Too bad. You can't participate in the great mortgage relief lottery. You're screwed...
Posted on 10/20/2010 3:37:02 PM PDT by GilGil
Just because you have been making your mortgage payments on time and have great credit does not mean that you are not in default.
Tens of millions of mortgage holders are making their mortgage payments to banks that cannot prove they own the mortgages to their homes. This is now a fact. Think about this for a minute.
The odds are that the monthly payment you are making to your bank is being cashed by a bank that cannot prove ownership of your mortgage. This means that you are making payments to a bank that does not have the authority to give you back your home should you want to pay it off. It also means that all the mortgage payments you have made have not gone to paying off your home.
As of now there is no way of getting back your home since the bank does not own you mortgage. If you think you can bury your head in the sand on this one, you cannot.
(Excerpt) Read more at examiner.com ...
ML/NJ
I’ll have to run this past my husband, this is confusing even me.
Bookmark.
Stop paying, the bastards will get the note lickity split. If you are paying on-time they will let it slide. Nobody cares what filing cabinet the actual title and note is in. It isn’t real hard to track down.
Homeowners are being scammed because they have no clue who is the note holder.
Hello? I did this. I refinanced. Clicked the wrong mortgage payment in Quicken. When I got a late payment notice, I was shocked. Figured it out. Called the previous mortgage holder, sat on hold sweating....
I had my mortgage payment back in 24 hrs.
Bankers aren’t so bad.
*Stop paying, the bastards will get the note lickity split. *
THAT is really AWFUL advice!!
Besides, that is what the fraudclosure gate is all about. They don’t have the paper work to show you, so they pay fees for mills to CREATE them for the courts.
One of the tricks these foreclosure mills do, is wait for you to stop paying and then proceed with the foreclosure. Or not post your payment on time, and then foreclose. Or pretend to modify your loan, and then when they decide that you don’t qualify, foreclose because you paid a lower payment for months, and foreclose on you.
The have been selling these “investments” making their bonuses, selling these foreclosed homes to each other, pennies on the dollar, and making quick bucks, AND they got TARP money, OUR money!!!!!
How many times have they made money off of the same mortgage?????
Except that a few weeks ago a class action lawsuit was filed in Kentucky by 100,000 home owners in foreclosure. The bank cannot come up with the original docs and therefore the bank cannot foreclose. Two years ago in Kansas the same type of lawsuit was filed. The federal judge asked to see the original docs. The bank could not come up with them. The rule is that they must show the original signed docs. The judge said:” no docs, no foreclosure.” The home owners have now filed to vacate the foreclosures.
This problem is so huge, that you don’t quite get it yet. It is beyond ridiculous. Class actions are mushrooming all over the nation. After the elctions, the bottom will fall out for all to see.
Except that a few weeks ago a class action lawsuit was filed in Kentucky by 100,000 home owners in foreclosure. The bank cannot come up with the original docs and therefore the bank cannot foreclose. Two years ago in Kansas the same type of lawsuit was filed. The federal judge asked to see the original docs. The bank could not come up with them. The rule is that they must show the original signed docs. The judge said:” no docs, no foreclosure.” The home owners have now filed to vacate the foreclosures.
This problem is so huge, that you don’t quite get it yet. It is beyond ridiculous. Class actions are mushrooming all over the nation. After the elections, the bottom will fall out for all to see.
This is the dirty little secret of the banks.....
My loans on my homes were through BoA....in late 2000, they sold my mortgage to another bank, they informed me and BoA remained the servicing bank. The notes have been re-sold several times since. In short, my payments still went to BoA.
The entity I now owe the money to is the entity that physically has possesion of the original note I signed.
That entity is the one that can foreclose on my homes. I no longer know who that is....
In theory, I could continue to pay BoA yet have another bank institute legal claim....I’d be screwed....
What’s really interesting is that the original loan documents may no longer exist, lost with only copies existing.
In that case, I now legally own the homes since no bank can exert a original unsatisfied loan......
This is a real mess even for homeowners who pay their mortagages on time due to shoddy bank pratices....
Every day thousands of corporations let their bills go past due. Most eventually pay up, but their corporate officers don't spend a lot of time anguishing and sweating over it. It's all part of doing business.
Ah, but with consumers and the all-powerful, all-knowing credit agencies we are now one late payment away from a debilitating credit score.
USA: Land of the Free and Home of the Brave? Hardly.
Yeah like the stock market hitting bottom...
Worst than that..the mortgage is in my wife’s name.
She’d cut my balls off if I hurt her credit rating.
My mortgage hasn’t been sold to the secondary market. It’s been JPMorgan Chase since day one.
This is a very important point. Many people think that because they are still sending payments to the same servicing agent, that servicing agent still owns the mortgage.
This is often not the case.
Unfortunately so many laws have been broken that congress is most likely going to pass a law to wave a magic wand and make everything right.
Foreign countries will sign agreements to handle international mortgages. Banks will get together behind closed doors and do the deals necessary to assign all of the mortgages.
And once again we will be told by the media that it was all done for our own good.
Per our discussion last week.
You understand this precisely. That is exactly the problem.
Too bad. You can't participate in the great mortgage relief lottery. You're screwed...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.