Court found WaMu “by clear and convincing evidence….committed fraud – Time for the Dog House

Now for our Buford Dacula Duluth Alpharetta Roswell Georgia Short Sale Foreclosure real estate education section…Who is in the Dog House NOW!!!  Take the Dogs for a Walk.

Mortgage Bank Servicer Status Woes

A recent court case that took place in Duval Florida has potentially far reaching implications for the short sale and foreclosure market. A case filed by JP Morgage/WaMu claimed that WaMu submitted an assignment of mortgage in a foreclosure case despite the fact that WaMu never owned the mortgage; it was actually held by Fannie Mae.

Common Complaint

If this story sounds family it is probably because a similar situation has taken place thousands and tens of thousands of times across America; however, this time it’s different. Rather than ignore the “clerical errors”, the Court found WaMu “by clear and convincing evidence….committed fraud on this Court” and that these acts constituted a “knowing deception…”.  Ouch!

Fraud by Any Other Name

In this situation, WaMu was only a servicer and did not actually own the loans; Fannie Mae did. Because WaMu claimed to be the “owner and holder of the note and mortgage” in order to file for foreclosure on the property, it was then necessary to prove that the course of ownership in the property was properly traced.  In recent years it has become almost routine for servicers to take it upon themselves to file foreclosure proceedings when in fact, they have no legal ground to do so.

The implications for foreclosures, REO’s and other real estate transactions is immense; not only may banks be required to fully expose their levels of excess inventory but determining the actual owner of record is becoming more important than ever.

Little Help for Homeowners

Homeowners are likely to find little recourse other than a few months reprieve since it is expected that Fannie or Freddie will begin their own foreclosure proceedings “sooner or later” but it is expected to slow down an already flooded system as lenders and servicers scramble to get records in order.

I’ll show you how to short sale your property and never pay the bank another penny.
My TEAM and I will Help show you how to Find a great Short Sale property and get a FREE Short Sale Foreclosure or Short Sale House List….

Send me an e-mail at I will contact you for a Free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (770) 866-2561.

Discover how other sellers successfully completed a short sale and request a free consultation.
Thinking about a loan modification? Our Atlanta Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender.

Thanks for reading this, Roland Lorans.

Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .

Phone: (770) 866-2561 or 404-843-2500

View My homes for sale at HelpMeSaveMyHome.

Roland Lorans specializes in Loan modification assistance and Home Short Sales in Hamilton Mill Dacula, Buford, Suwanee, Alpharetta GA and Metro Atlanta Georgia

About gashortsalepro

Roland Lorans TEAM Keller Williams Real Estate Atlanta Partners We are Realtors that do Short Sales and Help Save Houses 770-866-2561
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