Ok, For Those Who Know...is This A Legit Transfer?

kraftykrab

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Jan 27, 2014
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I've been researching assignments of mortgage for LSF8 Trust and Caliber....and I'm coming across some strange looking transfers. Is there anyone here who can tell me this....does it make sense for a trust, in name, to assign a mortgate/DOT to the trustee for that trust? I'm finding a lot of docs showing LSF8 Master Participation Trust assigning the mortgage/DOT to US Bank Trust NA, as trustee for LSF8. Am I seeing this correctly? That looks like the trust owns a mortgage and assigns it to the trustee....for the same trust. Does this make sense or is something wrong here?
 

Moe Bedard

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As you well know, they are masters at shuffling paper and making money with transfers or for shady reasons. I never was an expert at the trust part of mortgages, only the fraud on the mortgage origination side. The only time I have seen people make sense of these is through lawsuits by discovery and subpoenas.
 

just_me

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Sep 14, 2015
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I've been researching assignments of mortgage for LSF8 Trust and Caliber....and I'm coming across some strange looking transfers. Is there anyone here who can tell me this....does it make sense for a trust, in name, to assign a mortgate/DOT to the trustee for that trust? I'm finding a lot of docs showing LSF8 Master Participation Trust assigning the mortgage/DOT to US Bank Trust NA, as trustee for LSF8. Am I seeing this correctly? That looks like the trust owns a mortgage and assigns it to the trustee....for the same trust. Does this make sense or is something wrong here?
That does appear to be how it's done, whethor or not it is legal is another story, but typically trust assignments and transfers are dictated by various agreements of securitized fund relationships. I didn't know US Bank was a trustee for that fund, but believe the fund (and another related) was a selloff creation for non-performing HUD loans (to reduce FHA losses). My research finds these trusts were bought/pursued by a billionaire in Texas (Erby clone?)and it looks like they are reviving some commercial operations (financial services) that went bust some time ago. Time will tell what happens here.
 

kraftykrab

LoanSafe Member
Jan 27, 2014
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t

That does appear to be how it's done, whethor or not it is legal is another story, but typically trust assignments and transfers are dictated by various agreements of securitized fund relationships. I didn't know US Bank was a trustee for that fund, but believe the fund (and another related) was a selloff creation for non-performing HUD loans (to reduce FHA losses). My research finds these trusts were bought/pursued by a billionaire in Texas (Erby clone?)and it looks like they are reviving some commercial operations (financial services) that went bust some time ago. Time will tell what happens here.
Interesting....

not sure if it matters, but my loan was not a HUD or FHA loan. It is a federally related loan, for purposes of the laws. I'd be very interested in more details about your research.
 

kraftykrab

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Jan 27, 2014
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Best I have been able to tell, LSF8 and LSF9 Lone Star trusts were created for the specific purpose of foreclosing quickly. Many people whose loans ended up in these trusts were sued/foreclosed very quickly. I've been fighting them for 2 years now, and I have yet to find someone else who is in a similar situation that's dealing with the same trust. If they were able to stick the homeowner with Caliber's standard 5-year mod with zero principal reduction, then fine, but other than that, they foreclose. But with me, they appear to be stuck themselves. I have refused to buy into their crap. Their own attorney contradicts their claims about what has/has not been done. Since I posted this thread, Caliber has continued to muddy the water even further. I've now been told a half dozen different names, all of which are supposedly the correct "true owner" of the loan. On several occasions, they have told me multiple names in the same day, even in the same phone call. Seems like no one over there has a clue what they are doing.
 

just_me

LoanSafe Member
Sep 14, 2015
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Best I have been able to tell, LSF8 and LSF9 Lone Star trusts were created for the specific purpose of foreclosing quickly. Many people whose loans ended up in these trusts were sued/foreclosed very quickly. I've been fighting them for 2 years now, and I have yet to find someone else who is in a similar situation that's dealing with the same trust... I've now been told a half dozen different names, all of which are supposedly the correct "true owner" of the loan. On several occasions, they have told me multiple names in the same day, even in the same phone call. Seems like no one over there has a clue what they are doing.
It's possible that your loan has been sold many time to new owners (but same security and servicor), maybe those call center people are watching a live feed? :eek: ...Something to keep in mind in a foreclosure lawsuit. The standing issue is going to get them.
 

just_me

LoanSafe Member
Sep 14, 2015
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It is a federally related loan, for purposes of the laws.
Most of the loans (for disposal) are federally attached, the good ol US was reported to hold the majority of the worthless investments. I suspect that's why "investor" lawsuits initially had priority over "homeowner" lawsuits in sponsored investigations. But, hey, we have the right to sue. Not that that means anything, but at least we have something.