Replies to This Discussion

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on August 14, 2012 at 4:41am

I would also like to know more about the process of forensic analysis. Who does it? Is BofA responsible for the cost or the homeowner? Most homeowners do not have the money.

Permalink Reply by joe beauchamp on August 14, 2012 at 12:17pm

We have an agent very keen to use these. We split the cost for some of the software. Some things are pretty expensive. I've never used the software and don't think it will give what I am looking for.

Some lawyers are making lots of money doing this. A couple of investors are tied in and using these services. There is a large one in the Philly area. Digging into the databases is expensive and training to know how to do it is, too.

I have not gotten a decent handle on how to inexpensively get the services I want - and it has been a while since I've heard from this agent on the matter. I expected him to chase it down and have a business model that makes sense. He has met with several different lawyers doing different things.

It promises to be very powerful - and you can tell because anything you do that smells of this sort of thing, the banks spend a lot of attorney money to shut you down fast.

There are simple things you can look at to get a hint of illegal bank activity. I have 1 account where there is NO reference to BofA on public record, so how are they legally collecting mortgage money? They aren't. A judge has previously ordered that ALL payments that a bank received be returned to the homeowner because they had no right to collect. I've seen another account where BofA notary notarized documents in NJ and CA in the same day. Would you like to bet that his name is on 100 documents all over the country for the same day? Hear of robo-signing illegally?

The QRM is the start - gathering info from the bank. And, the bank will do everything possible to blow you off and not respond because it could cost them a ton - more heavy $$ to bank attorneys to claim you are fishing, if you get past them just giving a bogus empty reply (they lose if they don't respond w/in X days, so they WILL reply). But they will fight hard - this is potentially extremely costly to the banks...