Escape from ACENDEN Capstone

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

er? quote posted from an Acenden victim

[madmaria43]

Re: Escape from ACENDEN Capstone

well Snake what a fantastic Thread you have started here it has so much information that can help so many people. I have been a victim of these barstewards since 2007 and been fighting them off ever since. I empathise totally with everyone who has a loan with them but it is so frustrating trying to get people to listen especially the regulators.
I have just got my decision from the ombudsman and he doesnt even adress half of the issues and this complaint has been ongoing since 2007 nightmare.

[..call me SNAKE.]

Re: Escape from ACENDEN Capstone

Wells Fargo Slapped With $3.1 Million Fine For 'Reprehensible' Handling Of One Mortgage

Posted: 04/ 9/2012 2:57 pm


A federal judge who has fiercely criticized how big banks service home loans is fed up with Wells Fargo.
In a scathing opinion issued last week, Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, characterized as "highly reprehensible" Wells Fargo's behavior over more than five years of litigation with a single homeowner and ordered the bank to pay the New Orleans man a whopping $3.1 million in punitive damages, one of the biggest fines ever for mortgage servicing misconduct.
"Wells Fargo has taken advantage of borrowers who rely on it to accurately apply payments and calculate the amounts owed," Magner writes. "But perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods."
The opinion reflects Magner's disgust with tactics that Wells Fargo used to fight the case -- and perhaps frustration with an appeals court ruling in a separate, but similar case, that overturned her order that would have forced Wells Fargo to audit and provide a full accounting for more than 400 home loans in her jurisdiction.
As The Huffington Post previously reported in a story co-published with The Center for Public Integrity, sources familiar with the preliminary findings said that the bank made costly accounting errors in the administration of practically all of those loans.
In an emailed statement, Tom Goyda, a Wells Fargo spokesman said: "The ruling handed down by the court in an individual bankruptcy case covers allegations going back more than six years and ignores significant changes in servicing practices that have occurred since that time. We believe that there are numerous factual and legal problems with the opinion and are reviewing our options regarding an appropriate legal response."
Goyda said that an appeal of the ruling is "one option" the bank is considering.
Despite widespread reports that the banks and other companies that service home loans engaged in a range of misconduct -- from ordering unnecessary property inspections to misapplying payments in a way that can lead to wrongful foreclosure -- few judges have had the time, ability or inclination to do the kind of forensic analysis necessary to uncover wrongdoing in individual cases. For a non-accountant, reading a loan history is like interpreting hieroglyphics without a Rosetta Stone, and banks are often reluctant to turn them over in the first place.
The exceptions have tended to come in federal bankruptcy courts, where justices typically have more time to dig into loan accounts, and are much more likely to have the financial expertise necessary to do so. In an earlier interview, Magner said that she analyzed the loan files of more than 20 borrowers in her court and found mistakes in every instance.
"These are loans of working-class people who bought homes they could afford and whose loans were not administered correctly from an accounting perspective," she said. "I think that these types of problems occur in almost every [defaulted] loan in the country."
The current case involves Michael Jones of New Orleans. In a 2007 decision, Magner ruled that Wells Fargo improperly charged Jones more than $24,000 in fees, owing to a fundamental problem in the automated methodology the bank used to account for his loan payments.
After Jones fell into default, Magner ruled, the bank improperly applied his mortgage payments to interest and fees that had accrued instead of to principal, as required by his servicing contract. This triggered a waterfall of additional fees and interest that consumer lawyers call "rolling default." Later, after Jones applied for bankruptcy, the bank continued to misapply payments, according to Magner's opinion.
In the most recent opinion, Magner describes Wells Fargo's litigation tactics, which involved filing dozens of briefs, motions and other filings that slowed down the proceedings to a snail's pace, as "particularly vexing." The tactics suggest that any other borrower who might wish to contest a fee or charge would find a legal challenge to the bank simply too burdensome.
And yet, Magner writes, it is only through litigation that the abuses can be uncovered. Calling Wells Fargo's conduct "clandestine," Magner wrote that the bank refused to communicate with Jones even as it was misdirecting payments for improper purposes.
"Only through litigation was this practice discovered," Magner writes. "Wells Fargo admitted to the same practices for all other loans in bankruptcy or default. As a result, it is unlikely that most debtors will be able to discern problems with their accounts without extensive discovery."
Magner wrote that the bank still refuses to come clean with homeowners about mistakes it made in the accounting of home loans. This is particularly troublesome in her district, where more than 80 percent of the borrowers who file for bankruptcy have incomes of less than $40,000, and consequently are often unable to hire the kind of legal firepower necessary to counter Wells Fargo's army of lawyers.
"[W]hen exposed, [Wells Fargo] revealed its true corporate character by denying any obligation to correct its past transgressions and mounting a legal assault ensure it never had to," Magner wrote.

link: http://www.huffingtonpost.com/2012/0...n_1412412.html



and 'HOW' they repossess YOU: organised theft & fraud: the US Judge, above, was one step short of calling it that?

the link below, and the methods used by Acenden will be familiar to Acenden borrowers, who are in arrears or have been repossessed. please read the whole page, their tactics are disturbingly close to those used by US Lehman owned ACENDEN here in the UK.

http://msfraud.org/howtheysteal.html

The path toward losing your home to this scam is actually quite simple. The first phase is designed to fabricate the default, and typically begins with one, or a combination of ways to arm the servicer's records with false data:

When the servicer decides to manipulate the date the payment is received in order to artificially
create a late payment.

