Posted on 10/04/2010 7:35:15 AM PDT by Chunga85
Keep watching Tv and paying for cable and sat TV. All the networks and channels support the muslim in the white hut and also support Islam.
Chunga85 ~ You already have. That's what I'm trying to explain.
That's nothing. Wait until you get to the real bad news.
There was a lawyer in the Tampa area that was handling cases where the debtor was facing foreclosure. His tactic was to demand to see the contract that the debtor signed. Since most mortgages are sold several times and the bookkeeping was so sloppy, most mortgage holders couldn’t produce the original, signed document. At the least it kept the person in the house for several months while the banks searched their files.
Its called rule of law - aka produce the documents that
you actually own the property in question....
Recent tactic is to demand that those demanding foreclosure
produce the documents
If cant judge throws thwe case out
Hi Nully, I’m tempted to link the whole dialogue (LPS Price List) that went on here over the weekend but will refrain. ;-)
Under Utah law, a bank that forecloses on a residential property is obligated to have an office in the state of Utah and must go through a number of steps with the borrower before they can even begin the foreclosure process.
That all would have worked fine when John Q. Homeowner signed his mortgage documents with the local bank that is chartered under Utah law. The problem arose when the local bank later sold off the mortgage to someone outside the state of Utah -- or even outside the United States. Even if the current holder of the mortgage can prove that they have the title on the home, they may not be able to foreclose on the property under Utah law.
This is not an isolated case, by the way. From what I understand, one of the biggest owners of Utah mortgages on the secondary mortgage market is Bank of America -- and the basis of the first court case I read about was that even THEY didn't meet Utah's legal foreclosure standards.
None of the previous dialog even alludes to the real disaster upcoming.
You won’t see the common thread and threat if you are only looking at mortgages.
What if the lender wants the homeowner to produce a document that shows they are actually entitled to live in the property and not just squatters? Wouldn't they have to produce their copy of the mortgage agreement?
I agree with you completely, and let me tell you how that could happen.
Step 1. The Administration declares a National moratorium on all foreclosures.
Step 2. Fannie Mae announces a new program to offer 2% mortgages to homeowners who are in default, in foreclosure, and/or “underwater” with their current mortgage. That program will refinance those mortgages for whatever amount Fannie/Freddie say is an “appropriate” amount for that property.
Since Premier Hussein has already lifted the cap on how much money Fannie and Freddie can “borrow” from the Government, the means is already in place.
The biggest problem is what to do about the titles for the property?? What is to prevent the Regime from ordering a new title for any Fannie/Freddie/FHA backed mortgage?? They print money as they need it, why not print brand new titles too??
This is all speculation of course, but given the track record of this Regime to date, this is a crisis right before an election that is going to be hard for the Regime to waste. And depending on what actually happens will drive whatever unknown and unknowable consequences will result.
No winners here.
You only hear about it when it involves foreclosure. (And thus far only in "judicial" states.)
Oooops...news coming in from a judge in non-judicial Maine. GMAC ordered to pay defendant legal bills in wrongful foreclosure.
A mortgage is basically a lien against the property.
Personally, I see nothing wrong with this. It's not like the banks would go easy on you if YOUR paperwork was sloppy. They need to be held to the same standard.
Please expand on this.
Thanks for posting that.
The information at your link is so serious that it needs to be BOLDED AND IN HUGE CAPS.
Sounds like a colossal case of fraud.
Never.
This looks to be a huge mess. The old ideas of people paying their bills and being accountable for their decisions seem to be fading.
Maybe the government will end up owning all the housing in our nation, and we can apply to live in in a home.
All of our comrades will cheer this development.
First of all, third parties are not allowed to go around demanding to see title to a person's property. Someone has to dispute title, and produce evidence, and then the person with title might have to rebut that evidence.
Second, every person who owns a house has their title on file with the county recorder. When you buy a house, you get a deed from the seller, and it is recorded. If you finance the purchase price, at the same time as the deed is recorded, the "note and deed of trust" are recorded with the county recorder. They are all public records.
What is happening is that the original lender is gone out of business or has sold the loan to someone else, and that someone else can't prove that they own the loan. That someone else is nonetheless trying to foreclose on the loan. That presents a problem. I am a strong proponent of paying your debts, but I have no problem with a homeowner who is being foreclosed forcing a lender with whom the homeowner did NOT make a loan to prove that it was assigned the loan from the original lender. If they cannot, they have no legal right to foreclose.
The Florida Supreme Court ENDORSED the rocket docket system which allows such steam roller litigation.
The next step is easy, the banks will calculate how many employees are needed to avoid suspicion and they will hire them and include the number of employees in the stats.
The only way to eliminate blighted titles is for a legal reboot of the titles. The banks were bailed out and have no more money at risk. In fl attorneys are allowed to claim 3% of the loan amount automatically, that must end in order to encourage settlement.
(ps you forgot the FL Bar gets all the interest money from IOLTA accounts)
you forgot some of those promissory notes are sub divided into seperate trusts.
Essentially the banks are going to court, where they FL SC has established a “rocket docket” (their words) using senile post retirement judges, where the old judges rubber stamp whatever teh banks want for the most part.
Nobody is looking at who is the proper party plaintiff. Who has settlement authority? If a lawyer goes into mediation without legitimate settlement authority, the judge can strike their pleadings for bad faith.
What we have now is analogous to a bank asking “you” to cash a photocopy of a photocopy of transfered and subsequently endorsed check. Nobody can prove holder in due course status.
it has not.
the idea is you pay for services rendered.
these plaintiffs can’t prove they own the claim. countrywide sold and partitioned their promissory notes. BofA (never do business with BofA) ONLY bought the service rights, not the claim.
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