BofA stops foreclosures in all 50 states

Fox News | 10/8/10

[longtermmemmory]

you may have a damages claim due to your clouded title if your note was part of the mess.

[Moonman62]

Meanwhile, back at the ranch, I’m curious why all of a sudden documentation is the issue behind foreclosures?

There are real technical problems, however I wouldn't be surprised if the foreclosures resume right after the elections.

[BelegStrongbow]

I’m good to stay. I used to be in banking, so this has some interest just for that. I also have a mortgage, so there’s even more interest there.

[Constitution Day]

That is MY mortgage company! When I bought my house, I went through National City Mortgage, then PNC bought that company.

And here I’ve been paying on my mortgage for six years. I guess I’m a sucker.

[KTM rider]

My income cut in half due to the march of Obamunism, it would help if I could refi to the going rate

unfortunatly some board of manipulators hit a magic reset button that devalued the property I financed 1 week after it closed , so I am stuck with no hope in sight

BofA has my loan and they can kiss my ass.

[longtermmemmory]

no they are your loan SERVING company. Not the holder of your mortgage and not the holder of your promissory note.

[Huck]

Capitalism is just fine, along with the proper oversight that protects both sides.

Which we don't get. That's the point of HLM's quote from way back in the early part of the 20th century.

One look at a bunch of foreclosures because of loans that shouldn’t have happened in the first place, and someone is quickly screaming “Woe is Capitalism”.

Wouldn't it be nice if all our troubles boiled down to some bad foreclosures? Too bad it's much worse than that.

When Capitalism is allowed to flourish without some liberal screwing with it, it brings prosperity and all the good and bad that comes with it.

You think liberals are the only ones that screw with capitalism? lol

[KTM rider]

My income is way down in spite of all my efforts to increase it

I tried to get a loan mod and they said NO, reason given: I paid all my payments on time, house value dived AND my loan is held by Ginnie Mae, not Fannie/Freddie.

in other words Bof A says "go to hell and run along now little white boy"

[Centurion2000]

“Prove I don’t own it. They can’t because they destroyed the paperwork.”

Prove you have paid 100% of the contract or get out!

Possession is 9/10th's of the law ... the banks MUST prove it. PS, MILLIONS of armed homeowners are not to be trifled with.

[BelegStrongbow]

I’m good to stay. I used to be in banking, so this has some interest just for that. I also have a mortgage, so there’s even more interest there.

[Constitution Day]

All right. I still feel like those of us who are actually paying our bills are getting screwed, though.

[dalereed]

“MILLIONS of armed homeowners are not to be trifled with.”

If they haven’t kept up with their payments they aren’t homeowners!!!

They are squatters and leached!!!

[edcoil]

Foreclosure is a poke game between you and the bank. The one in default will loose get the bank in default and keep your home.

www.stopforeclosure.org

[truth_seeker]

“Old Republic Title Insurance has stopped issuing title insurance for some lenders, that pretty much kills the loan process...”

But I have not seen that the two largest title insurers have taken similar actions. First American, and Fidelity National.

* imagine the career of a low level clerk working for Washington Mutual or Countrywide.

In the beginning pushing fraudulent and forged documents through the loan approval process was the name of the game.

Later, taken over by Chase, JP Morgan, and B of A.

Now supposedly the name of the game is checking and double checking everything. Being sceptical, asking for proof.

These peoples’ heads have been spinning. Their higher ups should have gone to prison.

I doubt that many mistakes have been made. More likely a few cases with agressive lawyers have called internal procedures into question. Anybody expecting a court of law to reward somebody who has failed to make payments by giving them the property to punish the banks is smoking something.

[Drill Thrawl]

Meanwhile, back at the ranch, I’m curious why all of a sudden documentation is the issue behind foreclosures?

Because the gubment just figured out that they are owed tons of money. Probalby in the billions.

[RobRoy]

>>This is the Assassination of Archduke Fernidad.

