To: Deutsche Bank National Trust Company, Morgan Stanley, Capital I Inc. Trust and Ocwen Loan Servicing LLC
Wall Street: Stop Playing Games with the Shadrick Home
The investors and loan service provider must negotiate with the Shadrick family so they can keep their home. Reduce principle to current market value, forgive penalties and fees created by their litigation, re-negotiate mortgage terms.
They must be accountable for their part in creating the financial crisis, and give relief to all the mortgagees caught in these pooling and servicing agreements. They must disclose the names and addresses of all the mortgagees that are part of the pooling and servicing agreement (Deutsche Bank National Trust Company, As Trustee Under Pooling And Servicing Agreement Dated As Of July I , 2003 Morgan Stanley Abs Capital I Inc. Trust 2003-NC7).
We want the investors and Ocwen to pay punitive damages for the pain and suffering they have caused in the lives of hundreds of families with their fraudulent financial practices.
Why is this important?
We have been trying to modify our loan since 2010, before we fell behind in our payments due to job lose.
The loan servicing company, (Ocwen) refused to tell us who owned the loan, stating that the investor (Deutsche Bank National Trust Company, As Trustee Under Pooling And Servicing Agreement Dated As Of July I , 2003 Morgan Stanley Abs Capital I Inc. Trust 2003-NC7) would only deal with us through Ocwen. We finally found the identity of the investor when we were served with foreclosure papers in 2011.
The investors knew that Ocwen has defrauded and exploited consumers (see http://www.worldlawdirect.com/forum/business-finance-law-issues/52457-problem-ocwen-can-i-sue-do-i-need-lawyer.html ) yet continues to hide behind Ocwen instead of negotiating with the Shadrick family.
The 500+ page pooling and servicing agreement (between investor and Ocwen) was dated July 1, 2003 but was not signed until 2007.
Neither the investors nor the Ocwen know the whereabouts of the original note.
The investors and Ocwen have stalled, misdirected, and lied in order to steal our home. Sending legal notices to the wrong address, directing us to seek assistance from the wrong government agencies, acting on requests as slowly as possible, and refusing to produce documents, transcripts, and information.
We were following Ocwen’s instructions when we applied for their hardship program and made no payments until an appropriate figure could be reached. We had a hardship agreement 3 years earlier so we were familiar with the action of delaying payment until a new figure could be reach. When we contacted Ocwen with all the facts and figures they told us that we needed to pay all that was owed which was more than we had. They refused a partial payment and have refused payments since that time, even though we could have made reasonable payments.
When we first contacted Ocwen to get back on track with our mortgage we were only 6 weeks behind. They proposed the hardship program and then pulled the rug out from under us. Once the foreclosure started the lawyers for the investors kept telling us that Ocwen would work with us to modify our loan. I believe that this was a stalling tactic as Ocwen insisted that the investor was directing them not to modify the loan. When I was finally able to speak with a representative from Ocwen and the investor’s lawyer at the same time we were dealt another body blow as we were informed that the investor’s lawyer was really Ocwen’s lawyer. Ocwen is NOT named as a plaintiff on the suit. When the person representing himself as the investor’s lawyer was confronted with this information, he confessed that since Ocwen was paying his firm, perhaps he was their lawyer too. Is this not a conflict of interest? Smoke and mirrors have plagued this entire situation. We want answers. We want relief. We want accountability on the part of the investors and Ocwen.
While our mortgage may be part of some crazy spaghetti mess of a pooling and servicing agreement with 499 other poor souls, our family is not just a number on a ledger of some big bank. We are taxpayers, citizens, disabled veterans, teachers, volunteers, environmentalists, aunts and uncles, sisters and brothers. We are part of the 99% and WE WILL FIGHT FOR JUSTICE!