. 18, 2010 — Foreclosures In Missouri Wayne Godsey, KMBC President And General Manager

HOW MUCH $ IS THIS SCUMBAG AG GETTING PAID BY THE BANKSTERS?

POSTED: 7:27 pm CDT October 18, 2010


KANSAS CITY, Mo. — Missouri Attorney General Chris Koster made the right call when he chose not to interfere with home foreclosures in the state. 

Koster’s decision was in response to a request from Kansas City Mayor Mark Funkhouser and a group called Communities Creating Opportunities. 

It is sad to see anyone lose their home, particularly when it’s the result of a lost job or other unfortunate circumstances. But many people simply paid too much for homes, thinking that values could only increase. 

Some lenders like Bank of America and Chase have voluntarily suspended foreclosures in order to review internal procedures. If faulty practices exist, they say they’ll correct them. 

But a government-dictated moratorium is a bad idea, just like the government lending policies that created the mortgage crisis. If individuals can’t pay their mortgages, foreclosures are necessary to stabilize the real estate market, for the benefit of homeowners and lenders alike.

 

SCUMBAG WELLS FARGO TO BE FOCUS OF OHIO FORECLOSURE FRAUD PROBE

 

Posted by Foreclosure Fraud on October 28, 2010 ·

“These people think they can play by a different set of rules.”

~

“It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”

~

Bloomberg

WELLS FARGO TO BE FOCUS OF OHIO FORECLOSURE PROBE

Wells Fargo & Co. will be a focus of an investigation into foreclosure practices, Ohio Attorney GeneralRichard Cordray told Bloomberg Television after the lender said it found flaws in court documents.

Wells Fargo said yesterday that it would submit supplemental affidavits to courts in about 55,000 foreclosure proceedings after finding some statements “did not strictly adhere to the required procedures.”

“These people think they can play by a different set of rules,” Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”

Teri Schrettenbrunner, a spokeswoman for San Francisco- based Wells Fargo, said in an e-mail that none of the paperwork problems have led to foreclosures that shouldn’t have otherwise occurred and the problems aren’t related to the quality of loan data.

“We have chosen to submit supplemental affidavits out of an abundance of caution,” she said. “We intend to be responsive to General Cordray’s inquiries and look forward to addressing his concerns.”

Head over to Bloomberg to read more with video here…

No widespread problem here, right Wells?

 

VIDEO – SHERIFF TOM DART, EXPLAINING EXACTLY WHY HE WON’T ENFORCE FORECLOSURE EVICTIONS

Posted by Foreclosure Fraud on October 21, 2010 ·

Sheriff Tom Dart

“This is not the lotto… this isn’t something where we’re rolling the dice and saying, possibly this has been done legally. Maybe it hasn’t but in the meantime, you and your children go find someplace else to live, plenty of homeless shelters out there. We can’t do that.”

AND SO IT BEGINS – CHICAGO SHERIFF SAYS NO TO ENFORCING FORECLOSURES

The sheriff for Cook County, Illinois, which includes the city of Chicago, said on Tuesday he will not enforce foreclosure evictions for Bank of America Corp, JPMorgan Chase and Co. and GMAC Mortgage/Ally Financial until they prove those foreclosures were handled “properly and legally.”

Bank of America, the largest U.S. mortgage servicer, and GMAC, on Monday both announced rollbacks from their foreclosure moratoriums.

The announcement by Cook County Sheriff Thomas Dart comes after weeks of damaging accusations of shoddy paperwork that may have caused some people to be illegally evicted from their homes.

“I can’t possibly be expected to evict people from their homes when the banks themselves can’t say for sure everything was done properly,” Dart said in the statement.

“I need some kind of assurance that we aren’t evicting families based on fraudulent behavior by the banks. Until that happens, I can’t in good conscience keep carrying out evictions involving these banks,” he added.

Or as Denniger puts it…

Here’s a message to all the County Sheriff’s: Tell the banks to **** off!

The sheriff for Cook County, Illinois, which includes the city of Chicago, said on Tuesday he will not enforce foreclosure evictions for Bank of America Corp, JPMorgan Chase and Co. and GMAC Mortgage/Ally Financial until they prove those foreclosures were handled “properly and legally.”

Imagine that: A lawman who understands that The Bill of Rights actually applies to the people!

The 5th Amendment, specifically: You may not be deprived of liberty or property without due process of law.

