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It’s a growing trend. More law firms are backing out the foreclosure mill business. The reasons are pure economics. The number of contested foreclosures is rising exponentially. The foreclosure firms get a small flat fee for each foreclosure case. The numbers don’t add up.
In addition, these firms are finding themselves in the cross hairs of bar associations who are starting to look at the use of fabricated documents and fabricated testimony from robo-witnesses and robo-signers.
These firms made tens of millions of dollars in profits simply because nearly all homeowners were allowing the foreclosure by default. As the news reveals that homeowners are being foreclosed by entities that have no right to collect, enforce or foreclose on the original mortgage loan, attorneys are all coming to the same conclusions: (1) these cases are winnable and (2) the actual claim is being filed on behalf of the servicer to recover servicer advances which are themselves being “securitized.”
First they said there were no trusts, the they said there were trusts but the servicer had the right to represent the trusts, then came the time that trustees issued statements prohibiting (pursuant to PSA) the “servicer” from using the name of the Trustee, then US Bank and others began replacing the Trustees of the empty, penniless trusts and allowing the foreclosures to be filed in its name.
AND now they are returning to the first strategy where they deny the existence of a trust when it is obvious that the only reason why Citi and others would call themselves “servicers” is to avoid liability for the origination of the loan and to make it more difficult for the borrower to show that there is a REMIC Trust out there that claims ownership or that did claim ownership of the loans.
Read More: https://livinglies.wordpress.com/2015/08/06/nj-foreclosure-mill-goes-bankrupt/