Skip to comments.The F-Bomb
Posted on 12/03/2010 9:19:18 PM PST by DoctorZIn
Inquiring minds are reading an intriguing and frightening article by Greg Hunter entitled, Foreclosure Bombshell. Mr. Hunter gives the best explanation (yours truly included) of the explosive problem surrounding foreclosures.
The issue centers around the note
namely its location and why that is so important: ...
(Excerpt) Read more at survivingcalifornia.wordpress.com ...
He is a new freeper here on FR.
His FR name is SurvivingCalifornia.
Check out his blog and say hi!
This is Bobbo from SurvivingCalifornia and just wanted to thank the good Doctor for the nice introduction. I am new to this world and amazed at the number of patriots.
I look forward to getting to know you. Hopefully, you’ll find my blog useful.
Once again, thanks.
The guys here on FR are great and they will enjoy your blog.
Ignore the critics in the future unless it's me :-)
You joined today and already linked your blog? Ha, sorry no traffic from me, not today, maybe after a few thousands days posting on FR, my FRiend.
ps: you content might be good or not, but if its good, then post it here in this thread so we can read it without pimping your blog.
My loan was issued 20 years ago by some bank, can’t remember who, which was bought by Washington Mutual, which was taken over by JP Morgan, which was taken over by Chase. I wonder if anybody has the original note. It sounds as if, even if I finished paying off the note, I wouldn’t be able to obtain clear title to my own house, even though I’m the original owner, because nobody would be able to locate the original paperwork and thus no one has the right to declare the note paid off. Is that correct?
Watch out, the Admin Mods do not look at blog pimping in an overtly friendly manner.
That said, welcome to Free Republic!
Which makes absolutely no sense on a forum where the MSM is mocked and ridiculed daily.
Make up your minds people.
I have heard something similar. That was part of BofA’s big SNAFU right? They were foreclosing on houses, but when the time came to pony up the papers, a lot of them weren’t signed or something was missing, so they had to halt all proceedings. That was just a couple weeks ago I think.
I suppose thems the breaks when you are forced to do a few million foreclosures a year..... (makes me sick)
But you'll click on a NY Times article?
Which is it? Is the MSM a hostile, liberal force and we should support alternative news and opinion sites? Or do we condemn bloggers bringing us a different view trying to get the word out there?
You can't have it both ways.
Are you the MSM.......... Post your opinion, this is a discussion site. Excerpt if you will or not. This site lives and breathes upon the opinions of its members. That’s all. If your site proves to be something that breaks news then it will get hits. If it’s an opinion piece, not so much.
Just because your original paper has been bought and sold it doesn’t do anything to your original obligation nor does it interfere with your payoff of the final payment.
...this is a discussion site.
Thanks for the insight. I couldn't tell.
Excerpt if you will or not.
This site lives and breathes upon the opinions of its members. Thats all.
The opinions of what? Could it be the opinions on thousands of...wait for it - articles and columns gathered from around the web that appear at the top of every thread? I wonder.
If your site proves to be something that breaks news then it will get hits. If its an opinion piece, not so much.
I'll keep that in mind the next time a NY Times opinion piece gets hundreds of comments below it.
Not necessarily, no. But as we're seeing in thousands of cases it most certainly could. Some were assigned in violation of state and federal law.
Some were fraudulently assigned to two parties at the same time.
Some are being collected on by entities with no agency from the creditor.
Some are pursuing court actions to collect that which they have no standing to do so.
And myriad other issues that affect the obligation to pay and to have a debt cleared all due to very shady packaging, selling and assigning methods.
Good. You have answered as well in my view. Thanks for your opinion on the matter. :^)
Read your blog. I look forward to future posts.
DITTO. People think because the bank does not have the note they cannot foreclose. Wrong!! States have procedures for dealing with lost notes/titles. Banks have to hire lawyers and auditors to back track and find the last known location of note/title. If it was lost due to a service company or old holder going out of business, the rep for that company (usually a lawyer) will fill out a statement under oath to attest that the note/title was lost. These procedures always existed to account for natural disasters or businesses going out of business and documents being lost due to the chaos. The whole process will take more time, and additional funds spent by bank to document the process and events. The homeowner can still challenge the documentation but if done properly it will be much harder then original issues of robo signing. This process will gunk up the legal system because each foreclosure will be reviewed by a judge. The borrower may have just brought himself an additional 12 to 18 months from eviction.
However the legal issues for mortgage backed securities are different. These investments are sold with a prospectus which must be accurate in its declarations. If Bank of America publishes a prospectus for investors to read before they buy the securities, the info must be accurate and not false. There are SEC procedures and checkpoints that a bank must go thru before publishing such a document. Failure to do so or intentionally not doing that and releasing the prospectus to unsuspecting investors is FRAUD!!! Investment bankers can handle the homeowners, but lawsuits from the pension funds, Freddie Mac/Fannie Mae, foreign governments and other investor funds that brought the mortgage backed securities are another story. Maybe that is why the Feds took a chunk of the TARP and paid off foreign banks who brought a sizable chunk of MBS. Maybe both sides figure it was better to settle with US taxpayer money then drag it out in court with its costs and consequential bad PR.
I did check out your friends blog and I have to point out that in most states a copy of a note is sufficient under a "best evidence" rule if the party has made diligent effort to locate the original.
Not that it matters. Many of these banks don't even have copies for thousands of these loans.
Of course the banks could have avoided all this by paying the courthouse fees to have this all recorded legal beagle, but they wanted to save a few bucks and now they're getting burned. Too bad, so sad.
The recording process is an ancient method used to gird our land title and civil procedure systems for centuries. It isn't some new fangled "technicality" as I've seen some Freepers describing this debacle.
Cut corners and try to bypass our system that dates before the colonies whether for fraud or frugality and pay the consequences.
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