“Robosigned” documents violate that right.  So does perjury in court proceedings.

“I need some kind of assurance that we aren’t evicting families based on fraudulent behavior by the banks. Until that happens, I can’t in good conscience keep carrying out evictions involving these banks,” he added.

Now that’s even better.  Will Sheriff Dart extend this all the way back to the origination of these loans, their pooling into securities, and questions about whether or not they were in fact sold more than once, rendering the person who claims to be foreclosing not necessarily the real party at interest?

What if the note has been bifurcated and nobody has a right to foreclose? Sue to collect, yes.  Foreclose, maybe not.

Let’s see lawmen and lawwomen all across this nation refuse to accede to the banksters demands until they prove that the law was complied with – up and down the line.

Sheriffs are elected officials.

The elections are coming.

We the people must demand that each and every Sheriff standing for election take a position on this – will you stop enforcing foreclosures NOW and continue to do so until the banks prove that each and every one is 100% legal, including all required transfers and endorsements, from origination to eviction?

Scumbag Judge needs your help..

If someone has a picture of Erin “culo” Cullaro, please send to us for posting.. Thanks


BOUT TIME – AG’S OFFICE REPRIMANDS ERIN CULLARO FOR “FORECLOSURE MILL” WORK

ANOTHER SCUMBAG P.O.S INVESTIGATED. ERIN “CULO” CULLARO OF THE FLORIDA DEFAULT LAW CRIMINALS..

Posted by Foreclosure Fraud on October 21, 2010 ·

AG’S OFFICE REPRIMANDS ITS ATTORNEY FOR “FORECLOSURE MILL” WORK

By SHANNON BEHNKEN | The Tampa Tribune

TAMPA – The Florida Attorney General’s Office has reprimanded one its attorneys for notarizing documents for one of the “foreclosure mills” the office is investigating. Erin Cullaro, an assistant attorney general for the office’s Economic Crimes Division in Tampa, is a former employee of Tampa-based Florida Default Law Group.

The Attorney General is investigating the firm, along with three other Florida firms, for what “appears to be fabricating and/or presenting false and misleading documents in foreclosure cases.”

Cullaro was given permission from the Attorney General’s Office in April 2008 for dual employment, allowing her to notarize law firm documents for 15 minutes three days a week.

But, according to the written reprimand, Cullaro failed to renew the application into the new fiscal year, “which would have altered the {Attorney General’s Office } to your continued outside employment and accurately reflected the time commitment involved.”

In addition, the reprimand says, “your continued dual employment created an appearance of impropriety” because the attorney general’s office was inquiring into the practices of foreclosure law firms. The reprimand states that Cullaro’s says she quit her notary role before the formal investigation begun. Even so, she could ultimately lose her job, according to the reprimand. Tom Ice of Ice Legal in West Palm Beach represents homeowners in foreclosure and wants to question Cullaro about documents she signed in some of his cases. Her signature varies drastically and court documents assert she signed off on documents while out of town on business with the attorney general’s office.

Court documents reviewed by the Tribune show Erin Cullaro’s signature varied from a full, cursive signature to a squiggly “E.” When she signed the reprimand letter, she used the “E.”

You can check out the rest of the story here…

For those who do not the story behind the Cullaro’s, it is a must see link…

LINK – SCANDALOUS – SUBSTANTIATED ALLEGATIONS OF FORECLOSURE FRAUD THAT IMPLICATES THE FLORIDA ATTORNEY GENERAL’S OFFICE AND THE FLORIDA DEFAULT LAW GROUP

Posted by Foreclosure Fraud on March 26, 2010 ·

Pay attention all! We have been sitting on this information for some time now due to ongoing investigations but since the cat is out of the bag here we go… Over at  Matt Weidner’s Blog He reports on the transcript and motion from a hearing held in a Volusia County Courtroom from Ice Legal. Bombshell- … Read more

 

Florida’s Kangaroo Foreclosure Courts: SCUMBAG Judges Denying Due Process on Behalf of Banks

IMBECILE JUDGE, LAWRENCE SCHWARTZ


Florida is ground zero of the foreclosure crisis. In addition to being one of the epicenters of the housing meltdown, it has also become the jurisdiction where local lawyers have been the most effective overall in unearthing how servicers and foreclosure mills have engaged in widespread document fabrications and use of improper affidavits to foreclose.

