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REMIC Standing to Foreclose-Revisited

  • Broadcast in Legal



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Hello folks, and thank you for joining me for the ADR-NOW! Internet Radio Webinar.  I am your host, Anthony Johnson.

In this episode, we will revisit a topic of mortgage foreclosure that is still being perpetrated on unsuspecting homeowners and I must shed some light on the subject once again for our listeners.

If your mortgage is being held in a mortgage trust, or REMIC (Real Estate Mortgage Investment Conduit), there are certain characteristics it must meet.  One, the trust will spell out exactly what kinds of loans are in the pool.  Two, the trust will illuminate when they were to be collected (closing date and cut-off date), and three, the trust will spell out how they are to be managed.  Also, in order to both preserve their tax-exempt status and deserve their AAA ratings, each of the loans in the pool had to have certain characteristics, i.e., the loans couldn't be in default or foreclosure at the time they were sold to investors, and if they were advertised as nice, safe, fixed-rate mortgages, they couldn't turn out to be high-interest junk loans. 

Yet, this is exactly what banks are continuing to do during the foreclosure process.  If you have any any further questions about how to challenge your foreclosure after tuning in to his Webinar, please contact A. Johnson & Associates at www.adr-now.com or 888-502-0586.

DISCLAIMER:  We are not attorneys.  We are not engaged in rendering legal advice.  We are Alternative Dispute Resolution Practitioners.  If legal advice is required, the assistance of a competent, qualified legal professional should be obtained.