Many residents whose primary homes were foreclosed on in 2009 and 2010 might be eligible for compensation.

A federally-backed review of claims against loan servicers and their foreclosure tactics is underway. Many homeowners will be receiving the Independent Foreclosure Review package.

Some situations that might allow a borrowers some compensation include:

* The mortgage balance amount at the time of the foreclosure action was more than you actually owed.
* You were doing everything the modification agreement required, but the foreclosure sale still happened.
* The foreclosure action occurred while you were protected by bankruptcy.
* You requested assistance/modification, submitted complete documents on time, and were waiting for a decision when the foreclosure sale occurred.
* Fees charged or mortgage payments were inaccurately calculated, processed, or applied.
* The foreclosure action occurred on a mortgage that was obtained before active duty military service began and while on active duty, or within 9 months after the active duty ended and the servicemember did not waive his/her rights under the Servicemembers Civil Relief Act

“This presents an opportunity for Connecticut borrowers to receive some compensation for damages they suffered as a result of harmful practices by the loan servicing companies during foreclosure,” Attorney General Jepsen said. “I would encourage them to take advantage of this program.”

Commissioner Pitkin added, “This is an important program and I encourage anyone who was involved in the foreclosure process and is eligible to participate in this review.”

To be eligible for review and financial remediation, borrowers must have had a mortgage in the foreclosure process between Jan. 1, 2009, and Dec. 31, 2010. In addition, the property securing the loan must have been the borrower’s primary residence, and the loan must have been serviced by one of the following loan servicers:

* America’s Servicing Company
* Aurora Loan Services
* Bank of America
* Beneficial
* Chase
* Citibank
* CitiFinancial
* CitiMortgage
* Countrywide
* EMC
* Everbank/Everhome
* GMAC Mortgage
* HFC
* HSBC
* IndyMac Mortgage Services
* Metlife Bank
* National City
* PNC
* Sovereign Bank
* SunTrust Mortgage
* U.S. Bank
* Wachovia
* Washington Mutual
* Wells Fargo

The Independent Foreclosure Review and claims process was ordered by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System – the federal agencies with responsibility and authority to regulate and supervise the loan servicers.

The federal agencies have ordered independent firms to evaluate whether individual borrowers suffered financial injury as a result of their loan servicer’s errors, misrepresentations, or other deficient foreclosure practices; and to determine the appropriate amount of financial remediation that the loan servicer must provide to individual borrowers.

Many borrowers have already received letters from the independent firms approved by the federal regulators. Forms should be mailed to the address provided by the April 30, 2012 deadline.

The problem for the banks is an allonge is only supposed to be used when there is not sufficient blank space on the front or the back of the original note to stamp a “wet” endorsement on the face of that original document to transfer ownership from the lender whose name appears on the face of the note to the next holder of the note.

Allonges are being used perhaps millions of times across the country in support of bank’s efforts to foreclose on homes when the use of allonges in many of these cases may not be supported by the law or the facts of the case.

For more information visit full article via Weidner’s Blog

If anyone can find proper legal justification for the widespread use (misuse) of allonges that currently exists in mortgage foreclosure cases, please send us information.

Join us for the first annual Sweets, Treats and Wine Festival – Waterford Lakes Town Center!
Stop by the dozens of vendors for delicious desserts, unique wines and fun for all.

* Saturday, May 21, 2011
* 3:00-7:00pm
* Local Business Expo
* And more!

Stop by our Booth
Informed • Connected • Involved.

~contact Erika Echevestre 407.908.8125

Open to the Public: Community Outreach

Saturday – May 14, 2011
Doubletree Hotel at the entrance to Universal Orlando
7:30 am – 2:00 pm
5780 Major Boulevard
Orlando, FL 32819

Stop by our Booth at ORLANDO Mayors Summit
Informed • Connected • Involved.

~contact Erika Echevestre 407.908.8125

Saturday – May 28, 2011
Time: 10:30 am to Noon
Location: Hart Memorial Central Library
Room Name: Lillie Room–2nd Floor–Hart Memorial
211 East Dakin Avenue, Kissimmee Florida 34741

The event is being held to advocate and educate families who may be
losing their homes to foreclosure.

