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CERTIFIED FORENSIC LOAN AUDITORS, LLC
13101 West Washington Blvd., Suite 140, Los Angeles, CA 90066

Phone Numbers: 888-758-2352 and 832-932-3951
Sales@CertifiedForensicLoanAuditors.com
www.CertifiedForensicLoanAuditors.com
PROPERTY
SECURITIZATION ANALYSIS REPORTTM
Prepared for:
FILOMENO MALDONADO and IRMA SANCHEZ
For Property Address
2732 N. Newland Avenue
Elmwood Park, IL 60707
Prepared on:
June 8, 2016
Page | 1
CERTIFIED FORENSIC LOAN AUDITORS, LLC COPYRIGHT 2007-2016
-All Rights Reserved-
SECTION 1:
TRANSACTION DETAILS
BORROWER & CO-BORROWER:

BORROWER
CO-BORROWERS
Filomeno Maldonado
Irma Sanchez
CURRENT ADDRESS
SUBJECT ADDRESS
--
2732 N. Newland Avenue

Elmwood Park, IL 60707
TRANSACTION PARTICIPANTS
AMOUNT
$396,000.00
ORIGINAL MORTGAGE
LENDER
First NLC Financial Services,
LLC
4680 Conference Way South
Boca Raton, FL 33431
(561) 962-9000
Note: security instrument (e.g.
Mortgage) not available
MORTGAGE SERVICER
MORTGAGE
NOMINEE/BENEFICIARY
JPMorgan Chase Bank, N.A.

Monroe, LA
Mortgage Electronic
Registration Systems, Inc.
(MERS)
PO Box 2026
Flint, MI 48501-2026
(888)679-MERS
LOAN TYPE
TITLE COMPANY
Conventional Mortgage
To be determined
Page | 2
SECTION 2:
SECURITIZATION
SECURITIZATION PARTICIPANTS:
ORIGINATOR/LENDER
SPONSOR/SELLER
DEPOSITOR
FIRST NLC FINANCIAL

SERVICES, LLC
FIRST NLC FINANCIAL

SERVICES, LLC
FIRST NLC
SECURITIZATION, INC.
ISSUING ENTITY
TRUSTEE
MASTER SERVICER/
SERVICER
WELLS FARGO BANK,

N.A.
(Master Servicer)
FIRST NLC TRUST
2005-4
HSBC BANK USA, N.A.
CUSTODIAN
CUT OFF DATE
CLOSING DATE
December 1, 2005
On or about
December 22, 2005
HSBC BANK USA, N.A.

or its Appointee
JPMORGAN CHASE
BANK, N.A.
and
OCWEN LOAN
SERVICING, LLC
(Servicers)
Page | 3
PROSPECTUS SUPPLEMENT
424B5 1 d424b5.htm FORM 424B5
PROSPECTUS SUPPLEMENT
(To Prospectus dated November 2, 2005)
$847,419,000 (Approximate)
First NLC Trust 2005-4

Mortgage-Backed Certificates, Series 2005-4
First NLC Securitization, Inc.,
Depositor
Wells Fargo Bank, National Association
Master Servicer and Securities Administrator
JPMorgan Chase Bank, National Association,
Servicer
----------------------------------------------
FRIEDMAN BILLINGS RAMSEY

MERRILL LYNCH & CO.
GOLDMAN, SACHS & CO.
The date of this prospective supplement is December 20, 2005.
http://www.sec.gov/Archives/edgar/data/1337262/000119312505247520/d424b5.htm
Page | 4
SUMMARY OF TRANSACTION AND TRANSACTION PARTIES
SUMMARY OF TERMS
This summary highlights selected information from this document and does not contain all of the information
that you need to consider in making your investment decision. To understand all of the terms of the offering of
the certificates, it is necessary that you read carefully this entire document and the accompanying prospectus.
While this summary contains an overview of certain calculations, cashflow priorities and other information to
aid your understanding, you should read carefully the full description of these calculations and the underlying
assumptions, cashflow priorities and other information in this prospectus supplement and the accompanying
prospectus before making any investment decision.
Some of the information that follows consists of forward-looking statements relating to future economic performance or projections and other financial items. Forward-looking statements are subject to a variety of risks
and uncertainties, such as general economic and business conditions, competition, changes in political, social
and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preference and various other matters that are beyond the control of the parties to the transaction. Accordingly, what
actually occurs may be very different from the projections included in this prospectus supplement.
Whenever we refer to a percentage of some or all of the mortgage loans in the trust, that percentage has been
calculated on the basis of the aggregate scheduled principal balance of those mortgage loans in relation to all of
the mortgage loans as of the cut-off date unless we specify otherwise. We explain in this prospectus supplement
under Description of the Mortgage PoolGeneral how the scheduled principal balance of a mortgage loan is
determined.
Issuer and Trust

First NLC Trust 2005-4, a New York common law trust.
Depositor
First NLC Securitization, Inc., a Delaware corporation.
Originator and Seller

All of the mortgage loans were originated or acquired by First NLC Financial Services, LLC, an affiliate of the
lead underwriter. First NLC Financial Services, LLC, as the seller, will sell the mortgage loans to the depositor and
make representations with respect to the mortgage loans sold to the trust. See Description of the Mortgage Pool in
this prospectus supplement.
Servicer
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JPMorgan Chase Bank, National Association will service the mortgage loans from and after the servicing transfer
date, expected to occur on or before February 1, 2006. From the closing date and until the servicing transfer date,
Ocwen Loan Servicing, LLC will service the mortgage loans. See The Servicer in this prospectus supplement.
Trustee
HSBC Bank USA, National Association. See The Trustee in this prospectus supplement.
Master Servicer
Wells Fargo Bank, National Association. See The Master Servicer in this prospectus supplement.
Page S-1
Securities Administrator
Wells Fargo Bank, National Association. See The Securities Administrator in this prospectus supplement.
Cap Provider
HSBC Bank USA, National Association. See The TrustThe Cap Agreement in this prospectus supplement.
Closing Date
On or about December 22, 2005.
Cut-off Date
For each mortgage loan, the later of (a) December 1, 2005 and (b) the origination date of such mortgage loan.
5.74% of the mortgage loans have a first payment due date in February 2006.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The Mortgage Loans

