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Pot Meet Kettle | American Home Mortgage Servicing, Inc. Files Lawsuit - Seeks Recovery from Lender Processing Services, DOCX
American Home Mortgage Servicing, Inc. Files Lawsuit - Seeks Recovery from Lender Processing Services, Inc. and DocX, LLC
Remediation of Improperly Executed Foreclosure-related Documents Costing AHMSI Millions
COPPELL, Texas, Aug. 23, 2011 /PRNewswire/ -- American Home Mortgage Servicing, Inc. (AHMSI) today announced that it has filed a lawsuit against Lender Processing Services, Inc. (LPS) and its affiliate, DocX, LLC (DocX), seeking redress for the millions of dollars in losses that AHMSI has suffered, and continues to suffer, as a result of LPS and DocX's improper execution, notarization, and recording of assignments of mortgage affecting more than 30,000 residential mortgages across the country.
The lawsuit, filed today in District Court in Dallas County, Texas, follows AHMSI's unsuccessful attempt to recover its losses during more than a year of discussion among the parties.
The AHMSI lawsuit seeks:
- a declaratory judgment that the contract between the parties, as amended, is binding and effective;
- an order compelling defendants to arbitrate AHMSI's claims for breach of contract and indemnification; and
- an award of damages relating to non-arbitrable claims sufficient to reimburse AHMSI for the millions of dollars in losses stemming from defendants executing, notarizing, and recording improper assignments on behalf of AHMSI.
DocX prepared, executed and recorded lien releases, assignments of mortgage and related documents for AHMSI from April 2008 through November 2009. During this time certain DocX and LPS employees were duly appointed by AHMSI's board of directors as "Special Officers" of AHMSI, with powers limited to executing mortgage-related documents. However, in late November 2009, LPS informed AHMSI that from March 2009 through October 2009, a substantial number of assignments of mortgage were executed by "surrogate signers," that is, by individuals who were not designated as Special Officers, but who signed in the name of one or more of the designated Special Officers. At no time did AHMSI sanction or know of the "surrogate signing" practices of LPS and DocX.
Jordan Dorchuck, chief legal officer - AHMSI, said, "Upon learning of this unauthorized use of surrogates, we terminated the services of DocX and promptly conducted an extensive, 50-state remediation effort to address any issues caused by this problem. Our remediation efforts are, and have been, focused on correcting affected assignments of mortgage to ensure they comply with all local, state and federal laws. This has been a vast undertaking, necessitating coordination with local counsel in each state."
Based in Coppell, Texas, AHMSI is the 15th largest mortgage servicer in the country, managing nearly $72.5 billion in loan servicing, representing approximately 384,000 customers. Since its inception in April 2008, AHMSI has modified over 175,000 mortgage loans, including over 27,000 under the U.S. government's Home Affordable Modification Program (HAMP). AHMSI's more than 3,000 associates work each day with the mission of helping families preserve their dream of home ownership. AHMSI is a privately-held company owned by equity funds managed by WL Ross & Co., a financial management company with over $8 billion in assets under management.
SOURCE American Home Mortgage Servicing, Inc.
www.4closureFraud.org
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Proof we have two classes of people in this country. For the upper class, forgery either is not punished at all or a tiny fine which is a small % of the crime is given. For the lower class forgery means losing everything you've gained by the forgery plus possible jail time, penalties and fines.
If there was no fraud in the world economy, there would no longer be a world economy. It's that simple now.
Why are they in a dispute? They stole from each other fair and square.
I would be extremely careful buying a house now. The paperwork is so messed up you might face a massive lawsuit as well as a new house when the seller sues you trying to get his house back claiming false closing or such. I went through that in 1988 when RE was being flipped like crazy and title companies were overwhelmed but they closed anyway and some of them messed up the title search and/or failed to mention easements, etc that ban sale of the property. Mine was one of them....a $150,000 law suit finally cleared it up but a cloud was over the property for three years.
