“It is inexcusable for any private entity to try and steal property from persons who either do not owe any money on it or who are current on their loans.”
Of course.
And of course that’s not the case.
What we’re seeing is people searching for technicalities to hold onto property on which they are in default.
Plain and simple.
Many here applaud that (those “evil” banks and all).
Yet when lawyers use technicalities against any of their favorite interests, they cry that something needs to be done to rein in the lawyers.
Taked your pick.
So a bank throws away the documentation that proves that they own the house because they want to lie about the documentation to the Bond buyers they are selling the mortgage to...(which includes us, mutual funds, pensions, etc.)
then later on they need to foreclose? Screw the banks, let me get out the worlds smallest violin. The bondholders need to prosecute the banks for fraud.
And if you want to foreclose on me? Prove you own the note, then we’ll talk.
Actually it is. Go look for yourself and you will see that there are rising numbers of property seizures being attempted on people who are either current with their mortgages or who do not owe money on their houses.
What we’re seeing is people searching for technicalities to hold onto property on which they are in default.
If a bank screws up its documentation process and cannot legally seize a property as a result then that is the bank's problem. This version of "the dog ate my homework" excuse did not work in school and it certainly should not be able to work in the real world... especially when those of us who have been on the receiving end of a bank mistake have to spend our time and efforts digging up proof to show that it was indeed the bank that screwed things up.
Yet when lawyers use technicalities against any of their favorite interests, they cry that something needs to be done to rein in the lawyers.
Agreed. But if the law provides for these technicalities and they are not respected by the litigants, then they have no one to blame but themselves for things not going in their favor.