General
On the closing date, the mortgage loans in the trust will have an aggregate cut-off date scheduled principal balance of approximately $879,519,618, of which approximately $717,775,503 and $161,744,115 will be adjustable rate
mortgage loans and fixed rate mortgage loans, respectively. The fixed and adjustable rate mortgage loans will be secured by first or second lien mortgages, deeds of trust, or other security instruments, all of which are referred to in this
prospectus supplement as mortgages.
S-4
Page | 6
Approximately 81.61% of the mortgage loans by their cut-off date scheduled principal balance are hybrid mortgage loans. The hybrid mortgage loans are fixed rate mortgage loans that convert to adjustable rate mortgage loans after
a specified period of two, three or five years following origination.
Approximately 30.24% of the mortgage loans by their cut-off date scheduled principal balance require monthly
payments of interest, but not principal, for a fixed period of five years following origination.
Approximately 96.21% of the mortgage loans by their cut-off date scheduled principal balance have original
terms to stated maturity of approximately 30 years.
Approximately 10.79% of the mortgage loans by their cut-off date scheduled principal balances are balloon mortgage loans where their original terms to maturity are shorter than their amortization schedules, leaving final payments
due on their maturity dates that are significantly larger than other monthly payments.
The mortgage loans in the trust will not be insured or guaranteed by any transaction party or government agency.
See Description of the Mortgage Pool in this prospectus supplement.
ASSIGNMENT OF MORTGAGE LOANS

