Foreclosure Fraud by BOFA caught on Film in Missouri - Must see

[percussivemadness]

Run time: 03:47 https://www.youtube.com/watch?v=btDNPMD0rKM   Posted on YouTube: August 07, 2011 By YouTube Member: ForeclosureLawLLC23 Views on YouTube: 1   Posted on DU: August 07, 2011 By DU Member: percussivemadness Views on DU: 3668

 
Banks and lawyers cheating a homeowner in Missouri out of their home, by covering up who was involved in buying back the home. Furthermore, the bank has no right to do this legally. The trustee who has a duty by law to represent fairly and without bias both sides, acted as the bidder for the bank and accepted the lower bid, thus putting the borrower a further 15,000 in debt. By accepting the lower bid on behalf of Bank Of America, the bank were in a position to obtain a deficiency judgement against the borrower and continue their misery.

The law firm, Cozzny and McCuvvin, played 6 different roles in the same transaction and bid at the lower bid in in one name, BOFA, then days later they lied on the deed and stated that in was not BOFA who purchased the foreclosure, it was in fact they claimed, Fannie Mae.


Please help circulate this

[JAnthony]

1. This sure looks and sounds crooked but

it's really hard to follow, and this seems as though this happened in a cold weather period, with the coat the lawyer is wearing. Not that it might also be happening now, but maybe an interview with the borrower/homeowner would have been helpful to start off with, helping us understand how s/he's another $15,000 in the hole.

It might be helpful to viewers to know what the PROPER foreclosure steps should be, and THEN view how this guy pulls the wool over the interviewer's eyes.

I'm sure that this is going on all over the place.

Bank of America is not our friend.

[percussivemadness]

2. From the attorney:

To respond to the guy in DU, foreclosure happened March 8 of this year. Took us months to figure out that they had illegally titled the house. They were still doing this as of about a month ago.

[JDPriestly]

3. Horrors! We need courts that enforce the laws on the duties of trustees.

in real estate transactions.

I am thinking in terms of California law. Missouri law may be quite different since it is my understanding that Missouri is not a trust deed state.

Can anyone point out the Missouri laws that should have been followed here?

There were no other bidders to raise the price, of course. That is a big part of the problem. We don't know whether the house that was being auctioned was in good condition or had serious problems.

[percussivemadness]

4. From the attorney:

ask away, he is reading your comments with interest...

The bank or servicer in a foreclosure can decide what and how much to bid on the house. No problem there.

The problem is, the trustee, with a duty to be fair and impartial to the BORROWER, was also acting as the bank itself, MERS, Fannie Mae, the bank's attorney, Fannie Mae's attorney AND successor trustee. For them to bid and choose between two numbers was to beach a duty to one side or the other.
.
And guess who they chose. To breach.

Also, why lie? They were the ones who bid it in for BOA. Why not own up to it in their paperwork?

[JDPriestly]

7. RIght. Here in California, I suspect that they are doing something

very similar. The trustee is the same as the beneficiary and acts to harm the trustor.

We are seeing that in many situations.

I think the law of trusts in general needs to be reviewed.

We are seeing the same disregard for the duties of one who manages a trust with the Social Security Trust Fund which was clearly established in the US Code under the Treasury Department. Yet the Secretary of the Treasury is supporting the depletion of that Trust Fund to pay the debts of the general fund which is also under the purview of the Secretary of the Treasury.

And while Congress has to approve this scheme, I cannot help but suspect that Geithner himself is a huge supporter of this dishonest scheme.

Similarly, the banks enjoy great political support at the highest levels when they break their trust to take advantage of debtors.

But how do we educate the public on this when Fox News and CNBC are howling at the public night and day about the lazy mortgage-holders and seniors (who paid their first dollars into the Social Security Trust Fund all their lives to the point that it carries a sizable surplus).

The thread running through all of this is the immorality of the rich stealing from the poor. It's unbelievable.

