Posted on 01/12/2011 1:36:43 PM PST by Kartographer
Excellent! Fraud, for any reason by anyone, should be punishable.
John Carney is writing about this as well and it will most likely affect all the states...
Why It Could Be Very Hard for Banks to Avoid Ibanez Mortgage Catastrophes
http://www.cnbc.com/id/40999895/page/2/comid/3/
I have heard that claim, but have not read of one that was true. The only defense against foreclosure is proof you have made the payments. The rest is a fools pipe dream
“So pay 5000 and use fake docs.”
The PERSON gets the bill.
Quit Claim deed is OK from the standpoint of the seller, but if you were the buyer, would you accept one? And the title companies fully understand the problem. Some of the problems are minor, but others appear next to impossible to bring the paperwork up to date now. There will be court case on many of these forclosures.
I have had 3 mortgages in my life. The home I own, has never had a mortgage. (we are the 3rd owners since construction)
I am very concerned what an honest evaluation of this mess will do to the real property ownership in this country.
Life is complicated.
The big issue is not forclosure. It is the mortgage holder’s inability to convey clear title to the new owner.
MERS are the vehicle that opened this can of worms. It will not easily be fixed.
None of which means anything, allegations and half truths, just pay the note or deed the property back to the bank. End of problem.
The real documents are on file at the court house, did your court house burn down.
I love the fact that some people find it ok to commit felonies in order to punish people who have merely broke a civil contract. So if we abolish the rule of law as written for foreclosure what other cases would you allow fraudulant, forged documents and perjury to be exceptable in?
Don’t you think that before a judge hands property over to someone that they need to meet the written legal requirements to show that they and they alone have standing and a legal lein on the property. Do you want a Republic that abides by the rule of law or do you want to make up law as you go in order to be able to punish people you believe have done wrong?
so? the employer pays/covers the $5000 and it is just a part of doing business.
MERS should be made illegal since it is a tax evasion scam.
A mortgage is NOT a promissory note.
Not every jurisdiction has the same records or recording.
The payee keeps the origninal promissory note. In real estate you need the original. It is not a check. The notes were sold and fractioned so often NOBODY can say with any difinitive clarity who is the final holder.
The banks evaded liablitity early on by saying their were only servicing. When the collapse came the banks said they were the owners.
They can’t establish a chain of title except via a fraud on the court. Fraud=no standing.
...and no the original notes are NOT generally on file at the county records.
Clear title is made by the trustee on the deed of trust are his assigns. The case in mass. Was because someone forgot to make a new assigns for the trustee. Banks selling notes has nothing to do with the chain of title and instruments of record at the court house.
And if you think if once you allow it in foreclosures you can stop it there you are sadly mistaken once you deny rights and protections and circumvent the rule of law against some it doesn't take long for all to loose those rights and protections.
Banking practices do not override the title law of a state. It is not a national but a state issue. The Bankers knew full well that what they were doing did not satisfy the law. But like the Dems, they decided "we don't need no stinking law".
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