Assignment of Mortgage Loans
Pursuant to the Pooling and Servicing Agreement, the Depositor will convey to the Trustee for the benefit of the
certificateholders all of the Trusts right, title and interest in and to the Trust Fund. Concurrently with such pledge, the
Securities Administrator will authenticate and deliver the Certificates at the direction of the Depositor in exchange for
the Trust Fund.
The Offered Certificates will not represent an interest in or an obligation of, nor will the Mortgage Loans be guaranteed by the Originator, the Seller, the Depositor, the Servicer, the Master Servicer, the Securities Administrator or the
Trustee or any of their affiliates.
Each Mortgage Loan transferred to the Trust will be identified in a schedule (the Mortgage Loan Schedule)
delivered pursuant to the Pooling and Servicing Agreement, which will specify with respect to each Mortgage Loan,
among other things, the original principal balance and the Scheduled Principal
Page S-37
Balance as of the close of business on the applicable Cut-off Date, the mortgage rate, the Scheduled Monthly Payment
and the maturity date.
On or prior to the Closing Date, the Trustee (or the Custodian on its behalf) will complete a review of all of the
mortgage loan files related to the Mortgage Loans and issue a certificate regarding the documentation within such files.
The Depositor, with respect to the Mortgage Loans, will represent and warrant only that:
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the information set forth in the Mortgage Loan Schedule is true and correct as of the date or dates on which the
information was furnished;
the Depositor is the owner of each Mortgage Loan;
the Depositor acquired its ownership of each Mortgage Loan in good faith without notice of any adverse claim;
except for the sale of the Mortgage Loans to the Trust, the Depositor has not assigned any interest or participation in any Mortgage Loan that has not been released; and
the Depositor has the full right to sell the trust estate to the Trust.
As to each Mortgage Loan, the following documents are generally required to be delivered to the Trustee (or the
Custodian) in accordance with the Pooling and Servicing Agreement: (1) the related original mortgage note endorsed
without recourse to the Trustee or in blank or a lost note affidavit to the extent that the original note has been lost, (2)
the original mortgage (including all riders thereto) with evidence of recording indicated thereon (or, if such original
recorded mortgage (including all riders thereto) has not yet been returned by the recording office, a copy thereof certified to be a true and complete copy of such mortgage sent for recording), (3) an original assignment of the mortgage to
the Trustee or in blank in recordable form with respect to all Mortgage Loans other than Mortgage Loans registered on
the system Mortgage Electronic Registration Systems, Inc. (MERS), (4) the policy of title insurance issued with respect to each Mortgage Loan, and (5) the originals of any assumption, modification, extension or guaranty agreements.
Pursuant to the terms of the Pooling and Servicing Agreement, the Seller will make certain representations and
warranties concerning the Mortgage Loans that generally include representations and warranties similar to those summarized in the prospectus under the heading Origination and Sale of Mortgage LoansRepresentations and Warranties; Repurchases. The representations and warranties of the Seller in respect of the Mortgage Loans generally will
have been made as of the Closing Date.
Under the terms of the Pooling and Servicing Agreement, and subject to the Sellers option to effect a substitution
as described in the next paragraph, the Seller will be obligated to repurchase any Mortgage Loan for its Repurchase
Price within 90 days after the discovery, or receipt of written notice, by the Depositor, the Servicer, the Master Servicer
or the Trustee, that the Seller has breached any representation or warranty made by the Seller in the Pooling and Servicing Agreement in respect of a Mortgage Loan that materially and adversely affects the value of such Mortgage Loan or
any interest therein of the certificateholders, the Depositor, the Servicer, the Master Servicer or the Trustee. In addition,
the Seller has the option, in its sole discretion and in accordance with the terms of the Pooling and Servicing Agreement, to acquire a Mortgage Loan or any REO Property (i) that becomes 90 or more days delinquent or is acquired
through foreclosure proceedings or deed in lieu thereof, or (ii) where the related Mortgaged Property has suffered material damage; provided, that the Seller may not acquire more than
Page S-38
2% of the Mortgage Loans by aggregate Cut-off Date Balance; provided, further, that the option to purchase any such
defaulted Mortgage Loan or Mortgage Loan with damaged Mortgaged Property will expire on the last business day of
each calendar quarter. The Seller may effect a substitution as described below in lieu of repurchasing such a Mortgage
Loan.
The Repurchase Price for any Mortgage Loan will be the unpaid principal balance of the Mortgage Loan at the
close of business on the date of repurchase, plus accrued and unpaid interest thereon to the next Due Date for the Mortgage Loan following the repurchase, any unreimbursed servicing advances made by the Servicer and any costs and
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damages incurred with respect to a Mortgage Loan in connection with the violation by such Mortgage Loan of any
predatory and abusive lending law. Prior to being paid to certificateholders, this Repurchase Price will be used to reimburse the Servicer for any previously unreimbursed advances made by the Servicer in respect of the repurchased Mortgage Loan.
In lieu of repurchasing a Mortgage Loan as specified in the preceding paragraph, the Seller may, at its option,
cause such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage
Loan) and substitute one or more Qualified Substitute Mortgage Loans for any Mortgage Loan to be repurchased. Any
such Mortgage Loan shall only be substituted if such substitution occurs within two years of the Closing Date. A
Qualified Substitute Mortgage Loan is any Mortgage Loan that, on the date of substitution, among other things:
has an outstanding principal balance, after deduction of all Scheduled Monthly Payments due in the month of
substitution (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
aggregate principal balance), not in excess of the Scheduled Principal Balance of the Deleted Mortgage Loan;
has a Mortgage Loan Remittance Rate not less than, and not more than 2% greater than, the Mortgage Loan
Remittance Rate of the Deleted Mortgage Loan;
has a remaining term to maturity not greater than and not more than one year less than that of the Deleted
Mortgage Loan;
complies with the Mortgage Loan representations and warranties set forth in the Pooling and Servicing Agreement;
is of the same type as the Deleted Mortgage Loan;
has a Gross Margin not less than that of the Deleted Mortgage Loan;
has the same Index as the Deleted Mortgage Loan, if the original Mortgage Loan is an Adjustable Rate Mortgage Loan;
has the same lien priority as the lien priority of the Deleted Mortgage Loan;
will have a credit score not less than that of the Deleted Mortgage Loan;
have an Loan-to-Value Ratio not greater than that of the Deleted Mortgage Loan; and
has a Prepayment Premium with a term and an amount at least equal to the Prepayment Premium of the Deleted
Mortgage Loan.
Page S-39
If more than one Mortgage Loan is substituted for a replaced Mortgage Loan, the Scheduled Principal Balances
may be determined on an aggregate basis and the Net Mortgage Rate and term may be determined on a weighted average basis. A Qualified Substitute Mortgage also shall satisfy the following criteria as of the date of its substitution for a
replaced Mortgage Loan:
the Mortgage Loan shall not be 30 or more days delinquent;
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the Mortgage Loan file for such Mortgage Loan shall not contain any material deficiencies in documentation,
and shall include an executed mortgage note or lost note affidavit, as applicable, and, a recorded mortgage; and
no property securing such mortgage may be the subject of foreclosure, bankruptcy, or insolvency proceedings.
The Seller will make a payment to the Securities Administrator for deposit into the Distribution Account in the
amount, if any, by which the aggregate Scheduled Principal Balances of any Deleted Mortgage Loans exceed the aggregate Scheduled Principal Balances of the Qualified Substitute Mortgage Loans replacing such Deleted Mortgage Loans
(Substitution Adjustment Amount), together with one months interest on such excess amount at the applicable
Adjustable Mortgage Rate.
To the extent that any Mortgage Loan as to which a representation or warranty has been breached is not repurchased by the Seller and a Realized Loss occurs with respect to that Mortgage Loan, holders of Certificates may incur a
loss to the extent not covered by available credit enhancement.
http://www.sec.gov/Archives/edgar/data/1337262/000119312505247520/d424b5.htm
EMPHASIS ADDED BY EXAMINER: Depositor First NLC Securitization, Inc. is the only
authorized party to assign its interest in loans to the trustee on behalf of certificate holders. Even
though Sponsor First NLC Financial Services, LLC states that evidence of registration in the
Mortgage Electronic Registration Systems, Inc. (MERS) is acceptable in lieu of assignments at
the closing date into County records, First NLC Financial Services, LLC was still subject to
applicable state and local laws. The intent of the recording of documents publically is to let all
interested parties understand the rights and obligations of real property owners and lenders. The use
of a privately-owned alternate system conceals such information; and a lack of internal control may
allow unauthorized parties to act as a sponsor, bankruptcy-remote depositor, trustee, or beneficial
owner of a security interest simply by having an employee or agent sign that they are an officer of
MERS. First NLC Financial Services, LLC and other securitizing parties cannot just make up their
own rules. Nor is MERS a legislative or other government body.
.
Page | 10
POOLING AND SERVICING AGREEMENT
FIRST NLC SECURITIZATION, INC.,

as Depositor
FIRST NLC FINANCIAL SERVICES, LLC,
as Originator and as Seller
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
as Servicer
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer and as Securities Administrator
HSBC BANK USA, NATIONAL ASSOCIATION,
as Trustee
and
OCWEN LOAN SERVICING, LLC
as Interim Servicer

