Here’s the interesting part to me. If they can’t produce the “documents” for the foreclosed homes...what makes me think they can produce the “documents” or should I say have the documents, for my home or any other home, be it mortgaged or paid for.
I imagine since our mortgage was taken out years ago and subsequently paid, we are safe...but what about somebody that bought in the last three years, not a foreclosure, just a normal sale. Are those documents missing too?
We did buy a foreclosure about a year ago, and I’ve checked our docs from the foreclosure buy with the docs from the home we bought 20 years ago...both look the same. Title insurance, warranty deed, etc. but if I’m reading right, these thing’s won’t matter down the road if the person who was foreclosed on, whose house we bought, were to come back and say they were foreclosed on illegally because the actual “doc” couldn’t be produced. Then I guess we’d be up the creek as we paid cash for the foreclosure...except for the fact that I do hold the warranty deed and title insurance.
My main question though...if these things were all bundled (and evidently that has been the practice for the last few years)...when a person goes to sell their home (even if it wasn’t a foreclosure)...won’t their sale be in jeopardy?
Applicants must be willing to perjure themselves all day long.
I've been raising this issue for a while now and, by and large, been mocked and ridiculed by the shallow minded "blame the deadbeat homeowner" crowd.
Seems to me it's becoming apparent who the biggest deadbeats are.
Diana Olick CNBC Real Estate Reporter 10/12/2010
Foreclosure Fraud: It's Worse Than You Think
$nip>
There has been plenty of pontificating over the ramifications of foreclosure freezes on troubled borrowers, foreclosure buyers and the larger housing market, not to mention lawsuits, investor losses and bank write downs. There has been precious little talk of what the real legal issues are behind the robosigning scandal. Yes, you can't/shouldn't sign documents you never read, but that's just the tip of the iceberg. The real issue is ownership of these loans and who has the right to foreclose. By the way, despite various comments from the Obama administration, foreclosures are governed by state law. There is no real federal jurisdiction.
A source of mine pointed me to a recent conference call Citigroup [C 4.205 0.025 (+0.6%)] had with investors/clients. It featured Adam Levitin, a Georgetown University Law professor who specializes in, among many other financial regulatory issues, mortgage finance. Levitin says the documentation problems involved in the mortgage mess have the potential "to cloud title on not just foreclosed mortgages but on performing mortgages."
$nip>
Just announced: 144 Billion shelled out for Wall Street Bonuses! Yippeeee! They broke last year's record!
Wretched Wall Street Bonus Bump!