This abuse of contracts and legal procedures matters because the courts are the last bastion of defense of the individual. Even libertarians, who keenly oppose government mission creep, give courts an elevated role as a protector of rights.

Given the success that local attorneys are having (it has reached the point where the state attorney general’s office has opened an investigation into three so-called foreclosure mills operating in the state), pushback by the mortgage industrial complex was inevitable. The old saw about “best government money can buy” now looks to apply to the courts, the one area most people assume to be relatively free from tampering by well funded interests.

The New York Times did report on this development, but its account was such a pale version of what is happening on the ground as to give readers a distorted picture.

These new foreclosure-only courts are special creations of the Florida legislature, funded separately from the usual court system. They are manned by retired judges, which means in many cases they are not familiar with real estate law.

But perhaps most important, the explicit objective of these courts is to clear up the backlog. And that is coming to pass not by the Legislature having thrown enough resources at the problem (that is, having greatly enlarged court capacity to process more cases in parallel) but by pushing for faster resolution. The problem is that an accelerated process runs roughshod over due process and allows banks to foreclose when they may not be the right party, or worse, when the foreclosure is the result of servicing error.

Let’s look at one example of banana republic faux justice in the US, via a speech by foreclosure court Judge Roger Colton to his court on how the day was going to go. It’s simply breathtaking. He says that if the bank is foreclosing, he’s not going to consider any evidence that the foreclosure is in error (servicing errors, plaintiff can’t provide proof it owns the note, which means it might not be the right party and procedurally, means it lacks standing to take action). He says he has already heard everything, there is a lot of unemployment in the area; he is going to schedule a court date, but that is merely a deadline for negotiation. In other words, he makes it abundantly clear he has no interest in hearing evidence. When he gets to seeing a defendant after his speech to the court (p. 13), he rubber stamps what the bank wants without even considering the evidence. And apparently his entire day went like that. The summary from an attorney who was representing a client before him that day:

On 8/30, I had a Summary Judgment Foreclosure hearing on Palm Beach County’s “Rocket Docket”. The judge spoke for 14 minutes to the crowd, of mostly pro se defendants, about how they should just agree to the summary judgment and the plaintiffs, (whose attorneys (Shapiro & Fishman had a dedicated courtroom and to whom he referred to as “my attorneys”) would be gracious (Ha!) enough to allow them to stay in their homes for 120 days if needed (even though the statute says he only has to give them 30). When it came to hearing arguments which were fully briefed and provided to the court (pursuant to the instructions of the Divisions head judge) he only allowed 30-60 seconds for argument, failed to read any of the papers, failed to review the plaintiff’s foreclosure package,flatly ignored the Affidavit filed in Opposition, ignored my plea for a trial, signed the judgment and dismissed me. I never was permitted to even read the proposed judgment or to examine the “newly discovered” allonge which Shapiro’s counsel said I had no right to see.

Newly discovered allonges (separate documents with endorsements on them) are fakes; this is the new preferred method of document fabrication. Per the UCC (Uniform Commercial Code), an allonge is to be used ONLY when all the space that could be used for endorsement of a note has been used up. That means margins and the reverse side. And when an allonge is employed, it has to be so firmly attached to the original as to constitute a single document. Hence, no way can it travel separately and suddenly be discovered if it were legitimate.

If you think this case is isolated, here are some reports via e-mail courtesy Lisa Epstein, who runs ForclosureHamlet. The first is from Miami-Dade (emphasis theirs):

I went with a family member to court in attempts to stop a foreclosure sale….we were there sitting in court waiting….I heard this judge take on other cases….Regardless of their issue this judge just kept on denying every motion that he was hearing. Not even taking the time not even a minute or a second to even glance at the documents these poor homeowners were bringing to him.

People were telling him that they have been approved and/or were being considered for a modification under HAMP and that they were there to ask to have the sale of their home stopped because apparently the plaintiffs attorneys were not aware of this information. As you may all know, most of these attorneys DO NOT maintain constant contact with their clients, therefore servicers even though they may place in their system for a sale to be postponed based on loss mitigation approval, still, it doesn’t reach their attorneys in time to actually stop the sale. So homeowners are being told by the servicers to actually try and contact the attorneys because they are not able to. Unbelievable but true….