Dated as of December 1, 2005
First NLC Trust 2005-4

Mortgage-Backed Certificates, Series 2005-4
http://www.sec.gov/Archives/edgar/data/1337262/000119312506004284/dex991.htm
Page | 11

Sections 2.1 and 15.6
Conveyance of Mortgage Loans

SECTION 2.1 Conveyance of Mortgage Loans to the Depositor.
(a) On the Closing Date, in exchange for good and valuable consideration, the receipt and sufficiency of which
the Seller hereby acknowledges, the Seller does hereby sell, transfer, assign, or set over, deposit with and otherwise
convey to the Depositor and the Depositor does hereby purchase, without recourse (except as provided herein), on a
servicing-released basis, all right, title and interest of the Seller in and to
(i) the Mortgage Loans having an aggregate Cut-off Date Balance as set forth in such Mortgage Loan
Schedule;
(ii) all payments on the Mortgage Loans as provided in Section 2.1(b);
Page - 45 -
(iii) the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Mortgage Files;
(iv) any and all general intangibles consisting of, arising from or relating to any of the foregoing;
(v) the property that secures the Mortgage Loans, including the Mortgaged Properties, that has been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; and
(vi) all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property.
The Depositor will pay to the Seller the proceeds from the sale of the Certificates (net of any costs associated with
the transfer of the Class R and Class RX Certificates) on the Closing Date.
(b) The Depositor, subject to Section 2.2, shall be entitled to:
(i) all scheduled principal on the Mortgage Loans due after their respective Cut-off Dates;
(ii) all collections of principal on the Mortgage Loans received after their respective Cut-off Dates (other
than principal due on or before their respective Cut-off Date and collected after the Cut-off Dates);
(iii) all collections of interest on the Mortgage Loans (other than pre-paid interest paid at each Mortgage
Loan closing with respect to Mortgage Loans originated after December 1, 2005) at the Mortgage Loan Remittance Rate (minus that portion of any such payment which is allocable to the period prior to the Cut-off Date); and
(iv) all Prepayment Premiums.
Page | 12
Scheduled Monthly Payments paid prior to the Closing Date with respect to a Due Date after the Cut-off Date
shall not be applied to the principal balance as of the Cut-off Date, but shall be the property of the Depositor. The Seller
shall remit to the Servicer for deposit any such prepaid amounts into the Custodial Account for the benefit of the Depositor.
In the case of Mortgage Loans that have been prepaid in full after the Cut-off Date and prior to the Closing Date,
the Seller shall remit to the Servicer for deposit in the Custodial Account the portion of any amount so prepaid that is
required to be deposited in the Custodian Account pursuant to Section 4.4.
(c) Upon the sale of the Mortgage Loans, the ownership of each Mortgage Note, the related Mortgage and the related Mortgage File shall vest immediately in the Depositor, and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Seller shall vest immediately
in the Depositor and shall
Page - 46 -
be retained and maintained by the Seller, in trust, at the will of the Depositor and only in such custodial capacity.
(d) On or prior to the Closing Date, the Seller shall deliver the Mortgage Loan Schedule, the Mortgage Files and
Mortgage Loan Documents relating to the Mortgage Loans to be transferred on the related Closing Date to the Trustee
and the Servicer, as applicable.
Governing Law
SECTION 15.6 Governing Law.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS
RULES (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW, WHICH THE PARTIES
HERETO EXPRESSLY RELY UPON IN THE CHOICE OF SUCH LAW AS THE GOVERNING LAW
HEREUNDER) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
http://www.sec.gov/Archives/edgar/data/1337262/000119312506004284/dex991.htm
New York State Trust Law Statutes state:

Unless an asset is transferred into a lifetime trust, the asset does not become trust property. (NY
Estates, Powers and Trust Law 7-1.18).
A trustees act that is contrary to the trust agreement is void. (NY Estates, Powers and Trust Law
7-2.4)
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SECTION 3:
FORECLOSURE
Recorded Events on the Loan Including Foreclosure Issues and Securitization

Recorded Chain of Mortgage Possession
Date
August 2, 2005
Instrument #
21427056
Official Records,
Cook County
Illinois
Original Mortgage
Chain of Note Possession

Date
Filomeno Maldonado and

Irma Sanchez
First NLC Financial

Services, LLC
(Borrowers)

LLC
Note Holder
July 25, 2005
(Lender)
Principal Amount:
(Lender)
$396,000.00
MIN # 1001959-1000063688-9
June 12, 2008

Instrument #
16440114
Two (2) Notices of Lis Pendens
September 25, 2009
Instrument #
26805180
FIRST NLC TRUST 2005-4

(Lender)
Co-Defendant:
LLC
December 1, 2005
Principal Amount:
$396,000.00
Official Records,
Cook County
Illinois
August 17, 2015

Instrument #
22918040
Official Records,
Cook County
Illinois
Notice of Lis Pendens

Co-Defendant:
City of Chicago
NOTE: The above analysis covers primary active loan.

