Exactly. I have only 2 questions for the mortgagor being foreclosed on. Did you take a mortgage loan? Did you make payments on the mortgage loan? Arguing that the mortgagor should get a pass because of the banks misdeeds after the fact to correct a paperwork issue is analagous to a burglar arguing he should not be prosecuted because the homeowner replaced the stolen goods with goods he bought with counterfeit money.And, no I am not saying unfortunate folks foreclosed on are burglars and yes, the banks should be fined for their violations.
Bad analogy. What's happening here is closer to the situation where you drive over the speed limit, you get into an accident with car #1, and the driver of car #2 sues you. You may have been at fault, but only the person you actually injured has the right to sue you.
Here, some of the banks that are suing don't own the mortgage anymore. Yes, the borrower defaulted, but he could get foreclosed upon by Bank A and then, a year later, could get sued by Bank B on the same debt, because Bank A actually sold the mortgage to bank B ten years ago. Unless the bank that's suing can prove that they still own the mortgage, they have no right to go to court. (The problem is that some banks were so sloppy with their paperwork that no one can possibly figure out who owns the mortgage now. That will give some deadbeat borrowers a windfall, but if so, it's the banks' fault. And the alternative will really create the risk of some borrowers getting sued twice for the same debt.)
Arguing that the mortgagor should get a pass because of the banks misdeeds after the fact to correct a paperwork issue is analagous to ......
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The banks broke every law in the book ,, and now they cannot show ownership... poor them!
It’s not “paperwork issues” ,, it’s INTENTIONAL FRAUD ,, you can’t fix FRAUD with new FRAUDULENT papers..
Do some reading.. here’s a good one .. http://livinglies.wordpress.com/2011/04/04/get-that-psa-alabama-judge-denies-securitization-trustee-standing-to-foreclose/
mortgage is just tying the promissory not to the property.
since there is no way to connect the debt to the asset then there is a very serious issue.
This is why some banks have now resorted to suing ONLY on the debt and not doing the forclosure. The banks are treating the debt as unsecured. (and in bankruptcy it is gONE)