Posted on 11/07/2010 2:04:04 PM PST by oldtimer2
November 6, 2010
For some Florida residents, the price of getting out of foreclosure will include taking on a second mortgage — payable this time to their lawyers. “We’re not money lenders,” said Peter Ticktin, a foreclosure lawyer who devised a “pay later” plan for troubled homeowners. Jason Henry, Thomas Ice, and other foreclosure lawyers in Florida typically receive a few hundred dollars a month from each client. The new mortgage, which takes effect only if the foreclosure is dismissed and the homeowner’s debt to the bank is reduced, is controversial among defense lawyers, some of whom call it “creepy” and “crass.” Yet even they acknowledge it offers a solution to a vexing question: How do they get paid?
(Excerpt) Read more at nytimes.com ...
kinda like rolling out of the way of an oncoming steamroller into a path of stampeding rhinos or something.
The overall situation reminds of a man in a leaky rowboat saying, “Water’s coming in! Quick! Hand me that axe! I’ll punch some holes and let the water drain out!”
How are they getting approved for 2nd mortgages when they are in default on their 1st mortgage? Just sayin’
How are they getting approved for 2nd mortgages when they are in default on their 1st mortgage? Just sayin’
Quantitative fee easing.
A sleazy lawyer got them in.
The average ‘homeowner’ being foreclosed on has not made any payments for 18 months. Surely they should have some cash available, but it would be a waste of time to fight foreclosure. They know they haven’t paid, and even if the mortgage owner cannot be found right at the moment, they will eventually have to leave.
How are they getting approved for 2nd mortgages when they are in default on their 1st mortgage? Just sayin’
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The law firm creates and holds the second mortgage....just a simple case of SLEAZE BEING TAKEN TO THE NEXT LEVEL. They may not be calling it fraud, but sure sounds like it to me
The lawyer probably holds the second on their house. If he wants to take it over for non-payment of his fee PLUS INTERSET they will do so, especially of prices rise in 7 years.
The only negative side for the lawyer would be paying off the first loan.
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If you do a little research...actuallly, study this foreclosure mess for more than a minute or two on CNN, you’ll find that what they’re doing makes sense.
The legal system is gamed in favor of the banks, and unfortunately, the banks screwed up massively in the paperwork and have limited to no chain of custody of title to the properties they try to foreclose on.
The idea is that 90% of the mortgages out there in the last 10 years are so full of legal holes, that a half assed attorney with a little time can get the bank to go away with its tail between its legs.
They do a service to society by getting rid of liar banks with liar paperwork and return the house to the owner once the fraud is uncovered.
They simply draft up an agreement that once the first mortgage is wiped out, or renegotiated, that the lawyer will be repaid for his and his legal staffs time for the work and court costs they incur in the process.
I know two companies which have been successful and making these things go away after a little courthouse work is done.
wild times we’re in...
msfraud.org
livinglies.wordpress.com
foreclosurehamlet.com
I’m just curious. What would you do to the bankers, who are stealing us into a depression via the politicians, and the politicians, who have hurt this country far more than foreclosed on families
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What the hell do you think the tarp money was for? To bail out banks who WILLINGLY made bad loans. The government took OUR tax money and gave it to them!
**propoganda prison?**
This country is still partially free last time I checked. And you don’t get to throw people in prison just because you don’t agree with them, Mr.Fascist!
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You ARE a fascist when you seek to silence/throw into PRISON those whom you don’t agree with. I am done with you.
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