Annotated voluntary lien search located in Exhibit I.
NO ASSIGNMENT OF MORTGAGE MADE INTO IDENTIFIED TRUST THAT IS
NECESSARY FOR THE SECURITY INTEREST IN NOTE TO BE PERFECTED TO A
PARTY OTHER THAN ORIGINAL LENDER
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REPORT SUMMARY
Mortgage:
On July 25, 2005, Debtors Filomeno Maldonado and Irma Sanchez executed a negotiable
promissory note and a security interest in the form of a MORTGAGE in the amount of
$396,000.00. This document was recorded on August 2, 2005 as instrument number 21427056
in the Official Records of Cook County, Illinois. The original lender of the promissory note
and beneficiary of the Mortgage is First NLC Financial Services, LLC. Mortgage Electronic
Registration Systems, Inc. (hereafter MERS) is not named as the payee of the note, but is
named as acting solely as a nominee for the lender as the beneficiary of the security
interest Security Deed.
Securitization (The Note):
The NOTE was sold, transferred, assigned and securitized into the FIRST NLC TRUST
2005-4 with a Closing Date of December 22, 2005.
Two (2) Notices of Lis Pendens:
On June 12, 2008 and September 25, 2009, Notices of Lis Pendens were recorded in the
Official Records, Cook County as instrument numbers 16440114 and 26805180,
respectively. The Voluntary Lien Report lists First NLC Financial Services, LLC as a codefendant in both notices.
Notice of Lis Pendens:
On August 17, 2015, a Notice of Lis Pendens was recorded in the Official Records, Cook
County as instrument number 22918040. The Voluntary Lien Report lists the City of
Chicago as a co-defendant.
.
Page | 15
American Banker states that foreclosure ownership support documents (the primary example in
Illinois being Assignments of Mortgages) should be prepared at time of transfer instead of by bank
employees claiming to represent lenders that no longer exist:
http://www.americanbanker.com/issues/176_170/robo-signing-foreclosure-mortgage-assignments1041741-1.html
Page | 16
LOAN SEARCH
The loan was found in the FIRST NLC TRUST 2005-4 as investor loan number 3076502661,
which agrees with the characteristics of the loan. This trust has a current average FICO
score of 623. The original loan to value ratio was 100%. The loan is shown as modified on
3/1/2014, with a current rate of 6.75% and a principal and interest payment of $2,807.73 per
month.
The loan has a fixed interest rate. This loan was originated on 7/25/2005 for equity takeout
(EQ). The property reported as a duplex (2F) residence; it is an owner occupied type of
property located in the State of Illinois.
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DESCRIPTION OF SECURITY FROM BLOOMBERG

Noted as a trust initially rated AA+ that has been substantially downgraded.
Page | 18
DEAL DESCRIPTION
ORIGINAL COLLATERAL CHARACTERISTICS
Page | 19
STRUCTURED FINANCE NOTES SCREEN

Lists the primary transaction parties.
Page | 20
STRUCTURAL SUMMARY SECTION PERTAINING TO TRUST INCLUDING CREDIT

ENHANCEMENTS
May further offset risks of owners or provide reimbursements to certain certificate
holders. Credit trigger test has failed in this investment class within trust.
Page | 21
TRUST OVERVIEW
Page | 22
LOAN LEVEL DETAIL: CUMULATIVE FORGIVENESS AND

CUMULATIVE CAPITALIZATION
Cumulative forgiveness for trust was $14.43 million, partially offset by cumulative
capitalization (adding back interest and fees to principal thus accruing interest on
interest) of $12.34 million.
No forgiveness was extended to the subject loan. Instead, it was recapitalized in
the amount of $53,231.66. The property is in the 60707 zip code.
Page | 23
LOAN LEVEL DETAIL: MODIFICATION

Rate modification was granted to the subject loan. However, some loans in the trust
were also granted principal forgiveness..
Page | 24
VIEW ALL LOAN CLASSES SCREEN

The loan was found in nineteen (19) classes as the loan is located in the All Collateral
Group. Eight (8) classes are UNPAID and the remaining eleven (11) classes are
completely PAID. CUSIP numbers of each investment class are shown below.
Page | 25
LOAN COLLATERAL PERFORMANCE

Only twenty (20) loan modifications or an average of 3.33 loan modifications per
month in the last six (6) months in spite of a 24-26% 90 day+ default rate in this trust
targeting Illinois homeowners.
Page | 26
PAYDOWN INFORMATION
Approximately 30.7%, or $269.98 million, of the All Collateral group that partially
funded loan has gone bad. This is an indication that this particular investment
group should not have been formed.
Page | 27
STRUCTURED PAYDOWN ANALYSIS

Material losses have occurred in some of the remaining active investment classes
within the trust.
Page | 28
BLOOMBERG LAW SEARCH FOR CURRENT DOCKETS INVOLVING THE

Page | 29
CURRENT DOCKETS INVOLVING THE FIRST NLC TRUST 2005-4
Page | 30
CURRENT DOCKETS INVOLVING THE FIRST NLC TRUST 2005-4 continued
Page | 31
PROSPECTUS PULLED FROM BLOOMBERG, LP
Page | 32
CORPORATE TRUSTEE CONTACT INFORMATION AND EXTRACT OF RECENT

INVESTOR STATEMENT
Page | 33
CONCLUSION
CHAIN OF TITLE
DEED OF TRUST
FILOMENO MALDONADO and
IRMA SANCHEZ
BORROWERS
TRUSTOR
MORTGAGOR/MORTGAGER
GRANTOR
TO BE DETERMINED
COOK COUNTY
ILLINOIS
TITLE COMPANY/
ESCROW
MAINTAINS ASSIGNMENT
HISTORY
DEED ISSUED TO MERS
SPLIT FROM NOTE
PROMISSORY NOTE
MERS
MONTHLY
PAYMENTS
REGISTRY
NOTE WAS SPLIT

FROM THE DEED
NOTE WAS SOLD
& TRANSFERRED
FIRST NLC FINANCIAL
SERVICES, LLC
FIRST NLC FINANCIAL

SERVICES, LLC
LENDER/
ORIGINATOR
WELLS FARGO BANK, N.A.