When the servicer applies part of the payment to something other than principal and interest and
creates a partial late payment or deficiency.

When the servicer decides to "force place" an insurance policy on the property by claiming the homeowner has not provided proof of insurance.

[seduraed]

Re: Escape from ACENDEN Capstone

unfortuately not large enough. The fine should have been triple he profit made from these deals in the last three years. So large it hurts the corporate. and particulalry sothat senior execsand ceos are mad personally liable.

[madmaria43]

Re: Escape from ACENDEN Capstone

What I want to know is there a uk solicitor out there that is willing to take on a case against acenden and the rest of the parties involved in the securitisation of these loans.

Because I would do it tomorrow!

I can not see why we can not take them to court under contract law, using the reasons that on signing the agreement the borrower was not made aware that should they fall into arrears that their rights and remedies would be restricted because of the securitisation agreements between the other parties to which the borrower was unaware at the time of signing.

surely there is something in this, if a company knowingly omitts important infomation that affects the borrowers rights and remedies, this can not be a fair contract???????
Please help me someone with more knowledge of law than I have, because this is really bugging me. thank you.:tinysmile_hmm_t2:

[lynnieloo]

Re: Escape from ACENDEN Capstone

hi im a victim of this company about to do war with them, can any 1 please advise me

[TUTTSI]

Re: Escape from ACENDEN Capstone

Hi Lynnieloo

If you take a look on this thread all posts by ..callmesnake you will learn a lot about the way Ascendon/Capstone have treated you.

You can also post up any queries you have here on this thread and I am sure ..callmesnake will come and help you further.

hi im a victim of this company about to do war with them, can any 1 please advise me

[lynnieloo]

Re: Escape from ACENDEN Capstone

Hi everyone out there who is in the CAPSTONE , ACENDEN vicious claws of there unscrupulous dirty underhanded ways of ripping people off in a way , that it seems to me anyway , that we have no way on gods earth to fight these people .
I like many of you have fallen into the horrible situation of re-possession but it seems that ACENDEN can and will do whatever they see fit to make sure you suffer phisically , emotionally , and financially from start to finish . I / we my ex husband had a mortgage with these people un beknowing to us at the time that there would be no way whatsoever of us ever paying off the so called mortgage we had with them . Having done a hell of a lot of digging i have since found that they broke every rule in the book to get us to have a mortgage with them , and now it seems that the financial side of it all will never go away , i am at my wits end and on the verge of a nervous breakdown let alone all the other trauma that goes with it , please if there's anyone out there that can help in anyway shape or form please get in touch .

[wales01man]

Re: Escape from ACENDEN Capstone

lynnieloo
dont let it get you down there is light at the end of the tunnel no matter what these mortgage companies do they only win half the battle you may lose your home but never let them force you to lose your dignity we went through arrears debts and repossesion 3 years ago we now get on with our lives knowing that we have each other and our family for support no doubt others on here will help with words and advice all will help you get this traumatic episode in your life behind you PLEASE dont let it all get the better of you we had everthing once lost it but we came through together there is always support for you this site is there and is and end its not to far away please dont despair thousands have gone along the same and come out

[lynnieloo]

Re: Escape from ACENDEN Capstone

hi i would join you happily:beagle:

[lynnieloo]

Re: Escape from ACENDEN Capstone

hiya its already split my marriage up an split with children so heart breaking ,thanks for support

[lynnieloo]

Re: Escape from ACENDEN Capstone

hi im just started tofight them and getting no were

[IanM]

Re: Escape from ACENDEN Capstone

Hi Lynnieloo, There is a way of fighting these people if enough people stand up and be counted, the biggest problem is people are embarrassed etc about being repo'd and keep quiet about whats happened to them.

When you took out the mortgage did the mortgage company use the same solicitors as you to facilitate the mortgage and to complete the purchase?

Hi everyone out there who is in the CAPSTONE , ACENDEN vicious claws of there unscrupulous dirty underhanded ways of ripping people off in a way , that it seems to me anyway , that we have no way on gods earth to fight these people .
I like many of you have fallen into the horrible situation of re-possession but it seems that ACENDEN can and will do whatever they see fit to make sure you suffer phisically , emotionally , and financially from start to finish . I / we my ex husband had a mortgage with these people un beknowing to us at the time that there would be no way whatsoever of us ever paying off the so called mortgage we had with them . Having done a hell of a lot of digging i have since found that they broke every rule in the book to get us to have a mortgage with them , and now it seems that the financial side of it all will never go away , i am at my wits end and on the verge of a nervous breakdown let alone all the other trauma that goes with it , please if there's anyone out there that can help in anyway shape or form please get in touch .

[mercury-the-messenger]

Re: Escape from ACENDEN Capstone

reading this thread we want to make you all aware of 2 wikipedia pages (links below)- ok they originally related to the USA but what happens there happens here .
Maybe if we "rogue debtors" can refer to these "predator lenders" who employ "predatory mortgage servicing" techniques on every possible occasion eventully the phrases will become common place.



Any judge given a printout of these pages could hardly fail to see the light ?

http://en.wikipedia.org/wiki/Predato...gage_servicing



http://en.wikipedia.org/wiki/Predatory_lending

[stephen25000]

Re: Escape from ACENDEN Capstone

Just to let you all know that a Sarah Smith of Channel 4 is looking for people who have either been repossessed, or have a suspended court order with Acenden. It's for a forthcoming documentary.

The more media coverage, the better.

sarah.smith@itn.co.uk


Stephen