Posted on 10/15/2010 1:30:29 PM PDT by triumphant values
Tomorrow, a bank—not your bank, but any bank—could evict you from your home. Even if you didn’t know the bank was foreclosing. Even if your mortgage is paid off. Even if you never had a mortgage to begin with. Even if the bank doesn’t hold a single piece of paper that you signed. And major banks not only know this fact, but have spent millions of dollars to defend it in court. Why? The answer starts with a Jacksonville homeowner named Patrick Jeffs.
In 2007, Deutsche Bank sued Jeffs for his home, which is a necessary step in the process of foreclosing on a homeowner in the state of Florida. Curiously, despite the fact that he immediately hired a law firm to defend his property when he found out about the foreclosure, neither Jeffs nor his attorneys were at the trial. That’s because it had already happened. Deutsche won by default because Jeffs wasn’t able to travel backwards in time to attend, even though the trial featured a signed affidavit indicating that he had been served his court summons.
The only problem with the summons Jeffs supposedly received was that it had been conjured out of thin air.
In June of this year, a Florida court ruled that the document was fraudulent, as the person who was supposed to make sure Jeffs was served had mysteriously received a copy of the summons before the lawsuit had even been filed, and Jeffs never even saw the copy. The text of that ruling was posted on various financial news websites in September. The lawyers that Jeffs hired to defend his case say that fraud such as this is not uncommon. It’s a widespread problem, and it has cost countless families their homes.
Read more: http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud/#ixzz12ScdUAzp
(Excerpt) Read more at dailycaller.com ...
Good, because I'm posting from a Lincoln Park Victorian after 12 years on the CBOT and I didn't consider this internet filler at all.
Um... yes, that would kind of be the point.
I don’t get why people are complaining. What the banks are doing ISN’T LEGAL. To then turn around and say, “Hey, that can’t really happen, it’s illegal” is... well, I’ll be kind and simply say a little short-sighted.
The article breaks down exactly how people who paid for their homes in cash were evicted on the basis of fraudulent documents. The fact that they eventually won their homes back should tell you what’s about to happen to all of the foreclosures that rely upon documents made by companies like DOCX, which are virtually all of them, because all of the banks have been using MERS. Like the letter to the Florida Supreme Court referenced in the article said, it was standard industry practice for ten years to destroy the documents. Over half of all mortgages are listed on MERS. What do you think will happen when judges start questioning the documents used to foreclose?
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