What is the mortgagee clause of select portfolio servicing?

Answer 1

"Mortgagee" is used many times in securitized loan fraud. Compel SPS to give you a copy of any forced placed insurance (FPI) policy so, you can check to see if they name themselves mortgagee/beneficiary to the policy. Take them thru the BBB if they do not comply. Send your demand by certified mail with return receipt. Then, go to your county land records (Usually at the courthouse) to see if there is an assignment of mortgage or assignment of deed of trust...terms vary by state. Some counties have these online. Do a search. If there is no assignment of mortgage go watch attoreny Neil Garfield's YouTube video's on the assignment and assumption agreement. Also, file with your state insurance board/commission for insurance fraud. Garfield will explain why an assignment is important to FPI! Even if you have an assignment, there may be document fraud in the creation of the assignment. Look for Richmond Monroe Group or LPS as the preparer of the assignment! Look for a robo signer as attorney in fact and notary working for servicer, etc. Many online sites showing robo signer lists! If you look on the forced placed insurance policy, check to see if the SERVICER lists themselves as the mortgagee/benficiary! How can they be beneficiary/mortgagee? They are not the loan note owner! If your loan is securitized (ask SPS by letter) chances are there may not be a loan note owner anymore due to the Wall St. fraud creating this scheme. Many loans got paid off by TARP, insurance, etc. Demand SPS give you contact info. with your loan note owner and holder under RESPA and Fair Debt Collection Practices laws. Look up RESPA form letter or QWR and send it to them asking they validate debt. SPS is not youe loan note owner or holder. They were the 1st servicer of records sued by the US/FTC when they were named Fairbanks Capital! Go to the FTC site to see their past history which they continue today! GET AN ATTORNEY SKILLED IN SECURITIZATION AND real estate FRAUD. Go to Max Gardener's site for a lsit of Attorney's or Neil Garfield's atty list on his Living Lies blog site.

Face book has a chat site called Homeowners Against Mortgage Servicing Fraud where they post news, links and try to educate on this. Also, MSFRAUD dot org has good info. for you to look up!