Once the homeowner left the court room the judge asked… “what is this HAMP that these people keep claiming they are approved for?” mannnnn I said to myself… “this judge must have been pulled from retirement from another part of this world, and to get put on the stand to make these decisions… the courts must really be desperate for not even taking the time to even educate them about the huge issue at hand with these foreclosures and modifications and fraudulent documents etc…. then after denying a few more cases in less than 2 minutes he said… “WOW… and i got paid to do this everyday 5 days a week?… this is easy.”

There’s is actually much more of the same, multiple instances with particulars, with the judge clearly operating from the presumption that the borrowers were all deadbeats and the sale would go forward.

This message comes from Hillsborough County:

As I previously noted, when I attended court, many many cases were missing the note and mortgage. Many of these were located later but they definately did not meet the deadline for 20 days ahead and the question is–is anyone reviewing these for fraud? My assessment is that court staff are too buried and have no training in this. I literally saw pile after pile of cases moving through the system like a Burger King window. Legitimately, the court staff can say they are overwhelmed….One could ask, how do you have a summary judgment without the note and mortgage????? I do not feel that what I witnessed was something done on purpose to hurt the homeowner. instead, I feel that the judges believe that the homeowners have not met their obligations and they still haven’t “gotten it” that lawyers could blatantly lie to the court and present false documents. But I honestly did not feel as I observed that there is some horrible conspiracy taking place. It’s more like the judges are bending over too much to assist their “work partners”, i.e., the attorneys handling the cases, to pull their cases together.

Further confirmation of the e-mailed reports comes from Mark Stopa, a Florida attorney:

When do judges decide who wins a foreclosure case? Do they evaluate each case on the merits? Or do judges see “foreclosure case” and automatically decide, in their minds, that the bank is going to win (but refrain from announcing such until entry of final judgment)? In other words, is the outcome of these cases predetermined by some judges? …

My experience yesterday, though, as outlined in this Motion to DQ Judge, makes me wonder, not about myself, but about the thousands of cases in Florida where homeowners don’t have an attorney. I strongly encourage you to read the entire Motion to DQ Judge, as it’s a matter of public record, but here’s the cliff notes version.

On August 19, 2010 at 9:30, a summary judgment hearing was set on a mass-motion calendar. My clients were pro se until just a few days prior, so the documents I filed in opposition to summary judgment had not yet made it into the Court file yet. As such, the Judge thought my clients were pro se. At or before 8:15 a.m. on August 19, 2010, the Judge entered conformed copies of a Final Judgment of foreclosure even though the summary judgment hearing was not scheduled until 9:30 a.m. that day. That’s worth repeating:

The judge entered a Final Judgment of foreclosure more than an hour BEFORE the scheduled hearing.….

At 9:30, when the hearing began, I voiced my concern about this to the Judge. She was obviously caught off guard, but it quickly became apparent to me that her “procedure” is to make conformed copies of the Final Judgment, to be mailed to the parties, prior to the hearing (and to send out those copies to all parties immediately upon conclusion of the hearing). Essentially, she’s already made up her mind before the hearing, is holding the gavel in the air, and is ready to throw it down as soon as the hearing starts.

Moreover in Florida, the public is being barred from observing these trials. In Duval County, Palm Beach County, and Hillsborough County (and this is not a full list), police are refusing entry, claiming safety issues (overcrowding) when lawyers and defendants report there are plenty of open seats. The First Amendment Foundation has urged concerned parties to write letters of protest to judges denying access, including camera access. That battle has not yet been escalated.

Contrast this rubber-stamping of these cases with the statement of the Florida attorney general: ““We’ve had so many complaints that I am confident there is a great deal of fraud here.” Representative Alan Grayson has asked the Florida to halt all foreclosures in the state pending the outcome of the investigation of the state attorney general, since 80% of the foreclosures are undertaken by three of the four foreclosure mills under scrutiny.

But don’t hold your breath. Even though the Supreme Court is preparing a response to Grayson’s, the Chief Justice, Charles Canady, is very much a corporate Republican. In other words, doing the right thing will no doubt be deemed to be too inconvenient.

Foreclosures Profit Some Equity Firms

CAN I BORROW YOUR LAW LICENSE SCUMBAG?

By BARRY MEIER

With a surge in lawsuits against law firms specializing in foreclosures, a case in Mississippi is casting light on another aspect of the mortgage mess — the connection between Wall Street private equity firms and those law firms, often known as foreclosure mills.