MASTER SERVICER
Services individual loans; Aggregates
Collection; Performs Duties under
Trusts Pooling & Servicing Agreement
JPMORGAN CHASE BANK, N.A.
OCWEN LOAN SERVICING, LLC
SERVICERS
SELLER
Purchases loans from
originator; forms pool
CERTIFICATES
FIRST NLC
SECURITIZATION, INC.
DEPOSITOR
Creates Issuing Entity
FRIEDMAN, BILLINGS, RAMSEY

MERRILL LYNCH & COMPANY
GOLDMAN SACHS & COMPANY
Maintains Assignment History

No physical possession
No pecuniary interest
The mortgage or Assignment of the
mortgage of some of the mortgage loan
have been or may be recorded in the name
of MERS, solely as Nominee for the
originator and its successors and
assigns
MERS serves as mortgagee of record on
the mortgage solely as a nominee in an
administrative capacity on behalf of the
Trustee and does not have interest in the
mortgage loan
CERTIFICATES
UNDERWRITERS
CERTIFICATES
Sells Certificates to Investors;

Collects Offering Proceeds
OFFERING PROCEEDS
HSBC BANK USA, N.A.

TRUST FUND ISSUING ENTITY
Holds pool of loans; issues
certificates
INVESTORS
TRUSTEE FOR THE TRUST

Represents Investors Interests;
Calculates Cash Flows; Remits Net
Revenues
Purchase Mortgage Backed

Securities as defined in
Certificates
UNDERLYING CUSTODIAN
Document Custody
RETURN ON INVESTMENTS
ARROW LEGEND
PURPLE MORTGAGE DOCUMENTS
BLUE SECURITIES CERTIFICATES
RED
INVESTOR FUNDS
GREEN BORROWER FUNDS
Page | 34
MORTGAGE ELECTRONIC REGISTRATION

