22-Oct-10 News -- Foreclosure mess turns into a major crisis

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John
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22-Oct-10 News -- Foreclosure mess turns into a major crisis

Post by John »

22-Oct-10 News -- Foreclosure mess turns into a major crisis

Citibank appears to be lying about foreclosure process

** 22-Oct-10 News -- Foreclosure mess turns into a major crisis
** http://www.generationaldynamics.com/cgi ... 22#e101022


Contents:
Foreclosure mess appears to be turning into a major crisis

thomasglee
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Location: Texas

Re: 22-Oct-10 News -- Foreclosure mess turns into a major crisis

Post by thomasglee »

Rest assured the government (whether the Democrats or Republicans are in control) will find a way to "protect the interests" of the banks. They'll claim it is necessary as the banks/institutions are "too big to fail" and that it will be "devastating to our economy" if they don't.

Either that or the government will take over the properties in question and become the "arbiter that protects the interests of all parties involved".

In other words, all this is just going to lead to some solution that will just be one more step toward making us a truly socialist nation.

If the loans were fraudulent, then does ANYBODY own the property? The bank might not have clear title, but neither would the buyer....
Money is merely our mental measure of wealth - it is NOT wealth.

- Martin Armstrong

JR

Re: 22-Oct-10 News -- Foreclosure mess turns into a major crisis

Post by JR »

I find it shocking - seriously - that people would routinely falsify notarization, etc. (Is that because I was born in 1955? Perhaps.) Even failing to record at the county Registry of Deeds gives me the shivers.

On the lending end I can almost understand lack of income documentation, but immediately losing track of the notes is just ridiculous and embarrassing.

OLD1953
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Re: 22-Oct-10 News -- Foreclosure mess turns into a major crisis

Post by OLD1953 »

As I understand what I've read about this mess, it's not actually the ownership of the property that's in question so much as the actual ownership of the note on the property. If the note has failed due to improper handling, it becomes void and the ownership would fall back to the original lien holder.

Admitted, I'm not an expert on realty, but that's the way this reads to me.

If a note fails due to such improper handling, aren't all payments made after the failure due to the payee after transfer of ownership to the original lien holder?

If anyone succeeds in recovery of such, there will be more lawsuits than the courts can process in 1000 years.

mannfm11
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Re: 22-Oct-10 News -- Foreclosure mess turns into a major crisis

Post by mannfm11 »

John, there is no chain of title to who has owned the mortgages. MERS is a cover for fraud. They sold the note and let MERS hold the Deed of TRust. When a mortgage company needs to own the deed of trust for their own purposes, almost always to foreclose, one of their employees becomes a VP of MERS and signs it over to themselves. It is absurd. There are no original loan documents or loan files. They have been shredded. This might be why there are no prosecutions, but they have run into another problem. There no loan documents. This is kind of like burning your house down so you can rent the foundation.

TerryJo

Re: 22-Oct-10 News -- Foreclosure mess turns into a major cr

Post by TerryJo »

All the rules have changed in the last couple of months. Lending banks are now being held accountable for the trap they set, borrowing money they didn't themselves have, while using loose and illegal practices in the process. The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............
https://sites.google.com/site/sueyourlendernow/

:P :o :D :roll: :!: :geek: ;)

gerald
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Re: 22-Oct-10 News -- Foreclosure mess turns into a major cr

Post by gerald »

There is another facet to the foreclosure problem that I think is over looked. I have been active in a various sections of the real estate business in the Chicago area for over 35 years, I do not claim to be an expert nor an attorney. I guess I speak as an old fuddy duddy. This foreclosure problem has been created/compounded by the roll of attorneys and title companies in their drive to maximize their profits, yes times have changed and we have become more "modern." However, I would like to illustrate this problem using my recent experience involving a major national lender and a major national title company. I paid off a first mortgage on a property, the mortgage was current and had no other encumbrances. After the pay off it took over eleven months to obtain all the necessary documents from the lender and the title company to show clear title, with of course the resultant fees etc. we even contemplated suing for said documents since all documents should have been delivered in at most a few weeks. For a contrast, about 30 years ago I had a closing on a property that was held in a recorder of deeds office, (at that time a large portion of properties were recorded in the recorders office and ALL real estate encumbrances on said properties HAD to be recorded in the recorders office, if encumbrances were NOT recorded in the office they did not exist). It was also very easy to learn who "owned" the property and who held the mortgage. The verification of clean title and transfer of title took five minutes. Needless to say attorneys and trust companies did not like the way this worked. Eventually, after they applied adequate pressure, this function of the recorders office ceased. There are hidden costs to complexity that can be greater then one can imagine. I will venture to say, the entire mortgage foreclosure mess would not exist, if this old style handling of titles was used.

John
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Re: 22-Oct-10 News -- Foreclosure mess turns into a major cr

Post by John »

I know that the posting by "TerryJo" is spam, but I delete spam almost
every day, usually something completely ridiculous and offensive and
completely unrelated to the topic. In this case, the spam is related
to the topic and is a reasonable posting. At least the spammer went
to a little bit of trouble, so I decided to leave it.

John

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