“I’m more concerned over the title to my house. Its through Countrywide, I now make payments to BOA.
If BOA has somehow screwed this up, and I don’t have clean title to my house if I try to sell it....well, lets just say I’ll be upset.”
I agree with this. I too would be pissed if I my title was screwed up and I couldn’t sell. That is a different issue than what Kartographer brings up which is the subject of “deadbeats” - people who are in foreclosure because they couldn’t handle their payments. Even those with loan modification problems are tacitly admitting they couldn’t handle the initial payment.
This could happen to me, too. I could lose my job and become unable to pay my mortgage. But that doesn’t mean I should just get my house for free if the bank screwed up the title. That’s ludicrous.
The right answer would be for the bank to incur all legal costs while repairing the title problem, assume all mortgage payments once the title problem has become apparent and the owner can no longer sell, and any reasonable damages resulting from the inability to sell. This may or may not amount to the cost of the house *if* a big job was on the line and you had to move, for example.
But I think in most cases it will not be.
Moreover, if the house is in foreclosure, it should have zero impact on the person being foreclosed upon. It should affect the banks ability to resell the house. I know some legal sharks are going to vehemently disagree (”How can they foreclose on something to which they don’t hold a clear lien???”) If that’s the case - and there is no clear owner of the property anymore - than maybe we should kick out the people living there, too. After all, if the title and liens are so muddled, who can even say they have a right to be there in the first place?
Oh, but that will never happen.
People behind that need to be foreclosed on should be and they should not get the house for free. But the foreclosure should NOT be based on forged documents and perjured statements. Forged documents and perjury are not part of our legal system and I do not want it to be no matter what. My statement is that many on here would except the use of forged documents and perjuryed statements if it would keep a ‘dead beat’ from recieving a free house. I ask you once
we accept such behavior what is to prevent them from using the same to defraud honest home owners?
I have more ‘skin’ in this game than most of you I am current with my mortgage, but it is listed three times in MERS (I checked last night). So I’ll most likely at sometime have to spend thousands of dollars and lots of time to get the mess cleaned-up.
If the bank can’t prove clear title, the validity of any following "securitizations" is in question.
The bank had to have clear title to sell the loan into the securitization, not having such would be a breach of the prospectus of the deal.
How eager do you think Ben and Timmy are to turn that rock over??