I agree with your comments. Regardless of deficiencies in mortgage paperwork, banks are not foreclosing on people who are paying their mortgages.
” Regardless of deficiencies in mortgage paperwork, banks are not foreclosing on people who are paying their mortgages.”
While largely true that statement is not 100% correct.
They are foreclosing on homes which are paid off an also which the mortgage is ‘owned’ by other banks. How? Because they are breaking the law and the courts are not checking.
Question for you; the financial/mortgage crisis has led to the unemployment of millions. Its clear that corruption and fraud within the govt and major financial institutions were major factors for the crisis.
So if people have lost their jobs because of the economic crisis then they have been damaged by the actions of the financial institutions.
So if the banks are then foreclosing on the people are they not causing even more damage?
“I agree with your comments. Regardless of deficiencies in mortgage paperwork, banks are not foreclosing on people who are paying their mortgages.”
Some interesting questions arise even in this area though. I went on MERS and looked myself up. BAC services my loan (correct). The investors are undisclosed. What happens if BAC goes belly up before paying investors money I have paid to BAC? Do I have a complete defense against the investors? I’m not sure. Would a title company insure my sale of the house to someone else? Hmmm.
One of the main ideas of land and mortgage recordation was that the owner would know with certainty who to pay on the mortgage. The mission statement on the MERS site is: “MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.”
Wow! The site claims it has been created with Fannie Mae’s approval. But will state judges agree that Fannie has the authority to override state land recordation schemes? This one has the ability to get out of control fast.