Posted on 09/24/2010 7:20:07 AM PDT by Chunga85
Ally Financial has not called off evictions in the other 27 states or the District of Columbia, none of which require a court order to initiate a foreclosure. And yet in those places, distressed borrowers, on the brink of losing their homes, are finding flawed and forged documents in their files and scrambling to challenge foreclosure proceedings.
Joan Cavanagh, who lives near Cape Cod, in Massachusetts, a state not included in Ally Financial's moratorium, is scheduled to be kicked out of her home in 30 days. Her documents were signed by Jeffrey Stephan, the Ally document processor who admitted that he approved 10,000 foreclosures a month but never read the files to see whether the proceedings were justified.
Until Ally's announcement this week, she said she did not understand why her documents had so many inconsistencies. Her file, for instance, was notarized after Stephan signed it, although the notary was supposed to witness the signing.
She said she initially did not fight the foreclosure case but is now seeking a lawyer to file suit.
"Everything about the documents were suspect to me," Cavanagh, 54, said.
(Excerpt) Read more at washingtonpost.com ...
...The Washington Post has requested information from anyone who may be in possession of fraudulent foreclosure documents. If you've been run over by the Foreclosure Machine please contact the authors of the Washington Post article in the title:
Despite the fact that this judicial burlesque show is front page national news (ABC, CNN, NPR, Wall Street Journal, etc.) Florida's "Rocket Docket" continues unabated.
These two little website's below have been shouting out "SOMETHING IS VERY, VERY WRONG" for a long time. Until now, nobody has listened. Watcha gonna do Floridians? Roll over and play dead?
The story in the article doesn’t say that this was improper because she did pay, only that there were irregularities. Bottom line: it helps people who didn’t pay their mortgage stay in their houses.
You are posting this on Free Republic ? People that haven’t paid for their houses for two years want to talk about when the papers got notarized ? Lame...
Lauderdale man's home sold out from under him in foreclosure mistake
This is going to turn into a huge, huge mess. In all the transfers of mortgages between different owners, original documents were lost. Therefore some lenders can’t prove that they legally hold the note and mortgage. I don’t blame borrowers from fighting this. Even though they owe the debt, what happens if they pay off one lender/servicer and another shows up claiming true title to the note and mortgage?
This is a real problem with foreclosures and for buyers of distressed property. How do they make sure the real owner of the mortgage is paid off in the closing? If a lender fraudulently claims ownership and gets a payoff the money is gone but the real mortgage is not extinguished. Title insurance companies are starting to refuse to insure title on some of these properties.
There is going to be a lot of quiet title suits tying up the state courts. All of this makes buyers wary and stalls the recovery in housing.
This has been going on for months and a number of homeowners have sued to keep their homes. I know of one case personally, and the homeowner was foreclosed on despite these issues with Ally. It’s a disgrace.
How did this guy's hand not cramp up?
I was thinking the same thing. Doesn't mean it shouldn't get posted here however.
Our original mortgage, originated in 1993, was sold several times until it finally ended up with GMAC. We subsequently re-financed with them twice as rates dropped. Now I’m wondering whether their paperwork is in order, since the refinancing paperwork was put together in a great rush during times of peak activity. We’re current on the loan, but I’d sure hate to have a problem with the title later on. Maybe I’ll request that they document for us who is holding the note. Any suggestions on how best to do this are welcome.
What’s particularly saddening is often the only entity that has suffered a financial loss is the taxpayer.
During the “Boom” appraisals were outcome-based and made of whole cloth. The result of the outcome based appraisal left plenty of room for “take-out” at origination AND plenty of room to over-insure the collateral at the outcome based value.
See: Ambac and AIG’s Credit Default Swaps.
The fact of the matter is - whether you are in default or not, your mortgage was used as a vehicle of unjust enrichment - and it all headed one way. Wall Street Banks.
Why on earth do you think it’s necessary for alleged lenders to fabricate all these bogus docs?
Please explain how a borrower can lie about his income when it’s standard to require an IRS 4056-T on loan apps.
The underwriting fiduciary and agency responsibilities were tossed out the window not so minorities could have homes too. That’s simply a ruse. It’s ALL ABOUT THE MONEY!
Under the Truth in Lending Act you are legally entitled to submit a Qualified Written Request and/or a Debt Validation Letter to your alleged lender.
If your alleged lender does not timely comply you can make your payments to a court escrow account until they do.
If you have title insurance (which lenders usually require) you should not have to worry.
It’s very thoughtful and articulate “opinions” like yours that have enabled the greatest transfer of wealth this country has ever seen.
“Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.”
John Adams
Founding Father
2nd U.S. President
He was putting in a lot of overtime?
That's no an irregularity - that could be a crime. At the very least, the notary should lose their commission. And was the signature swearing that he had read the document and now he said he didn't? Penalties should be enacted.
But yeah, I do agree with you that the real issue is someone not paying their mortgage. But on the other hand, we do let murderers go free due to technicalities....
they are now useing “robo-signer” machines to produce fraudulent backdated documents.
It’s very thoughtful and articulate “opinions” like yours that have enabled the greatest transfer of wealth this country has ever seen.
Too ridiculous to flame in public. What are you smoking.
Notary fraud is a third degree felony offense.
Thank you. I may just do that.
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