Declaring foreclosure fraud, family reclaims home

When you get a final judgment from a court; it doesn’t get any clearer than that. Just make sure you file it with the county in which the property is located.

“The MERS problem is about much more than some deadbeat homeowners.”

Your point is well taken but the public debate has focused on harm to homeowners. Although there are cases in which home owners have been wrongly evicted, the vast majority of cases involve homeowners who did not satisfy the mortgage terms. This dispute seems more of a battle between note holders and mortgage servicers with deadbeat homeowners attempting to claim the property of note holders. I also see harm done to purchasers of foreclosed properties but the impact to this group has not yet received much coverage.

None of your crap holds true in California!

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It’s all true ... we’re just waiting for Cali judges to open their eyes.

Your point is well taken but the public debate has focused on harm to homeowners. Although there are cases in which home owners have been wrongly evicted, the vast majority of cases involve homeowners who did not satisfy the mortgage terms. This dispute seems more of a battle between note holders and mortgage servicers with deadbeat homeowners attempting to claim the property of note holders. I also see harm done to purchasers of foreclosed properties but the impact to this group has not yet received much coverage.

If you read the PDF document on the MERS problem, you will realize that the problem extends to over 60% of existing mortgages, most of which have had no forclosure actions to date or payment defaults. Every mortgage that has been processed through MERS and has been packaged into securities is most likely to not have, and never to have, a clear chain of title.

The suits to quiet title on 30-40 million residential properties will clog the courts for the next 3000 years or so, give or take a decade. Of course, such a crisis is a perfect opportunity for several new big government programs.

Let me tell you how widespread and extensive this problem is. We had a home in our area that was foreclosed on by a private bank. Next thing you know the county property ownership listings said Fannie Mae owned the place.

So, since the annual HOA dues were "due" I provided Fannie Mae with a legal description of the property and asked for payment.

Much to my surprise they sent me a notice that they didn't own the property. It wasn't in their records and they had nothing to do with it.

I waited a couple of months and sent them a second notice. Again, they responded they didn't own it and knew nothing about it.

Within days I found out they had gone to settlement with the new owner the day after they told me they didn't own it.

If Fannie Mae's record keeping is as good as the mortgage servicing industry, WE ARE ALL DOOMED.

This is not true in states that allow foreclosure when the value of the property drops below the value of the outstanding mortgage.

You favor seizing property from the note holders.

And you apparently favor giving property to any bank that can get an employee to sign an affidavit saying that they've seen papers proving that they are the rightful owners of the property when in fact they haven't seen any such papers.