[percussivemadness]

5. Just checked the attorneys website

To get some clarification and there is a blog dealing with this...

1) People are being deprived of their rights to due process when the Trustee acts for 6 different parties.i.e a lawyer is forbidden from representing 2 opposing parties on the same matter and choosing an outcome that favors one party over another.

2) The law firm had written 7 letters demanding to see the note, which the bank failed to produce, as it couldn`t.

3) By buying the house as BOFA and simply writing the deed up as Fannie Mae, that is somewhat erroneous.

[jerseyjack]

6. No other bidders? Was the auction advertised?

[JAnthony]

8. I suspect the house is for sale in an area of the state where

houses are not selling, even at auction, or in a state where the banks have total control over foreclosures, and do NOT allow for transparent sales of potential foreclosures.

We have a team of state atty's who look over all this in our state, but they are being cut in the next year by half.

Some states do NOT oversee foreclosure proceedings at all, just let it go to whatever real estate registrars, and allow the banks and lawyers to claim any of those sales were legitimate and title cleared.

[foreclosurelaw]

9. Answers

I am the lawyer who put this video together.

The sale was in St. Louis city. The law firm in the video played six roles:

1. the bank (via power of attorney)
2. the bank's attorney
3. MERS (as certifying officer OR vice-president, as if those were the same thing)
4. Fannie Mae
5. Fannie Mae's attorney
6. Successor Trustee with fiduciary duties to both sides.

They wouldn't show us the note, or even say they had it, which meant that they didn't. We wrote them numerous letters, got the sale stopped once, then they proceeded.

At the sale, the galling thing was that they HAD authority to bid to $73,000. This is why this is such a conflict of interest. How can you know that the bank can go to $73,000 but bid it in at $58,000 which leaves them $15,000 more in the hole? On the video, you can see the two figures on the paper. In addition, on the video he ADMITS that they could go to $73,000.

A bank could obviously choose to bid less; we are not disputing this. But 1) they didn't have the right to do the sale in the first place and 2) the person who was bidding for the bank WAS THE TRUSTEE! They have duties to both sides! They SHOULD have sent the bank with someone else to bid, but this is the ultimate straw man process.

When they sued, despite the fact that my client was the only person who lived in the house and that I personally had sent them half a dozen letters or more, they didn't sue my client, because although she was on the deed of trust, she wasn't on the note. I had to decide what to do, and decided to intervene. Now I'm glad I did because ...

This is likely a national and completely illegitimate process of bidding the property in in one name, then lying and putting in Fannie Mae's name. They did it on at least two that same day. I have filmed dozens of foreclosure sales and I have NEVER heard them bid one in in Fannie Mae's name.

It took us a while to figure out that they bid the property in in BOA's loan servicer's name, and then turned around and lied and said it was Fannie Mae who bought it. I had originally assumed that they had done a deed from one entity to the other. But they didn't. They just made it up.

[Iwillnevergiveup]

10. WELCOME TO DU!

This is what Marcy Kaptur was speaking about months and months ago - make 'em show you the note! And until you are shown that note, STAY IN YOUR HOUSE!

[Iwillnevergiveup]

11. Here's that video

http://www.youtube.com/watch?v=kYLLqoVqouU

[DeSwiss]

12. The real fraud here is that under the Federal Reserve's ''fractional banking'' system....

...the bank initiating the loan did so by creating it from thin air. Banks are allowed to "create money" out of funds they don't actually have since the banking rules permit them to hold only 10% in cash of their actual loan balances.


So while they won't lose money they never had -- they can win money they never had -- through foreclosure.


- Or they get your house. And all for free.......

K&R

[perdita9]

13. What you get when corporations and banks write the laws

No wonder they think Elizabeth Warren is so dangerous.

[The Wizard]

14. Shoot them.

Shoot them all.

[valerief]

15. +1 gazillion!

[lovuian]

16. People are using the Depression taking land and goods

from everyone and placing them in debt

Missouri is so corrupt