This will spark the last — and final — leg of the collapse.<<

I think you may be correct. I heard about this phenomenon a couple years ago when a judge, I believe in the northeast, required a bank to prove in foreclosure court that they were really owed the money, and they couldn’t come up with the required paperwork.

This could snowball fast and, frankly, appears to already be happening eqponentially. It could be a form of Black Swan.

We keep talking about the crash. The thing is, one day it really will happen - like a person who looks completely healthy today but has terminal cancer. There really will be days in bed and an event at a cemetery.

I have said for the entire summer that I feel that it is early October of 1939. I firmly believe it is going to get, ah, interesting, and it could begin at any time.

Remember that 1000 point dow drop a few months ago?

[Centurion2000]

If they haven’t kept up with their payments they aren’t homeowners!!!

They are squatters and leached!!!

You REALLY don't get it do you? The corporations that people are making the mortgage payments to only have SERVICING rights and are not in fact the true owners of the title / mortgage.

Ownership of those two little documents has been sliced and diced into Mortgage Backed Securities and the original documents in MILLIONS of instances have been shredded / destroyed / stored with no ability to recall them. Also the chains of title are corrupted on many of these homes as well.

You also cannot EVICT without clear ownership. The servicer is NOT the owner, so they cannot legally foreclose in many instances.

This is going to DESTROY the housing market. If you do not have CLEAR titles and chains then you cannot get the titles transferred to you even AFTER you satifactorily pay the mortgage. If not, where is the motivation to pay?

You also cannot get title insurance which provides a safe haven for buyers and sellers in that the insurer assumes the risk that there may be a lien or other instrument blocking clear transfer.

In Texas what this could result in are people living in the same homes for 15-20 years and then filing adverse possession claims with the county.

Kudos to you for paying off your debts and keeping clear titles. You will be one of the FEW people that could possibly sell cleanly in this economy / regulatory environment. This is a nightmare for the banks.

[RobRoy]

>>“Major flood of repercussions for this. I smell a trillions dollars being burned right now.”

I Fear this is going to be the catalyst to grinding the economy to a complete halt.<<

Yep. Sounds pretty darned deflationary too.

I’m normally very bullish on junk silver, but I wonder if this current runup is a suckers game. I honestly wonder if all this talk about big players sucking up all the gold they can is baloney designed to drain the little guys (that are paying attention) of what little they have left.

I dunno. I think I’m too smart by half with a lot of this stuff.

[ex-Texan]

Right on, brother ! You are 100% correct again. Those dirty mortgage shills ought to be lined up and shot. They will never hang their heads in shame. They are so puffed up with their own self-importance.

Even people who pay on time and decide to pay off their mortgages early -- cannot be sure they will receive a clean deed. Meanwhile, homeowners all over the US who pay CASH for their homes are subject to illegal foreclosures. Greedy lenders are filing fraudulent foreclosure papers all over the country. Actions to quiet title will be tied up in courts for the five (or 10 years in some jurisdictions) years while this mess is sorted out. That electronic fraud scam machine (MERS) muddies title so bad that the mess may never be cleaned up.

To make matter worse, crooked Wall Street Banksters bundled sold worthless securities. And then sold them to the public. This garbage is, basically, forged investment paper. It was sold and resold and sold again. Hundreds of thousands of innocent victims have this garbage in their 401(k)s.

These dirty, criminal bastards really screwed the pooh for every property owner in America. Then they have the unmitigated gall to dump this reeking mess on the taxpayers of America !

I say (1) Arrest all the crooked bastards (2) Arrest the attorneys who file foreclosures without legal cause or fake or forge any documents to support any case; (3)Prosecute them all until they bleed from the ears, and (4) Throw them ALL ! into prison and let them rot for 50 years.

I've been saying things like that since 2005. But nobody listened and nobody cared. The Roland Arnall's of the world throw $ 1 Million parties in the White House. They get ambassadorships as rewards.

Now, finally, a few folks are waking up. But about 5 years too late . . .

Click the image . . .

[Pining_4_TX]

“And do what with it?”

Yeah, ours would make really ugly wallpaper.