The lawsuit on behalf of homeowners claims that Great Hill Partners, a private equity firm, has benefited from what the lawsuit calls an illegal fee-splitting arrangement between Prommis Solutions and several of the busiest foreclosure law firms it controls. Great Hills is the biggest stakeholder in Prommis, a company that acts as a middleman between mortgage servicers and law firms.

A lawyer for Prommis rejected that claim, and officials of Great Hill Partners did not respond to inquiries. But a review of public filings, company news releases and other public statements shows that several private equity firms or entities they control have stakes in the business operations of some of the busiest foreclosure law firms in New York, California, Connecticut, Florida, Georgia and Texas.

Some of those law firms — like the offices of David J. Stern of Plantation, Fla., and Steven J. Baum of Amherst, N.Y. — are among those that are either under scrutiny by law enforcement officials or face actions by homeowners contending that they used inaccurate or fraudulent mortgage-related documents. Both lawyers have denied any wrongdoing, and neither has been charged with a crime.

The influence, if any, that private investors are having on the practices of the foreclosure mills is not clear. But the issue is likely to be examined in coming months in lawsuits like the one in Mississippi and as a nationwide task force of state attorneys general start their inquiry into the accuracy of mortgage documents.

To maximize investment returns, private equity firms often squeeze down costs in the operations they acquire. And some legal experts suggest that could be a factor in the quality of legal documents generated by foreclosure mills.

“The concern is that you are pushing production down to least-cost producer,” said Susan Carle, a professor at American University Washington College of Law.

Tom Miller, the Iowa attorney general who is heading up the task force investigating questionable document practices, said he was not aware that private equity firms had acquired some foreclosure-related operations. While there is no law against such purchases, Mr. Miller said the issue could prove significant because it expanded the possibilities of where and how the foreclosure system failed.

“If this is happening, this is something we are concerned about and would want to find out more about it,” Mr. Miller said in a telephone interview.

The investors involved in foreclosure mills include a publicly traded investment fund, Ares Capital, as well as other midsized and small buyout firms like Great Hill Partners.

The involvement of private equity firms in the legal industry is not new. But their involvement with foreclosure mills appears to have started about five years ago, just as the housing market was starting to collapse and the number of foreclosure procedures was beginning to boom.

The relationship between the Wall Street specialists and a law firm appears to work like this: A private equity firm, in a transaction worth tens of millions of dollars, buys a wide range of services used by the law firm, like its accounting, computer data, document processing and title search departments. Then, a subsidiary of that private equity firm or an entity it controls makes money by providing those services back to that law firm or other businesses for a fee.

For example, about three years ago, Tailwind Capital, a private equity firm in Manhattan, acquired many of the business-related operations of a law firm near Buffalo run by Mr. Baum, which does one of the highest volumes of foreclosures in New York State. Soon afterward, the fund bought similar operations from one of Connecticut’s biggest foreclosure law firms, Hunt Leibert Jacobson of Hartford.

Ares Capital, which financed the move, is also now a co-investor in those assets, which are held in a Tailwind unit called Pillar Processing, a public filing indicates.

Similarly, a private equity firm in San Francisco, FTV Capital spearheaded a $27 million investment in 2007 in an entity that buys law firm business operations and then uses them to provide services back to firms specializing in “foreclosure, bankruptcy and eviction,” according to a news release issued by the firm.

“We have been keenly focused on the mortgage-default services space,” the buyout fund stated in a 2007 news release. “The space is important to our strategic investors which represent six of the top 10 mortgage investors/servicers.”

In an e-mail, a spokeswoman for FTV Capital said that company officials were not available for comment.

Law firms receive a relatively low fee from companies that service home loans, say about $1,200 a case for handling a foreclosure-related proceeding. But those fees can translate into big profits for lawyers and their private equity partners when tens of thousands of foreclosures are involved. The law firms and the private equity firms have structured these deals with an eye toward avoiding legal statutes and ethical rules like those that bar fee-splitting between lawyers and nonlawyers.

But that relationship has been challenged in the Mississippi lawsuit against Prommis and Great Hill Partners.

Another company, Lender Processing Services, is also accused in the lawsuit of illegally splitting fees with foreclosure law firms; it also denies doing so.

