Posted on 10/09/2010 1:11:25 PM PDT by Chunga85
So how do you think they will solve this?
I have had my mtg sold, bought properties with mtg problems, they get solved. Not a new problem, Media wants you to worry........................
If someone isn’t paying the mortgage on their home, tell me why they shouldn’t be forclosed on, in spite of inadequate paperwork?
The problem with some of the paper work is that there isn’t any. There have been so many take overs of the banks and mortgage companies that in many cases the paperwork has disappeared. Some of the homeowners are going to the foreclosure meetings with lawyers, demanding that the banks produce the original loan docs and they just can’t find them.
If someone isn’t paying the mortgage on their home, tell me why they shouldn’t be forclosed on.
They should be foreclosed on.
But if two different banks show up, each claiming to hold the lien on the title (it’s happened), who gets the proceeds of the foreclosure sale?
Let the banks sort it out.
There is a fuller version of the interview here.
Hey, I’m not saying that they shouldn’t be foreclosed on, I’m saying that they cannot be foreclosed on without the original docs.
B of A issued a statement saying that they were not stopping the foreclosures, just delaying them until they straighten out the paperwork. That may not be possible in many cases. Maybe intentional destroying of loan docs by mortgage companies, maybe just lost paper work, but whatever the case, the banks simply cannot complete the foreclosures without the proper documentation that the people even owe the money.
To me, there are two totally separate issues: 1) people aren’t paying their mortgage payments. 2) Banks have bundled mortgage paperwork and can’t always quickly trace ownership of the paper. I see these as separate. If people aren’t paying, they should be kicked out. If banks can’t trace their mortgage paperwork, they should negotiate that with the businesses that issued the mortgages.
Great so my best hope is that our Real Estate and Mortage systems is runned like that of a third world country. Please do me a favor and don’t try and confront me any more, I’m not sure I could take it.
Let me get this straight you want to allow who ever may or
may not be the legal lienholder on a persons house to be able to go to court without legally required paperwork or falsifyed documents and perjured statements claiming transactions which were never legally recorded as required by law or that were illegal post dating of legal records and get a foreclosure on that mortgage? So tell me why have the legal proscribed system at all if you are going to pick and choose when to follow it. Also tell me whats to keep someone from using the same methods to take houses that the owners are up to date on?
I’m not sure whether your post is making an argument or genuinely seeking advice.
If you are genuinely concerned about the state of your mortgage, you can check https://www.mers-servicerid.org/sis/ to see whether your mortgage has been sliced & diced. More than one “active” entry is bad news. Check to see whether the “servicer” matches your expectation.
So far all the problems seem to be from Bank of America, GMAC, and JPMorgan, so if your servicing agent is someone else stop worrying and pay your bills.
I would suggest not worrying too much unless you already see clear problems. The banks have royally screwed up, but they have a motivation to fix their mess. If you *do* see clear problems, contact either the bank or an attorney. There are all sorts of scams being advertised about forensic loan audits which I advise against.
The *debt* remains, but not the lien, when the title is
corrupted. That’s my understanding.
Excellent.
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