A small part of me would like to see more people doing this. Just apply for a quiet title and see what happens. It might be the catalyst in cleaning up this whole debacle.
Yes, I have little sympathy for big professionally run companies who can’t keep a simple paper deed.
I guess anyone can get hit with a fire or flood, but beyond a natural disaster, there should be verifiable paperwork.
If someone owed my $250,000, you can be sure I’d have the note in a waterproof fireproof box.
With no proper physical records, anyone can claim that anyone owes them anything. There is no evidence.
You are assuming that folks who make $25K and borrow $500K on a $150K house that "appraises" for $700K are rational people that would know a quiet title from a hole in the ground. I'm not excusing the idiot bankers, but I'm not sympathizing with the idiot borrowers either. Like I said, fools and their houses are (eventually) parted.
That is not the law in all states, and the guy still owes the money. He’s one court decision away from losing everything he owns.
A big part of me would like to see that actually housing is taking down our economy but the TBTF Banks who invented these toxic products, i.e., Liars Loans, etc. are being bailed out even today with our tax dollars thanks to obama allowing an open ended arrangement for his backers to dump them on us through Fannie/Freddie. I hope Darryl Issa actually does something to put a stop to that.
Unlimited credit for GSEs seen as backdoor bailout
http://www.reuters.com/article/idUSTRE6044YU20100105
In the meantime, individual Investors or those who have a pension fund/401K have taken big losses already as a result of the Banks greed. I am waiting to see how all the lawsuits brought against the Banks by the Insurance companies (Allstate, MBIA), large investors (Blackrock)even the NY Fed pan out. If those go well I suspect there will be many more.
The Banks can’t hide all these bad loans forever.
What Will Cause the Next Recession?
http://finance.yahoo.com/banking-budgeting/article/111777/what-will-cause-the-next-recession
This time the so called TBTF Bankers who donated so heavily to obama should be allowed to fail like real Capitalists rather then taking down our whole economy like they have done.
Banks repossess 1 million homes in 2010
I actually thought about this and asked Wells Fargo to produce the note on our property. By law I think they have 30 days after it is requested. Anyway, that period of time went by and no response so I faxed them a threatening note that I would quit making payments and consider the home free and clear if they couldn’t come up with it. After about 2 mnths I received a copy from them.