Posted on 10/03/2010 7:10:15 PM PDT by blam
Listen FRiend. I am one of the people whose mortgage has been “securitized”.
I am willing to pay my mortgage. I am current. However I HAVE NO IDEA IF MY PAYMENT IS GOING TO THE LEGAL NOTEHOLDER!!!!
Banks got greedy - they wanted their money NOW, not over the next 30 years at 6% interest... so they bundled my loan and sold it - and probably got a “bailout” on top of it!
Under the LAW, I don’t have to pay someone I don’t owe.
You tel me... who do I owe?
Somebody owns that mortgage now, probably the Fed. As the law said, there’s an issue of law and an issue of equity. While many people took out mortgages they couldn’t afford and many people got rich, wrongfully so, should the flaws in the foreclosure system be a mortgage holder’s lottery ticket? I would love to see my mortgage forgiven by my bank. And the banks certainly do deserve to suffer.
This is a case where technology has outstripped the law. The MERS system while great in theory was treading on untested legal waters.
But again, because all these people did bad things and stole money, should that let the homeowner totally off the hook. And in reality, the homeowner will be stuck with that house forever, because since the title is uncertain and uninsurable, then it is unsaleable. So some accommodation must be reached between the owner and the bank. Whether this is marking the mortgage down to market or giving the borrower some type of credit, I just don’t see the Court’s voiding millions of mortgages. They may stop the banks from foreclosing, by voiding the mortgage, no likely.
That means that the bank is stuck with an unenforceable lien and the owner is stuck with an unmarketable home. You don’t have to make mortgage payments and just stay there for life. Or you just quit claim it to a friend or relative?
This is a mess that threatens to bring down the entire system, which is certainly corrupt to its core.
“Greed slaps the big shots up side the head, yet again.”
Again? When was the first time?
I certainly agree with that, FRiend.
I took on a mortgage freely. All I want to do is pay who I legitimately owe, and one day gain clear and quiet title.
Ancillary to that, I want the greedy, blood-sucking b@$tards behind this mess to pay: with the loss of their freedom and complete confiscation of all their assets; both personally and corporately.
Hell, I'll pay - gladly - the government or whoever else can prove they own my note.
The bottom-feeders can kiss my a$$ets!
Unfortunately the greedy bloodsuckers you mention in your next sentence may very well have made that impossible. I'm 20 years into a 30 year note and I now have absolutely no confidence that anyone will be able to produce an unencumbered Title Deed, ever.
L
If they weren't I'll be at the next County Board meeting raising holy Hell over it. My little jurisdiction is potentially owed millions in fees from these crooks.
First one to blame is Alan Greenspan and the Fed. Free money always leads to excess and a bust. Go to mises.org. They explain it very well there. Then add a touch of Cuomo’s desire to give mortgages to non-qualified buyers and everyone else piling on. Unfortunately the prisons aren’t large enough to hold all the responsible parties. Unfortunately the criminal conspiracy will have to play itself out. Be prepared for the final collapse. It is coming and sooner rather than later.
I have already done so. ONLY the original mortgagor is listed in County Records.
There is about to be a $hit-storm two miles wide coming through my county just as soon as I get my ducks in a row!
“The Conservatives need to get out in front of this title wave.”
Good pun.
You’re being sarcastic, one would hope.
The borrower defaulted, and as you say, he should not get to keep his house for free. However, this recording mess makes it completely unclear as to just WHO should get the house, because no one knows for sure who the note-holder is. There are sometimes multiple claimants. The restrictive rules that protect rightful ownership are there for good reason.
My own view is that this will eventually be unwound, but the equivalent of a forensic title search will be necessary on each property. This might devalue the value of all of the MBS's built on multiple mortgages by several percent and take quite a while. In the meantime, the properties will get no maintenance, taxes may no be paid, etc.
So, there will be a big time and money hit to the investors/banks who should ultimately get to repossess the properties.
You don't think they already knew that? They run both parties. It's organized crime. A crime boss isn't surprised when a crooked cop on his payroll does as he's told. That's business as usual.
We should let our national government fail of its own weight while we’re at it.
It wasn’t a failing in hindsight for many of us.
TARP was opposed by Republican voters on the scale of 100:1 and they let their Congressional delegations know it ... to no avail ... Congress passed it anyway against HUGE popular opposition.
And it seems they’re planning to do so again.
I live in Pgh and went to my County’s Recorder of Deeds to check out my mortgage and note. It states my original bank and I could find NO ASSIGNMENTS although I have proof that my loan was sold within 30 days of my closing, sold again the following year and sold year in late 2009. I am currently sending my payments to none other than BOA who cannot prove they are “owed” the money. Now what?
OK, how do I find out if my mortgage has been “securitzed”?
For the details, we live in NYS, and HSBC holds our mortgage. I really do not understand all this stuff, even though I try to follow along.
What do I doto find out if we can sell our house. We may have to, to pay for assisted living for my husband, who has Parkinson’s.
What steps should I take?
Well said.
“Since much of the nonsense in recent decades is by design rather than incompetence, what’s the deal here?”
Read “The Big Short” by Michael Lewis, and you’ll have a better idea.
Now you have a couple of choices. 1st, send an elaborate RESPA QWR letter to BoA, then (or instead of) 2nd, cut to the chase and file a suit in your county superior court for quiet title.
Too long to detail here. Google “MERS” and “RESPA QWR” to get the details.
If you don’t have a GOOD legal knowledge base to file pro se, get a GOOD real estate attorney.
Was your mortgage closed between 2002-2008? Are you making payments to someone other than the lender that you signed a mortgage with? Has this changed more than once during the life of your loan? Did you sign up for a ARM?
If the answer to these questions is “yes” then you have probably been “securitized”. The more “yeses” to the above, the more likely it is.
Google “RESPA QWR” and send one to your servicer (the company you mail your payments to) and find out.
This is a HUGE farkin’ mess!
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