Posted on 10/20/2010 10:44:30 AM PDT by Kartographer
I am worried about my now clouded by Countrywide/BOA deed. It’s in MERS three times which means it was securitized and sold three times and to who? I am betting no one knows! Where’s the orginial paperwork the bank will need to clear my deed? Same thing most likely shreaded and recycled into toilet paper by now. What are the chances that they can clear the deed when I pay off? Almost next to none! I will have to fight and go to court and spend no telling how much money to clear the deed if it can be done so who pays for that? Oh yeah you say sue them and get it that way, but it takes money just to bring suit. Yes the ‘Dead Beats’ failed to adhere to a civil contract, BUT THE BANKS BROKE THE LAW! Big defference.
They clouded titles/deeds and made it were honest home owners may have to spend who knows how much money at payoff or if I try to sell to clear the mess up, but then I guess as long as you get your pound of flesh from the ‘dead beats’ that’s all that matters.
We are discussing foreclosures where the borrower is not going to own the property to sell it.
Banks lose original documents all the time. They get a certified copy from the country recorder.
so what?
you have to establish OWNERSHIP.
Bank of America can not establish ownership because the multiple layers and trusts selling those notes. Ownership is untraceable. Ownership is 100% worthless documents.
the best Bank of America offers is to “indemnify” the home owner. An indemnification that is utterly not binding on the final holder in the chain of custody.
Let me make is simple for you. You sell a house to someone and then they turn around and sell it on contract to a third person. The person you sold the house too comes and ask you to keep an eye on the house and collect the house payments keeping 5% for yourself for your trouble. After a few months this person sells the contract on the house to another party and leaves the arrangement with you in place and he forwards (or possible not) the payments new owner of the contract. After a couple years go by the person who brought the home on contract loose their job and after a few months he is in default of the contract. Who forecloses? Not you you just collect the payments and pass it on you have no standing in the contract. The person that had sold the contract has no rights any more. The person that brought the contract did not record the transfer of the debit to him so how could he have standing?
There’s the catch they didn’t file with the county recorders! Because they didn’t want to pay the fees!
BofA is on double secret probation. (not a joke)
Then the last recorded transaction identifies the lender/investor responsible.
So why are the mortgage companies and banks forging documents if all they have to do is go to the County Recorder and get what they need?
That being the case since Countrywide is recored on my Mortgage and Countrywide no long exsist and BOA can’t show they have the mortgage now because it was never legally recorded who can claim standing?
MERS (mortgage electronic recording service) was created specifically to enable a shell game of fraud. (no employees, no documents)
Laws already exist for these things. Courts will appoint agents or banks will takeover the loans and continue servicing the loans.
There is this:
Largest US Title Insurer To Demand Indemnity And Foreclosure Warranty From Banks
http://www.freerepublic.com/focus/f-news/2611347/posts
Court can only grant and act for someone who has standing. And they don’t have standing. You can’t both not have the legally required paperwork and have standing. Now maybe you might could go to court and be granted standing and be declared the rightful own of the mortgage, but until that happens and the court declares it’s yours to collect on you don’t have standing to force collection. Besides the people that the bank that sold the mortgage to in a security bundle may want to make sure they still have a lien or how are they going to get their money back?
Someone with out clear standing is trying to foreclose on their house. That is damage.
And it isn’t just those who have skipped payments. My friend back home almost lost his house because the loan was sold so many times, two banks thought they had the lien. And neither was paying the taxes. But someone was cashing the checks.
Lucky for him this was two years ago before the “crisis” and he knew a good lawyer. I know of a few people who didn’t and lost the house.
What damage?
What damage?
OK if you are right and the legal and correct paperwork is easily obtained and or replaced please explain why so many banks and their lawyers commited forgery and perjury by both swearing and noterizing forgeries as being the required legal documents in thousands and thousands of foreclosure? Why would they risk GOING TO JAIL if the the fix was as easy as you say it is?
Since QE doesn't involve the Treasury, it doesn't involve taxpayer money.
The only credit lines that are truly eased is bank-to-bank lending.
If banks aren't lending, they don't need to borrow from each other.
But monetary burdens on taxpaying Americans are not eased -- they are increased exponentially.
Not really.
How many $$$$ Trillions in Monopoly Money have been printed during the past two years by Bernanke ___ ?
Nobody knows.
Unless you look at the latest Fed balance sheet and the balance sheet 2 years ago .
Just like statistics on which banks are getting direct loans from the Federal Reserve.
You mean the $15 million in Discount Window borrowings?
The county recorder does not record “Notes”. Only mortgages. With MERS, the chain of ownership for the “Note” has been broken - so the Note is no longer secured by the house.
So if the bank burns down everyone gets their house for free?
yes if the bank can’t prove it owns the note.
If a bank can “manufacture” a fraudulent note, forge signatures,notarties, etc.in order to foreclose, why couldn’t I make one up too and claim I own YOUR property and want to foreclose because you haven’t been making payments to me?
I’m not in foreclosure, my payments are on time yet I’ve chosen to contact BofA in writing to confirm they in fact have my note and own my note. I know I owe somebody but it may not be them. What if I get into a position where I can pay off my mortgage to BofA and later discover they didn’t own my note and then the entity that does comes after me for payment?
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