MFI-MIAMI LAUNCHES MASSIVE INVESTIGATION INTO ILLEGAL FORECLOSURES IN 6 STATES
West Palm Beach, FL-MFI-Miami, LLC, Florida's premier forensic mortgage fraud investigation and forensic mortgage auditing firm is launching a massive investigation against several securities firms and banks for performing illegal foreclosures in 6 states. MFI-Miami is asking for homeowners who have lost their home in foreclosure from 2005 through 2008, to contact their offices immediately.
"Every day I get calls from homeowners in foreclosure and in nearly 85% of the cases, the lender cannot prove they have the legal standing to execute the foreclosure. It boils down to simple Real Estate 101," explained MFI-Miami CEO Steve Dibert, "If you don't own the note, you can't sell it, modify it, enforce it or collect payments on it."
This investigation will encompass homeowners in the following states; Florida, Maryland, Massachusetts, Michigan, New York, Virginia and will be covering foreclosure actions that were filed between 2005 and 2008.
"This lack of accountability by the lending industry has cost nearly 250,000 homeowners their homes in these 6 states alone," said Steve Dibert, "When we complete the investigation, we'll determine if the report will be handed over to the Attorney Generals of those 6 states or if the clients are eligible for some type of class action litigation in federal court."
Most of the cases that come across MFI-Miami's desk are exotic loans or sub-prime loans that have been transferred from servicer to servicer and from note holder to note holder. The problem was created by Wall Street firms who traded mortgage backed securities with each other. They would package mortgages in pools and sell them, repackage them and sell them again and again. Through this maze of trades and counter trades, the mortgage and the note are moved upstream but in no case are all of the transfers of ownership recorded in the local property records. Although a fund manager could offer a plethora of reasons as to why, the real reason is, fund managers wanted to save a few dollars by avoiding taxes and filing fees that would apply to each recording. Without recording these transfers in the public record, the right to enforce the mortgage and note is nullified because that recording is what proves ownership.
These cases are quite prevalent in non-judicial foreclosure states like Michigan because there is no judicial oversight of the foreclosure process. Because of this, many homeowners are losing their homes illegally and don't even know it. MFI-Miami has discovered that in most of these cases, the attorney representing the lender does inadequate due diligence when researching the transfer affidavits of the note while preparing a foreclosure action against a homeowner.
Headquartered in Boynton Beach, Florida, MFI-Miami, LLC does strictly forensic mortgage auditing and mortgage fraud investigating. MFI-Miami is the only Florida mortgage auditing firm and only one of about five nationally that does their forensic auditing by hand. MFI-Miami looks for violations of RESPA, TILA, HOEPA, HMDA, FCRA, FACTA, the FTC Act, ECOA, FHA, FDCPA, and SCRA. MFI-Miami, LLC is also only one of a few firms that investigate the transfer of the securitization instruments of the client's mortgage. For more information, visit www.mfi-miami.com, contact 561-317-9978, or email firstname.lastname@example.org