If you are crazy enough to buy now get yourself a good...I mean really good, top-notch RE lawyer to review the paperwork imo.
GL!
In reality, you don't have much to worry about. You'll be getting title insurance at closing. Read the Exceptions section carefully. You can't expect an RE attorney to review the entire prior foreclosure proceeding; a judge, afterall, had signed off on the summary judgment (in judicial foreclosure states, that is). The realistic odds of cloud being cast upon your title due to irregularities in a prior proceeding are close to zero.
"The realistic odds of cloud being cast upon your title due to irregularities in a prior proceeding are close to zero."
Wrong!!
The odds of a cloud on your title after purchase of a robo signed foreclosure are huge. The odds of anyone attempting to take advantage of that cloud by suing you are quite low. The problem arises when you attempt to sell and your buyer has trouble getting title insurance.
The problem can be solved by filing a quiet title action in the county court where the property is located, and you don't really need a lawyer, just the filing and service of process fees. It is very unlikely that anyone would show up to oppose you, and in some jurisdictions service by publication might suffice. Also, if you have occupied the house and paid RE taxes for 10 years (time limits could vary from state to state), you have absolute title by adverse possession, and an order of quiet title from the county judge will be automatic. Once you file the signed order, the cloud is removed from your title and your buyer will have no trouble obtaining title insurance.
I wouldn't bet against Wilbur Ross and AHMSI. That old guy looks like he would cut you if you tried to screw with his wealth.
Signed Linda Green
AHMSI got screwed by DOCX
AHMSI went to the cupboard to get the poor homeowner a loan,
but when AHMSI bent over, DOCX gave it a bone , not good paper for a loan.
I got double double crossed, by a guy who was my friend... David Ruffin sings the blues
http://www.youtube.com/watch?v=7mu8fXaDvWU
Schultz, MacKenzie and Judge Carithers, who told the group he wasn’t speaking as a judge but as a private person, yeah right, described Charney as a “loose cannon.” Cotney seemed to share their view. They criticized her for embarrassing Jacksonville by bringing Rolling Stone writer Matt Taibbi to the foreclosure court of Judge A.C. Soud. (Taibbi wrote a wickedly scathing story on foreclosure in Florida that was published in November 2010 issue of the magazine).
http://4closurefraud.org/2011/08/22/action-alert-april-charney-angel-of-foreclosure-defense-of-jacksonville-legal-aid-under-attack-by-lender-processing-services/
Jacksonville is Lower Georgia and a Shit Hole, until the idiot baptist end of the world freaks get their heads out of their asses nothing will change.
Wouldn't it be something if a judge declared the contracts unenforceable due to illegality. It's like asking a court to enforce a contract between a hit-man and the mob.
Taibbi is still a turd and a populist agitator who lacks conviction and principles. Like a virus, this guy will attack anyone and everyone. Read his books, the most recent one, "Griftopia", for example. This is extensively fileshared.
So much for our Service economy. Now we see what they were serving. Remind me to decline their next dinner invitation.
Crooks turning on each other-call it bad karma or just the nature of greed but throw out all the rules and "let the games begin!"
It's about time somebody started dealing with the greedy assholes.
Oh, how funny all the fraudsters are after each other now. One blaming the other. How can they sue DocX, when they needed them to create forms out of thin air so they could defraud homeowners to foreclose on them?
Well, DocX did pass itself off as a legitimate fraudulent document generation company, so it isn't like AHMSI didn't do due diligence. How were they supposed to know they had fake people signing the fake documents?
I lopve it. One thief suing another thief. Too funny
I used to work at that place. Crooked? Yeah most likely. Thank GOD i got out of that shithole (AHMSI). That company is a dead man walking and the smart people are leaving in DROVES.
The sad part is that the TBTF banks have primary servicing agreements that effectively rape the owner of AHMSI. Don't want to even think about how much capital has been sucked out of W. Ross' pockets.