Helping homeowners sift through the tangled web of mortgage modification guidelines and federal programs.
Assisting and counseling homeowners in finding solutions to fight foreclosure.

*Esta presentacion tambien en español a las 11:00 am

FREE CONSULTATION AT EVENT.
Contact: Erika Echevestre, Regional Director 407.908.8125

The promissory note is a crucial document for every party to a mortgage. A mortgage consists of two documents, a note and a lien.

The note is the IOU, the borrower’s promise to pay.

Why does this matter? The note is the evidence of the debt.
If it was sold to a trust there must be clear evidence of the debt existing.

REMIC law, which governs the securitization, is really specific here. The securitization can’t get new assets after 90 days without a tax penalty, and it can’t get defaulted assets at all without a major tax penalty. Most of these notes are way past 90 days and will be in a defaulted state.

Mortgage servicers don’t have great incentives to get distressed homeowner’s records correct. There’s well-documented evidence that extra fees are tacked on to mortgages that have fallen behind, fees that aren’t following the terms of the note. If homeowners wants to challenge whether what the servicers claim is the correct final due amount, the terms of the note are necessary for the court.

The chart shows the chain between depositors and trustees who oversee the trust:

(information below is from a Pooling and Servicing Agreement)
(b) In connection with the transfer and assignment of each Mortgage Loan, the Depositor has delivered or caused to be delivered to the Trustee for the benefit of the Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned:

In the event, with respect to any Mortgage Loan, that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days of the applicable Original Purchase Date as specified in the Purchase Agreement, the Trustee shall notify the Depositor and the Depositor shall take or cause to be taken such remedial actions under the Purchase Agreement as may be permitted to be taken thereunder, including without limitation, if applicable, the repurchase by the Responsible Party of such Mortgage Loan.

Read that again through to the end and use the chart to follow the chain. If more than 0.01% (!) of mortgage notes weren’t properly transferred, the trust can force the sponsor (in this case, Goldman Sachs) to repurchase the bad mortgages. And this is just one contract for one part of the ~$2.6 trillion dollar mortgage backed securities market.

So don’t believe the hype of anyone who says these are just technicalities; the people who wrote the contract didn’t believe they were.

Meet the Easter Bunny and look for hidden eggs!
The bunny’s visits and photo schedule is as follows:

Date: Saturday, April 23, 2011
Time: 10:00am to 2:00pm
Place: Stars Complex –
2990 Edison Ave.
Ft Myers, FL 33916
(before and during the Community Easter Egg Hunt scheduled from12 noon til 2:00 pm)

For more information about other Easter Bunny hopping grounds during the week contact
Mrs. Gloria Parson at 239-823-9364

Meet the Easter Bunny and look for hidden eggs!
The bunny’s visits and photo schedule is as follows:

Date: Friday, April 22, 2011
Time: 9:00am til 4:00pm
Place: Fleamasters Fleamarket
(Booth #64 on the Blue Isle)
4135 Dr. MLK, Jr. Blvd.
Ft. Myers, FL 33916

For more information about other Easter Bunny spottings during the week contact
Mrs. Gloria Parson at 239-823-9364

Date: Saturday, April 30, 2011
Time: 10:30 am to 11:30 Noon
Location: Edgewater Library
Edgewater Library
5049 Edgewater Dr.
Orlando, FL 32810

The event is being held to advocate and educate families who may be
losing their homes to foreclosure.

Helping homeowners sift through the tangled web of mortgage modification guidelines and federal programs.
Assisting and counseling homeowners in finding solutions to fight foreclosure.

Feel free to come in and sign our Petition: SHOW ME THE NOTE

We invite you to attend this free informative and empowering workshop that will answer your questions about foreclosure and the impact of the economy on the real estate market.

RSVP: Erika Echevestre Call 407-908-8125

Staying together through tough times, we’d like to meet you. Stop by our booth!

When: Saturday, April 16, 2011
Time: 11:30 am to 3:30 pm
Address: Community Center Complex
395 Marigold Ave
Kissimmee, FL 34759

For more information contact Regional Director Erika Echevestre 407.908.8125