The roots of Prommis, based in Atlanta, trace back to 2006 when the company acquired the back-office operations of McCalla Raymer, one of the country’s biggest foreclosure law firms. Great Hill Partners states on its Web site that it was interested in the acquisition because it reflected a way for it to profit from the housing downturn.

In subsequent years, Prommis expanded its operations nationwide by buying the back-office operations of other major foreclosure law firms, according to a recentSecurities and Exchange Commission filing made by the company in connection with a planned initial stock offering.

According to that June filing, Prommis now generates revenue by providing services like document processing to the same law firms that handle nearly all of the foreclosures initiated by the loan servicers with whom Prommis works.

In a telephone interview, Prommis’s general counsel, Richard J. Volentine Jr., said that the company did not split fees with its affiliated law firms and that those fees were paid directly to those firms by the loan servicers.

In its S.E.C. filing, Prommis alerted potential investors that it could face challenges from bar associations, prosecutors or homeowners that its relationship with its law firms constituted the “unauthorized practice of law” or involved “impermissible fee sharing” arrangements.

Prommis also stated in that filing that any steps that slowed the pace of foreclosures, like government programs that helped homeowners renegotiate loans, would hurt its revenue.

Julie Creswell contributed reporting.

 

TAKE THAT SCUMBAGS…

SOVEREIGN  BANK,

Plaintiff,

vs.

FLORIDA DEFAULT LAW GROUP, P.L., d/b/a ECHEVARRIA, CODILIS  & STAWARSKI

Defendants

From the complaint…

The within  action  arises  from  legal services  provided  by Defendants to Plaintiff in Broward County,  Florida.

On or about February 2, 2007, Plaintiff engaged Defendants to bid on a foreclosure sale  in Broward County, Florida.

Specifically, Plaintiff was  the holder of a second mortgage,/home  equity line of credit…

On or about August 17, 2006  the Brandts were sued by the homeowners association…

Plaintiffs nominee, Mortgage Electronic Registration  Systems, Inc., was named as a defendant…

The HOA  lawsuit proceeded  to final  judgment  in the County Court in Broward County, Florida,  and  the  foreclosure  sale was scheduled for February 9, 2007…

A copy of the final judgment in the amount of $4,294.68,  is attached…

Pursuant  to the February  2,2001  engagement letter, Composite Exhibit “B” the approved  bid amount  was $383,700, since Plaintiff at  the time believed  that  in order to protect  its interest  it had  to pay off the first mortgage  on the Real Property in addition to the HOA judgment amount, and  that the approved  bid amount would be sufficient  to pay off the  first mortgage and  the home owner’s  judgment and acquire a first lien on the Real Property.

Thus, Defendants knew from  the moment  they received  the facsimile  transmission on February  2, 2007, that the amount  of the Final Judgment was only $4,294.68 although  the approved  bid amount was $383,700.

Defendants failed  to give Plaintiff proper  legal advice  that a bid amount of $383,700 was completely unnecessary  to satisfy  the HOA  judgment and that all that had  to be paid to obtain  a certificate of sale and certificate of title, subject to the first mortgage, was $4,294.68

Additionally, apparently believing  that $383,700 was an  insufficient sum  to satisfy a$4,294.68 judgment,  on or about February  6, 2007, Defendants requested Plaintiff wire monies in the total amount of $392,148.90, or $8,448.90 additional,  in order to bid at the February 9, 2007  sale and  to pay for court costs and documentary  stamps.

Although  the Real Property could have been purchased at the February 9, 2007 foreclosure  sale  for $4,294.68,  subject  to the first mortgage, Defendants  failed to advise Plaintiff of this  fact and proceeded  to bid and pay $392,148.90  at  the sale on behalf  of Plaintiff.

Since Defendants bid $392,148.9A at a foreclosure  sale when the Final  Judgment was $4,292.68,  excess funds of $376,200.50 were placed into  the court registry.

Defendants  compounded  their errors and  failed  to  timely and properly  advise Plaintiff of the steps  to take  to reclaim the excess  funds

Instead,  the Brandts,  the parties  in default,  petitioned  for and received  the $376,200.50  in excess funds…

And you know what?

The homeowners took the money and ran…

Hahahahhahahhha

 

CLASS ACTION AGAINST THE MAJOR SCUMBAG LAWFIRMS

Below is a Class Action against all the major SCUMBAG law firms defrauding people.

class56