Greedy deadbeat volunteers!
Posted on 10/13/2010 8:44:15 PM PDT by Chunga85
This is going to become a huge mess.
If we remain diligent (like these two) we’ll find an equitable and legal solution. If you’ve been hosed down by your alleged “lender” these two sites are the place to go.
Wait till all those folks who have been kicked out of their homes get lawyers, or, more likely, lawyers go get the evictees. This is going to play hell with the whole concept of private property in land. If it happens that half of all the real estate in the country or more is unable to ever again get unclouded titles the government will assume at some point the responsibility and maybe the titles.
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A group of our neighbors helped a disabled woman that was getting foreclosed on. She had nowhere to go. It took incredible amount of digging to find the bank.
Definately something wrong. Those that say it is only deadbeats are ignorant of the situation. If you have not dealt with it first hand, you don’t know.
The potential mess is giant. You got that right. What do you think the risks are for anyone that picked up a foreclosed home?
I do not believe the paperwork was never done. I figure it got bundled up and shipped off to the highest bidder and will show up eventually.
Not quite. There are a number of problems on both ends.
When I exiled myself from NY, my closing of the co-op sale was delayed by 2 weeks since Morgan Stanley, the loan originator and servicer, had trouble finding the actual deed.
In a legal system, it is entirely fair and reasonable to expect that proof, i.e. signed paperwork, be presented as evidence. I have worked on systems, many years ago, that were automated ticklers that would provide notice that a new UCC 7(?), or lien (which is what the bank holds on your property if you have a mtg), had to be renewed. This stuff used to be taken seriously. Then again, another place I worked at bid on mortgages that were faxed in, i.e. we had an address, an amount, a coupon, and a term; a scratch and dent loan. Made a ton of money of that garbage, and thankfully now out of business.
I declare a pox on both sides, but it looks really bad that major companies were sloppy in their handling of paperwork.
And guess which political party this will benefit?
Or purposefully destroyed to cover up for nonconforming, or poor underwriting standards that wouldn't have allowed the mortgage to be bundled into a security, allowing the investor(s) to put the mortgage back onto the lender. I believe this entire thing goes deeper than many folks realize. So many of these mortgages couldn't have met standards to get bundled for investors. In their covering their tracks, the banks broke the chain of paperwork to prove who owns it.
Legal Heat On Robo-Signing Stokes Foreclosure Fiasco - Attorneys General of all 50 states......
Well well well guess this isn’t just about ‘dead beats’ looks like we are all in the same boat, but will the rule of law win out? Stay tuned!
US Dollar under attack due to Foreclosuregate?
Just following Congress' habits passing major legislation !
People should go to jail over this, but will they ?
Only if WE let them.
Confiscation of private property is a tenet of the Marxism.
How can a lender foreclose if they have no documentation they in fact have a legitimate claim for said mortgage? I think the first initial sale of some of these mortgages contained said documents and got bundled, and then as mortgage companies began to fold they were bought wholesale with only a portion of the paperwork and the new lender 'assumed' they now owned the mortgages... as this one story demonstrates it was not the lender that disclosed lack of documentation but buyers in foreclosure asking the right questions.
IF the lender cannot demonstrate they own the mortgage how can they legally foreclose? There can be no clean title change to resell and who in their right mind will buy a mortgage for property that apparently legally does not exist.
And how can a county assess taxation upon property they cannot prove exists other than its literal presence?
I have no doubt this scam goes beyond our wildest imaginations and once it took flight it became a dog pile, almost by design to never discover the originators of this scam.
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