Posted on 10/20/2010 10:21:18 AM PDT by FromLori
Granted there are some bums trying to get out of their debt, but if they want to not pay the debt, just give up the house.
Only ones deserving of sympathy would be the few rare cases of current people who got foreclosed on. I think there are handfuls of those across the country. The rest have no merit to get free houses.
I agree no one should be able to get a free house but that’s not what this conversation was about it is about the banks committing fraud on individuals and investor’s and they shouldn’t be allowed to do that either.
Rule of law should apply to all including the banks. Real estate law is very specific and that is for everyones good. How would you like it if you buy a home pay the payments for 30 years only to find out you can never get a clean title and have no recourse?
If the banks broke the law they should be punished. Now whether that be financially or perp walks is up to the courts to decide.
Free houses are a red herring—won’t happen.
The Republicans are proving again they are the stupid party. They should demand that every banker who created and/or sold these fraudalent documents and fraudalent mortgage securities be prosecuted to the full extent of the law.
That would actually help the economy by restoring public confidence in the country.
This should not “go away quickly”. It should not go away until justice is done.
I think most of the records banks keep are legally paperless documents. I know they have been legally doing that in CA for close to a decade or more.
In the end, if there is a loan due, there is payment due.
There is no free ride. There will no free homes. Long term you will not see this go in favor of borrowers UNLESS they were CURRENT.
My GOD it’s appalling what’s going on under or noses.
The issue is not the forclosue.
The issue is the inability to convey clear title to the next owner of the property. That cannot happen without a clear title and elimination of any liens. Without the documents how is that to happen.
With the MERC’s the parties trying to forclose have never had title to the property. NEVER.
This is a very serious issue and it is not about deadbeats. They are only involved. To paper over this problem some of the finance institutions have committed Fraud. Without the original ink-signed document how is it to be cleared up. In many cases the title has never been recorded at the county court house.
This type of thing also happened during Reconstruction, when the courthouse (and records) were burned. None of us remember those days, but I had ancestors who did.
I would guess they RETRIEVE documents from electronic records.
Big difference.
Sometimes a dog is just a dog, and not a dragon.
That is why you pay in escrow to have them do a title search and why new owners pay title insurance (more or less).
There can always be things against the property, including tens of thousands of taxes. Every property every decade has had that issue.
The buyer can not assume in a sale all is clear. I never heard of that.
You have to pay to verify everything or get maybe a bad surprise down the line.
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That is why you pay in escrow to have them do a title search and why new owners pay title insurance (more or less).
Paperless documents are possible to forge. Paper documents recorded at the court house are difficult to forge. I believe that it is going to be hard/impossible to get title insurance on many MERCed properties. There is also the accusation that securities companies double sold properties bundled in MERC's. If that is true, someone should go to jail or worse. Very bad situation.
There are standards in place and in fact, things have been a paperless society for a while. Often it is all computer generated and you sign electronically like you do at your bank.
I tried to buy 4 different homes in Las Vegas last year and the paperwork I would have had would have been on a CD. Plus you can always call public records to see it all went through.
The potential homeowner can't be a total dunce, they do have to verify what is going on during a purchase just as you would count money paid back to you from a check at the bank.
Many fail to buy insurance for the title.
These days, mortgage insurance wouldn't be a bad thing though I doubt they give it that easily today.
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