Several settlement agreements had been drawn up before this one. The original draft had included both Fannie Mae and NBI. Fannie Mae refused to be involved in the settlement and ordered NBI to make sure their name was removed from any and all documents...or else. NBI wanted payment made before they put their John Hancock to paper, and I wasn't going to send any money to NBI under any circumstance until the settlement was signed. At this point I also wanted a written apology from NBI included, or there would be no deal. Thus, a third draft...
_____
January 28, 2011
Ms. Humperdink,
The settlement agreement that we discussed in our conversation this
morning is attached.
The reference to the Tax error in Item #4 might be obscure so I've
attached the 1098 that was sent by NBI to Mr. Innocent for 2010 a few
weeks ago. It should help to explain why the provision for a corrected
1098 is in the agreement.
A copy has been sent to Fannie Mae's counsel Harold A. Piddlemeyer to keep him
apprised as to status.
He has stated that Fannie Mae is not a party in
this matter, and references to Fannie Mae as a Party have been deleted.
However, the agreement does contain an avowal that NBI is Fannie Mae's
loan servicing agent with actual authority to act on its behalf.
Jonathon Goodshepherd
Jonathon Goodshepherd
_____
SETTLEMENT AGREEMENT
AND RELEASE OF CLAIMS
AND RELEASE OF CLAIMS
The “Innocents,” and “NBI” are referred to herein separately as "Party" and are referred to herein collectively as the "Parties." There are no other parties to this agreement. NBI has actual authority to act for Fannie Mae.
WHEREAS, a dispute has arisen between the Parties relating to accounting for the payments made by the Innocents on a note.
On July 13, 2010 NBI sent written notice to the Innocents, asserting they were in default on their Note and $4,435.20 in arrears. The Innocents then furnished Fannie Mae and NBI evidence of proof of payment including cancelled checks of the disputed amounts.
WHEREAS, the Parties wish to resolve their disputes, including the amount owed by the Innocents on the Note and any and all claims that the Innocents may have against NBI and Fannie Mae for regulatory and statutory violations.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
1. Payment by Innocents. NBI does hereby acknowledge receipt of the sum of Four Thousand Seven Hundred Thirty Dollars and Forty Eight Cents ($4,730.48) in the form a cashiers check. It promises to "not negotiate" said check before it provides the Innocents a fully executed copy of this Settlement Agreement. The Reinstatement Amount calculation (Exhibit A) is hereby attached to and incorporated in this agreement.
2. Disputed Claim/Accord and Satisfaction. NBI acknowledges that said payment is made in full accord and satisfaction of a disputed claim(s). Said sum and is accepted in full compromise and settlement and satisfaction and as sole consideration of any contractual dispute or claim of damages that may arise out of claims NBI may have that the Innocents did not make all payments due pursuant to the Note and Deed of Trust described above. NBI acknowledges that Old Bastards Inc. (OBI) failed to credit several payments by the Innocents to their account. The Payment referenced in paragraph 1 shall fully reinstate the note and bring it current through February 28, 2011.
3. Release. The Innocents release NBI from any and all pending and past claims, demands, actions, liabilities and causes of actions, of every kind and character, whether asserted or unasserted, whether known or unknown, suspected or unsuspected, in law or in equity, for or by reason of any matter, cause or thing whatsoever, which may exist between the parties as a result of occurrences or transactions occurring from the beginning of time until the time that this release becomes effective.
4. Promise To Correct IRS Form 1098 for Tax Year 2010: DMI agrees to provide a corrected IRS Form 1098 for 2010 to the Innocents within 14 days after execution of this agreement. The 1098 form sent by NBI to the Innocents in January of 2011 reports no interest, instead of the six payments reflected by the copies of cancelled checks furnished to NBI in July 2010. NBI shall pay the Innocents $10 as a penalty for each day it fails to comply with the terms of this paragraph.
5. Promise To Correct Negative Credit Information Related to the Dispute: NBI promises to, within 30 days after the execution of this agreement, correct/withdraw any and all negative credit information furnished by it or Fannie Mae to any credit reporting agency related to this dispute. NBI shall furnish the Innocents copies of any and all corrective communications it makes to each credit reporting agency. NBI shall pay the Innocents $10.00 for each day it fails to comply with the terms of this paragraph. Should the Innocents discover NBI failed to deliver such corrections to any credit reporting agency, the Innocents shall notify NBI.
