Identifying Potential Violations on a Loan

All homeowners who were foreclosed upon since 2005 or are currently in the foreclosure or modification process are encouraged to review their original loan paperwork for signs of a wrongful foreclosure.

“There are tell-tale signs on your original loan paperwork that can indicate an invalid assignment of one’s note,” explains Foondos. “If you see any of these signs, please seek experienced legal advice.” Check loan paperwork for these signs:

1. Seeing the term ‘MERS’ on your loan documents: Deed of Trust, Notice of Default, Notice of Trustee Sale.

2. What bank did you originally sign with? Major banks securitized nearly 90% of all their loans; nearly all failed to properly assign them between 2003 and 2008. These include but are not limited to:
w Countrywide Home Loans 
w JPMorgan Chase (or a variation thereof)
w Bank of America
w Wells Fargo
w Washington Mutual 

3. Did you have a loan with terms such as:
w Pick a pay
w Negative Amortization
w ARM
w Interest only

4. What was the date of your Assignment of Deed of Trust? Look in your county's property records to see if an Assignment of Deed of Trust was filed. If so, it is likely that your lender does not own your note. If the recording date of the Assignment is over 90 days past the inception of the loan, then the bank had no legal right to foreclose.

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