SYSTEMS (MERS) ANALYSIS
The Mortgage has MIN number 1001959-1000063688-0 and is registered at the MERS
SERVICER ID website https://www.mers-servicerid.org/sis/search showing JPMorgan
Chase Bank, N.A. as Servicer. For the Investors name, MERS website recommends to
contact the Servicer.
Although MERS records an assignment in the real property records, the promissory note
which creates the legal obligation to repay the debt has not been transferred nor negotiated
by MERS.
MERS is never entitled to receive a borrowers monthly payments, nor is MERS ever
entitled to receive the proceeds of a foreclosure or MORTGAGE sale.
MERS is never the owner of the promissory note for which it seeks foreclosure.
MERS has no legal or beneficial interest in the loan instrument underlying the security
instrument for which it serves as nominee.
MERS has no legal or beneficial interest in the mortgage indebtedness underlying the
security instrument for which it serves as nominee.
MERS has no interest at all in the promissory note evidencing the mortgage indebtedness.
MERS is not a party to the alleged mortgage indebtedness underlying the security
instrument for which it serves as nominee.
MERS has no financial or other interest in whether or not a mortgage loan is repaid.
Page | 35
The loan is registered within the MERS database showing JPMorgan Chase Bank, N.A. as
Servicer. For the Investors name, MERS website recommends to contact the Servicer.
Page | 36
For traditional lending prior to Securitization, the original Deed recording was usually the only
recorded document in the Chain of Title. That is because banks kept the loans, and did not sell the
loan, hence, only the original recording being present in the banks name.
The advent of Securitization, especially through Private Investors and not Fannie Mae or
Freddie Mac, involved an entirely new process in mortgage lending. With Securitization, the
Notes and Deeds were sold once, twice, three times or more. Using the traditional model would
involve recording new Assignments of the Deed and Note as each transfer of the Note or Deed of
Trust occurred. Obviously, this required time and money for each recording.
(The selling or transferring of the Note is not to be confused with the selling of Servicing
Rights, which is simply the right to collect payment on the Note, and keep a small portion of the
payment for Servicing Fees. Usually, when a homeowner states that their loan was sold, they
are referring to Servicing Rights.)
Securitizing a Loan
Securitizing a loan is the process of selling a loan to Wall Street and private investors. It is a method
with many issues to be considered. The methodology of securitizing a loan generally followed these
steps:
A Wall Street firm would approach other entities about issuing a Series of Bonds for sale to
investors and would come to an agreement. In other words, the Wall Street firm pre-sold the
bonds.
The Wall Street firm would approach a lender and usually offer them a warehouse Line of
Credit. The Warehouse Credit Line would be used to fund the loan. The Warehouse Line
would be covered by restrictions resulting from the initial Pooling & Servicing Agreement
Guidelines and Mortgage Loan Purchase Agreement. These documents outlined the
procedures for the creation of the loans and the administering of the loans prior to, and after,
the sale of the loans to Wall Street.
The Lender, with the guidelines, essentially went out and found buyers for the loans, people
who fit the general characteristics of the Purchase Agreement. (Guidelines were very general
and most people could qualify. The Lender would execute the loan and fund it, collecting
payments until there were enough loans funded to sell to the Wall Street firm who could then
issue the bonds.
Once the necessary loans were funded, the lender would then sell the loans to the
Sponsor, usually either a subsidiary of the Wall Street firm, of a specially created
Corporation of the lender. At this point, the loans are separated into tranches of loans,
where they will be eventually turned into bonds.
Next, the loans were sold to the Depositor. This was a Special Purpose Vehicle
designed with one purpose in mind. That was to create a bankruptcy remote vehicle
where the lender or other entities are protected from what might happen to the loans, and/or
Page | 37
the loans are protected from the lender. The Depositor would be, once again, created by
the Wall Street firm or the lender.
Then the Depositor would place the loans into the Issuing Entity, which is another entity
created solely for the purpose of selling the bonds.
Finally, the bonds would be sold, with a Trustee appointed to ensure that the bondholders
received their monthly payments.
FIRST NLC FINANCIAL SERVICES, LLC was a correspondent lender that originated mortgage
loans. These loans, in turn, were sold and transferred into a federally-approved securitization trust
named the FIRST NLC TRUST 2005-4.
The Note and Deed have taken two distinctly different paths. The Note was securitized into the
FIRST NLC TRUST 2005-4.
The written agreement that created the FIRST NLC TRUST 2005-4 is a Pooling and Servicing
Agreement (PSA), and is a matter of public record, available on the website of the Securities Exchange
Commission. The Trust is also described in a Prospectus Supplement, also available on the SEC
website. The Trust by its terms set a CLOSING DATE of ON OR ABOUT DECEMBER 22, 2005. The
promissory note in this case became trust property in compliance with the requirement set forth in the
PSA. The Trust agreement is filed under oath with the Securities and Exchange Commission. The
acquisition of the assets of the subject Trust and the PSA are governed under the law.
In view of the foregoing, the Assignment of Mortgage executed after the Trusts Closing Date
would be a void act for the reason that it violated the express terms of the Trust instrument.
The loan was originally made by FIRST NLC FINANCIAL SERVICES, LLC and was sold and
transferred to the FIRST NLC TRUST 2005-4. There is no record of Assignments to either the Sponsor
or Depositor as required by the Pooling and Servicing Agreement.
In Carpenter v. Longan 16 Wall. 271,83 U.S. 271, 274, 21 L.Ed. 313 (1872), the U.S. Supreme
Court stated The note and mortgage are inseparable; the former as essential, the latter as an
incident. An assignment of the note carries the mortgage with it, while assignment of the
latter alone is a nullity.
An obligation can exist with or without security. With no security, the obligation is
unsecured but still valid. A security interest, however, cannot exist without an
underlying existing obligation. It is impossible to define security apart from its
relationship to the promise or obligation it secures. The obligation and the security are
commonly drafted as separate documents typically a promissory note and a Mortgage.
If the creditor transfers the note but not the Mortgage, the transferee receives a secured
note; the security follows the note, legally if not physically. If the transferee is given the
Mortgage without the note accompanying it, the transferee has no meaningful rights
except the possibility of legal action to compel the transferor to transfer the note as well,
if such was the agreement. (Kelley v. Upshaw 91952) 39 C.2d 179, 246 P.2d 23;
Polhemus v. Trainer (1866) 30C 685).
Page | 38
Where the mortgagee has transferred only the mortgage, the transaction is a nullity
and his assignee having received no interest in the underlying debt or obligation, has a
worthless piece of paper (4 Richard R. Powell), Powell on Real Property, 37.27 [2]
(2000).
By statute, assignment of the mortgage carries with it the assignment of the debt. Indeed, in the
event that a mortgage loan somehow separates interests of the note and the Mortgage, with the
Mortgage lying with some independent entity, the mortgage may become unenforceable. The
practical effect of splitting the Mortgage from the promissory note is to make it impossible for the
holder of the note to foreclose, unless the holder of the Mortgage is the agent of the holder of
the note. Without the agency relationship, the person holding only the trust will never
experience default because only the holder of the note is entitled to payment of the underlying
obligation. The mortgage loan becomes ineffectual when the note holder did not also hold the
Mortgage.
Securitization Summary
1. Generally, if the Mortgage and the Note are not together with the same entity, there can be no legal
enforcement of the Note. The Mortgage enforces the Note and provides the capability for the
lender to foreclose on the property. Thus, if the Mortgage and the Note are separated, foreclosure
legally cannot occur. The Note cannot be enforced by the Mortgage if each contains a different
mortgagee/beneficiary; and, if the Mortgage is not itself a legally enforceable instrument, there can
be no valid foreclosure on the homeowners property.
2. No Entity can be a CREDITOR if they do not hold/own the asset in question (i.e. the NOTE and/or the
property); a Mortgage Pass Through Trust (i.e. R.E.M.I.C., as defined in Title 26, Subtitle A, Chapter 1,
Subchapter M, Part II 850-862) cannot hold assets, for if they do, their tax exempt status is violated
and the Trust itself is void ab initio. This is an indication that either the Trust has either voided its
intended Tax Free Status, or the asset is not in fact owned by it.
3. In the event that the loan was sold, pooled and turned into a security, such event would indicate that the
alleged holder can no longer claim that it is a real party of interest, as the original lender has been paid in
full.
4. Further said, once the Note was converted into a stock, or stock equivalent, that event would indicate
that the Note is no longer a Note. If both the Note and the stock, or stock equivalent, exist at the same
time, that is known as double dipping. Double dipping is a form of securities fraud.
5. Once a loan has been securitized, which the aforementioned loan may have been done many times, that
event would indicate that the loan forever loses its security component (i.e., the Mortgage), and the right
to foreclose through the Mortgage is forever lost.
6. The findings of this report indicate that the Promissory Note has been converted into a stock as a
permanent fixture. As a stock it is governed as a stock under the rules and regulations of the SEC;
hence, the requirement for the filings of the registration statements, pooling and servicing agreements,
form 424B-5, et.al. There is no evidence on Record to indicate that the Mortgage was ever transferred
Page | 39
concurrently with the purported legal transfer of the Note, such that the Mortgage and Note has been
irrevocably separated, thus making a nullity out of the purported security in a property, as claimed.
7. Careful review and examination reveals that this was a securitized loan. The Assignment of
Mortgage pretended to be an A to D transaction when in fact the foreclosing party was hiding the A
to B, B to C, and C to D facts of true sales, where A is the original lender, B the sponsor/seller, C
the bankruptcy-remote depositor, and D, the issuing mortgage-backed securities trust. They also
hid the legal SEC filings, governing the transaction according to our findings. But to be controlled
by those SEC filings, the true original loan Note and Mortgage had to be provided by the Document
Custodian certified to have been in possession of them by them on or about December 22, 2005.
Because it was not, the claim of ownership by the Trust cannot be substantiated and the loan
servicing rights not established at law by agreement. Examiner supplies this report as written
testimony and is available for oral testimony.
DISCLAIMER
This report was based exclusively on the documentation provided. It also required that we make reasonable assumptions respecting disclosures and certain loan terms that, if erroneous, may result in material differences
between our findings and the loans actual compliance with applicable regulatory requirements. While we believe that our assumptions provide a reasonable basis for the review results, we make no representations or warranties respecting the appropriateness of our assumptions, the completeness of the information considered, or
the accuracy of the findings. The contents of this report are being provided with the understanding that we are
not providing legal advice, nor do we have any relationship, contractual or otherwise, with anyone other than the
recipient. We do not, in providing this report, accept or assume responsibility for any other purpose.
Page | 40
EXHIBIT I
Voluntary Lien Search
Page | 41
Page | 42
Page | 43
Page | 44
www.datatree.com
1. Item 20. Jesus Maldonado acquired property on 1/9/2011 for $357,700.

