Bank of America Servicing Attack after modification

For those of you diligently hard headed or lucky enough to be one of the very few to get a real internal investor approved/non-hamp modification of the terms of your note with Bank of America as successor to a Countrywide mortgage because of uncovering the extreme underwriting fraud, there is more utter bullshit awaiting you from Bank of America. Here’s what you can expect. And this is why you should file a Quiet Title action instead of negotiating with these piece of s$%t banks.

Ok, first lets look at Bank of America’s motivation after a meaningful modification.. I am using my mortgage and my modification and will disclose the documents in this article. My house at one time was worth maybe 1.2 million. Now it is worth at best case $500k. I still owe a little more than $600k after this modification in principal balance. I was in a 2 year option arm underwritten in 2005 at a start of 7.32% with a 5 point margin over the 6 month libor index capping at 10.875%. I’m not going into all of the underwriting fraud, you can read that in the pdf of the forensic audit I’ve pdf’d below. As you can see from the pdf of the modification agreement (again below) I managed to get Bank of America to modify the terms (after rescinding my loan) to a 5 year 2% with elevation language capping out at 5% over ten years and then balooning. So my Principal and Interest payment dropped from $4k+ to $1900.

Lets look at what the banks new motivation is and why I become a strong target for them in the wake of this modification. If they can somehow get me behind on these new payments, they have already illegally substituted in an illegal substitute trustee (recon trust) into the local County land record so they can now quickly foreclose on me. By the way for Virginia residents, Recon Trust is incorporated in California and Virginia statute requires that any trustee for deeds of trust registered in the Virginia land record be incorporated in the state of Virginia. Yes; Only Virginia residents may be named or act as trustees. Also, no corporation may be named or act as trustee unless it is chartered under the laws of Virginia or of the United States of America, and unless its principal office is within Virginia. Va. Code § 55-58.1.

If they foreclose, they will receive lets say a 10% fee calculated from the probable REO sale value of the house (approximately $50k) Then, upon sale of the property as REO they may very well make another 2 or 3 % new loan underwriting fee so lets say $10k.      The new loan will be underwritten and AGAIN sold into a mortgage backed securities pool with yet another premium to the bank so lets add another $10k.    So bank of America, who is servicing the loan for a Mortgage Backed Securities pool or a REMIC can either take their diminished piece of the serving fee from my 1900 modified monthly payment or cash my ass in for a direct cash infusion of $70,000 and still retain the servicing rights from the new MBS on a much higher monthly servicing fee.    WTF do you think they are going to try to do..   Thats why the one thing you can rely on with these predatory lenders and the financially elite in general (from the financial sector specifically) is that to these institutions we are CATTLE.    To them we are meant to be fattened to be slaughtered even under a modification agreement.     They figure out how to fatten something about our situation and then harvest the prosperity for their own benefit.    It’s not a conspiracy theory, its logic.

The financial sector is a fattening and harvesting machine.    The last big play was to use appraisal fraud and subprime mortgages wrapped with credit default swaps into MBS’s  to manipulate Standard and Poors, Moodys, and Fitch into believing that mortgage bonds were investment grade paper.  This in order to create a tsunami of investor demand and make trillions of fees selling this shit to investors.      Which created an enormous real estate bubble and  allowed the herd of cattle to believe that buying real property was financially rewarding.   Meanwhile the wall street elite bet against the CDO’s using credit default swaps and made trillions (paid for in bail out money they argued was necessary to save our economy)   Harvesting all of the fake value of our homes at the peril of the entire world economy.

Now they do the inverse and have it rigged at the FDIC to double dip on foreclosures.      They either give a beneficial modification and then use servicing fraud to foreclose for foreclosure and MBS servicing  fee’s   or they use robo-signors and fake trial modifications to get a homeowner significantly further in default and foreclose for the FDIC loss share insurance and the foreclosure fee’s.      The banks want your house..

I’ll post the pdfs later today…