Well put!
I’ve been say this ever since it started breaking, but many here on FR were so worried that ‘dead beats’ were going to get free houses that they didn’t realize that if they had brought a house in the last few years that they were in the SAME BOAT!!!
Yes I have been reading the "I AM" posts regarding these 'dead beats', with a callous disregard to what has taken place... Strange to me that it was Wall Street, cough cough bankers/lenders/mortgage 'big' business that help supply the bank roll to elect liberals to destroy US.
There is a callous disregard to the total ignorance of the majority of Americans have with regard to a very distinct difference in buying a mortgage and buying a home. And even if one pays off their mortgage they will never own that piece of property completely. There is always the 'county real estate taxes' attached to maintain ownership to any piece of property... well that is unless one is swift enough to get some sort of special 'trust' status attached to that property wherein real estate taxes do not apply.
It will be interesting to see exactly what path the politicians or the courts take to resolve this quandary of no legal documentation as to a clear title/deed to some of the properties. Personally I won't be surprise to have people showing up out of thin air from all over this globe to take possession of some of these foreclosed homes.
Also if they refinanced in the last few years, they can be in the same boat. We are. We bought our house in 1993, but have one re-fi that went through MERS and a second one, also apparently through MERS, which never made it to the recorder of deeds as a properly recorded lien.