Stop Foreclosure Fraud and LPS Wrongdoing
June 3, 2011 By
Several homeowners have heard of Mortgage Electronic Services, Inc., or “MERS” and the slew of foreclosure cases dealing with their right to assign and process foreclosures, yet many individuals have not heard about a similar company that has committed just as much foreclosure fraud, Lender Processing Services, Inc., or “LPS”.
According to ForeclosureFraudExposed.com – LPS is a loan servicer similar to MERS which creates software and paperwork banks use in processing foreclosures. The company has become a dominant player in the mortgage servicing industry since 2008, servicing approximately 70 percent of the non-performing loan market and 40 percent of foreclosed loans nationwide as of December 2009.
The company has recently been accused in lawsuits of fabricating loan assignments through a subsidiary, DocX, which recently closed. In several cases across the country, assignments of Mortgage and Deed of Trust were blatantly made fraudulently, yet banks, lender officials, and notaries are signing off on them still.
LPS has been known to:
-create fake documents
-forge signatures
-falsified notaries
-backdates loan documents so that lenders/servicers can create missing documents
LPS’ primary duty is to process paperwork and pursue non-judicial foreclosures on behalf of its service clients. One of its largest clients is none other than MERS. In many foreclosure cases, MERS and the supposed pretender lender are both clients of LPS. This allows LPS to access both companies’ systems, and create the necessary fraudulent paperwork to foreclose. From beginning to end, LPS has had not only the perfect environment, but the ability to create and advance foreclosure fraud for the purpose of their clients.
An interesting fact is that in most instances, employees of LPS are “magically” appointed as Assistant Vice Presidents or Secretaries of MERS for a brief period of time, in order to access the MERS database, sign, and assigning documents as though they were real and legitimate employees.
In November 2010, LPS was sued in a class action lawsuit by its own shareholders for quote “making materially false and misleading statements to shareholders” and knowingly misrepresenting their business, presenting it in a positive light when they “failed to disclose that the Company had been engaging in deceptive and improper document execution and preparation related to foreclosure proceedings.” The shareholders are suing them for foreclosure fraud, along with many of the homeowners they “serviced” are as well.
Even after the Federal investigation of LPS and other servicers began, insiders reveal that the company continues its fraudulent practice by shifting them to firms with which it has close business ties, with LPS staffing the operations, perpetuating the system of fraud they have created. If you are a homeowner who has LPS or its subsidiary DocX named in any of your mortgage documents, it is important to take a closer look and examine whether fraud exists or not.
Homeowners across America are falling victim to foreclosure fraud due to feelings of guilt and the willingness to visually inspect their documents for inaccuracies. Laws were created to protect homeowners from being harmed by others. The challenge is that when homeowners fail to inspect, object and stand up for their rights, these same laws are made to be broken.
To learn more about How To Stop Foreclosure Please Visit: http://foreclosurefraudexposed.com
ForeclosureFraudExposed.com is the Internet’s 1st step by step website, that provides foreclosure help to homeowners, by educating them on foreclosure defense, how they can protect their rights, how to find a securitized loan, and how homeowners faced with falling behind on payments, can legally fight to stop foreclosure.
Media= For Information Contact Vanessa Duvale – support@foreclosurefraudexposed.com
To learn more about the foreclosure process, foreclosure fraud, what your rights are, and how to stop foreclosure? Please visit http://foreclosurefraudexposed.com for more information.
Media Contact: Vanessa Duvale Foreclosure Fraud Exposed, support@foreclosurefraudexposed.com
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