2. Item 19. Jesus Maldonado executed a nominal joint tenant quit claim transferring ownership of property to Filomeno Maldonado.
3. Items 18 12. Five (loan refinancing of Jesus Maldonado and Irma Sanchez, one (1) Assignment of Mortgage, and one (1) loan release.
4. Item 11. Filomeno Maldonado and Irma Sanchez refinanced property on 7/25/2005 for
$396,000. This primary active loan is the subject of this report.
5. Item 10. Filomeno Maldonado and Irma Sanchezs secondary loan.
6. Items 9 & 8. Assignment of Mortgage and release of the secondary loan prior to subject
loan.
7. Items 7 & 6. Assignment of Mortgage and release of the primary loan prior to subject loan.
8. Item 5. Release of a $10,000 prior to the subject loan.
9. Items 4 & 3. Foreclosure actions against the subject loan brought by foreclosing parties
with impropriety as noted in body of report. Two (2) Notices of Lis Pendens with First
NLC Financial Services, LLC as a co-defendant.
10. Item 2. Foreclosure action against the secondary loan. Assignment.
11. Item 1. Foreclosure action against the subject loan brought by foreclosing parties with impropriety as noted in body of report. Notice of Lis Pendens with the City of Chicago as a
co-defendant.
NOTE: Remaining items 21 23 relate to prior ownership.
Page | 45

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CERTIFIED FORENSIC LOAN AUDITORS, LLC

13101 West Washington Blvd., Suite 140, Los Angeles, CA 90066

BORROWER & CO-BORROWER:

2732 N. Newland Avenue

JPMorgan Chase Bank, N.A.

FIRST NLC FINANCIAL

FIRST NLC FINANCIAL

WELLS FARGO BANK,

HSBC BANK USA, N.A.

CUT OFF DATE

HSBC BANK USA, N.A.

424B5 1 d424b5.htm FORM 424B5

First NLC Trust 2005-4

FRIEDMAN BILLINGS RAMSEY

SUMMARY OF TRANSACTION AND TRANSACTION PARTIES

Issuer and Trust

Originator and Seller

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The Mortgage Loans

ASSIGNMENT OF MORTGAGE LOANS

the Depositor is the owner of each Mortgage Loan;

is of the same type as the Deleted Mortgage Loan;

the Mortgage Loan shall not be 30 or more days delinquent;

POOLING AND SERVICING AGREEMENT

FIRST NLC SECURITIZATION, INC.,

POOLING AND SERVICING AGREEMENT

First NLC Trust 2005-4

POOLING AND SERVICING AGREEMENT

Conveyance of Mortgage Loans

New York State Trust Law Statutes state:

Recorded Events on the Loan Including Foreclosure Issues and Securitization

Chain of Note Possession

Filomeno Maldonado and

First NLC Financial

First NLC Financial Services,

July 25, 2005

June 12, 2008

FIRST NLC TRUST 2005-4

August 17, 2015

Notice of Lis Pendens

NOTE: The above analysis covers primary active loan.

Securitization (The Note):

Two (2) Notices of Lis Pendens:

Notice of Lis Pendens:

DESCRIPTION OF SECURITY FROM BLOOMBERG

ORIGINAL COLLATERAL CHARACTERISTICS

STRUCTURED FINANCE NOTES SCREEN

STRUCTURAL SUMMARY SECTION PERTAINING TO TRUST INCLUDING CREDIT

LOAN LEVEL DETAIL: CUMULATIVE FORGIVENESS AND

LOAN LEVEL DETAIL: MODIFICATION

VIEW ALL LOAN CLASSES SCREEN

LOAN COLLATERAL PERFORMANCE

STRUCTURED PAYDOWN ANALYSIS

BLOOMBERG LAW SEARCH FOR CURRENT DOCKETS INVOLVING THE

CURRENT DOCKETS INVOLVING THE FIRST NLC TRUST 2005-4

CURRENT DOCKETS INVOLVING THE FIRST NLC TRUST 2005-4 continued

PROSPECTUS PULLED FROM BLOOMBERG, LP

CORPORATE TRUSTEE CONTACT INFORMATION AND EXTRACT OF RECENT

NOTE WAS SPLIT

FIRST NLC FINANCIAL

WELLS FARGO BANK, N.A.

FRIEDMAN, BILLINGS, RAMSEY

Maintains Assignment History

Sells Certificates to Investors;