6. Apology From NBI. NBI, as an agent of Fannie Mae, will furnish the Innocents a formal Apology for giving the Innocents the run-around and failing to timely correct its errors in accord with the following provisions of The Fannie Mae Code of Conduct:
“At Fannie Mae, we treat our . . . customers fairly, honestly, and in a straightforward manner.”
“I engage in transparent and open communication inside and outside the company.”
“I take responsibility, apologize for my mistakes, own the problem, and resolve issues in a timely manner.”
“I engage in transparent and open communication inside and outside the company.”
“I take responsibility, apologize for my mistakes, own the problem, and resolve issues in a timely manner.”
7. Resolution of Dispute related to Forced Flood Insurance. NBI, avows that the "Rump Rider/NBI"
Flood Insurance policy it purchased shall be canceled without penalty on a pro-rata basis, when the Innocents produce a certificate evidencing Flood Insurance Coverage from another Insurer for the amount of the Innocents’ note as evidenced by the amount stated in the Reinstatement Document (Exhibit A). The pro-rata amount disbursed by the Lender for Forced Flood Insurance shall become additional debt of the borrower secured by the above referenced Deed Of Trust as provided by Section 5 of that Instrument. The monthly premium/impound for the Policy selected by the Innocents shall be included in their monthly impounds on the Note.
8. Promise by NBI To Timely Recalculate the Innocents Payment and to Furnish Coupon
Book: NBI shall notify the Innocents of their new payment amount to be recalculated in light of Paragraph 7 in writing within 21 days of the execution of this agreement and shall furnish the Innocents a coupon book that reflects the payment within 45 days after execution.
9. Entire Agreement. This Settlement Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, and there are no inducements, representations, warranties, or understandings that do not appear within the terms and provisions of this Settlement Agreement. This Settlement Agreement may be modified only by a writing signed by both Parties.
10. Attorney’s Fees and Costs. Each party shall be responsible for its own costs and fees. Each party shall bear those attorney fees and costs which may have been previously incurred. In the event of litigation between the Parties arising out of or related to the performance or non-performance of any obligation of any Party to this Settlement Agreement, the prevailing Party shall be entitled to recover its attorneys' fees and costs incurred.
11. Authorization. Each individual signing this Settlement Agreement warrants and represents that he has the full authority and is duly authorized and empowered to execute this Settlement Agreement on behalf of the Party and/or entities for which he signs. NBI avows it is the duly authorized agent of Fannie Mae with full authority to act on its behalf.
12. Choice of Law. The provisions of this Settlement Agreement shall be governed by the laws of the State of Arizona, including any action arising out of this Settlement Agreement.
13. Severability and Construction. If any provision of this Settlement Agreement shall be held by a court of competent jurisdiction to be illegal, invalid or unenforceable, the remaining provisions shall remain in full force and effect. This Settlement Agreement has been negotiated by the Parties and their respective counsel and shall be interpreted fairly in accordance with its terms and without any strict construction in favor of or against either Party. Any rule of law which construes that ambiguity against the maker of a document is hereby waived.
14. Counterparts. This Settlement Agreement will be executed by the parties on the Effective Date and may be executed in one or more counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which taken together form but one and the same instrument. An original signature transmitted electronically shall be as effective as the original.
15. Binding Effect. This Settlement Agreement shall be binding on the Parties, their successors in interest, and present and future subsidiaries, assignees or acquirers, including any acquirer of substantially all of the assets of a Party.
16. No Promises or Inducements. No promises or inducements have been made, except as are specifically set forth in this document. As a result, this release is executed without reliance upon any representation by a representative of the Parties including their attorneys.
17. Modification. Modification of this agreement shall be void unless made in writing and signed by all parties or their legal representatives.
_________________________________ DATED: ___________________________.
Innocent #1
_________________________________ DATED: ___________________________.
Innocent #2
_________________________________ DATED:___________________________
William Asshat Jr. (Or other Authorized Representative)
President NBI
I'm glad to see you insisted on a formal apology from these bastards.
ReplyDeletefat lot of good it did me. bastards.
ReplyDelete