BFI Transcript 1

COMMONWEALTH OF VIRGINIA, ex rel . vs . SECURITY TRUST MORTGAGE, LLC
Proceedings on 09/11/2013
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1 No . 5, denied as phrased and qualified as
2 follows : With respect to the first deed of trust,
3 he is current and has been current on that for some
4 time . There maybe late charges, but the late
5 charges are a part of a modification and are not
6 believed to be new late charges . He was in or about
7 January of 2013 in arrears by 90 days . However,
8 that was as a requirement of the modification
9 process . Under the modification process, as
10 practiced by virtually all financial institutions --
11 and I won't pretend to say whether this is a result
12 of somewhat idiotic behavior of banks or some
13 idiotic behavior of regulators, and I guess Your
14 Honor knows my personal opinion on that point . But
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15 if a bank says I'm 90 days behind and I agree I'm
16 60, 1 can't cure the 90 while it's in modification .
17 No payments are accepted unless you pay everything
18 that they claim is due .
19 So, therefore, I have to qualify that to
20 say to the extent there were any unpaid late
21 charges, they were unpaid because they won't accept
22 a payment during the time that you are requesting a
23 modification, that the modification then pending was
24 ultimately denied . When that modification was
25 denied at that time, Mr . McDonald paid all of the
Huseby, Inc .
www.huseby.com
4860 Cox Road, Suite 200, Glen Allen, VA 23060 (804) 755-4200
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