FAS 140 Off Balance Sheet Transaction
Everyone with a loan is being defrauded by the pretender lenders, a/k/a Servicer and Trustee, acting as if they have a real asset on their open books for the liability of the loan transaction, when in fact the Note has been sold, transferred to an investor, REMIC and Special Purpose Vehicle, creating an Off Balance Sheet Transaction. The Servicers and Lenders all cook their books, they have no real assets, they are collecting on an assumption.
Assets like Notes, Bank Credit Letters, Loan Applications, Bankers Acceptance, are transferred or sold and thus an Off Balance Sheet Transaction occurs, leaving no liability left by either parties to original loan transaction. Servicers sue on Open Book Account (Servicers are not Creditors), which does not reflect the Off Balance Sheet Transaction. When the Off Balance Sheet transaction is reported to you, then that will show the loan was paid in full at closing; as well as the escrow Call Sheets, shows the loan was paid in full at closing.
Assets like Notes, Bank Credit Letters, Loan Applications, Bankers Acceptance, are transferred or sold and thus an Off Balance Sheet Transaction occurs, leaving no liability left by either parties to original loan transaction. Servicers sue on Open Book Account (Servicers are not Creditors), which does not reflect the Off Balance Sheet Transaction. When the Off Balance Sheet transaction is reported to you, then that will show the loan was paid in full at closing; as well as the escrow Call Sheets, shows the loan was paid in full at closing.
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