Posted on 05/03/2011 5:03:07 AM PDT by Kartographer
“But there’s another problem, even for those who aren’t foreclosed,” Thigpen said. “When people try to get another loan or mortgage, what are the chances they’ll be approved when the fraud attached to a (borrower’s) previous loan comes out? It won’t be their fault, but they’ll pay for it.”
“This is a ticking time bomb,” Thigpen said.
PING!
Please add me to your list. Ugh! I have a Wells Fargo mortgage (they bought it after we closed), so this makes me a little nervous.
So how do I find out the status of my mortgage? It originated with Countrywide and is now with BOA. I’ve searched MERS and supposedly its not tied up in that mess.
I’ve thought about making a demand on BOA for them to produce documentation ensuring the paperwork is clear. A little hesitant as I figure the reaction will probably be hostile and wont produce anything.
Ours, fortunately paid off, went through numerous “buys” during it’s life. The only issue was, the last buyer had a cutoff date that didn’t agree with the due date for payment, so we were always getting reminder notices. We never missed or were late, ever, and the only reward, was when the anchor was paid off.
When we took out the loan in 1980 we made sure it would not put us in the poor house, or give us an excuse to default should unusual circumstances suddenly take place. Down payment makes the above possible, Except when you have desires larger than your bank account.
Given that the FDIC is already on record that the solution should be to pay homeowners to NOT challenge the fraud, I’d say it’s a bomb that’s ultimately going to take out the taxpayers (again), and not the banksters.
Well...the U.S. Press and the Politicians who run this country have decreed that purjury, the indimidation of witnesses, and sexual assault are not crimes--at least when committed by the powerful. So why not fraud? That would let them all off the hook.
Been looking at moving my loan to a credit union for this reason.
Our society now seems to be based on the old idea: “Nothing is true; everything is permitted.”
1. Ideological subversion is the process which is [a] legitimate, old word, and open. You can see it with your own eyes. All American mass media has to do is to "unplug bananas" from their ears, open up their eyes, and they can see it. There is no mystery.It has nothing to do with espionage. I know that espionage intelligence gathering looks more romantic. It sells more deodorants through the advertising. That's probably why your Hollywood producers are so crazy about James Bond types of films. But in reality the main emphasis of the KGB is NOT in the area of intelligence at all.According to my opinion, and the opinions of many defectors of my caliber, only about 15% of time, money, and manpower is spent on espionage as such. The other 85% is a slow process which we call either ideological subversion, active measures, or psychological warfare. What it basically means is: to change the perception of reality of every American that despite of the abundance of information no one is able to come to sensible conclusions in the interest of defending themselves, their families, their community, and their country.It's a great brainwashing process which goes very slow and is divided into four basic stages.The first stage being "demoralization"....---KGB DefectorYuri Bezmenov
MERS is basically the problem
Works like this: MERS was created to let banks bypass local and state real-estate recordation laws and avoid paying the associated fees. Recording and changing ownership of land at the county land records office is a time consuming, very formal process that usually costs money (say $50) and needs a lawyer or document specialist to do properly
With the creation of these “Mortgage-Backed securities” the actual ownership of liens was going to change frequently and rapidly. So Banks thought they’d get cute and create the MURS systems to simply bypass the land records offices. On the actual deeds and liens MERS would be listed as the owner of record, and then they;d simply change ownership of the mortgage internally in the MERS Database.
There was a slight problem with that that I or any other Lawyer could have warned them about. Namely, that A) in many states a holding company like MERS cannot legally BE the owner of a lien or mortgage and B)When it comes time to foreclose you need to show a properly recorded chain of title from the original owner of the mortgage to its present owner. Since those transfers were never properly recorded according to law, they have a problem. Especially since some of the intermediate holders were investment companies or partnerships that have since dissolved.
That’s why these document processing places hired by the big foreclosure-mill law firms were , not to put to fine a point on it, simply forging the missing documents.
What this ultimately amounts to is a massive fraud upon the court which, while the class-action lawsuits over it may settle, will make a hash of the real estate market for a generation.
The real problem is that no reputable title-insurance company is going to be willing to underwrite a policy on these properties where the chain of title has been so badly muddled by these banks actions; and most banks will not write a mortgage without a title insurance policy
"We are a nation ofFor this we can thank those who brought us the horrible Decadence--also know by the misnomer "Liberalism"--that is rapidly and ruthlessly destroying the greatest nation the world has ever known.laws and not of menmen and not of laws."
How did you search MERS for your mortgage?
Ya Think!!??
Add to this the problems on the title if MERS did foreclose... and later on, the fraud(s) upon the court come to light and you’re now the owner of a previously foreclosed property with a dirty title.
Can you tell us (in round amounts) how much money an investor in a foreclosed property with a compromised title should expect to pay in legal fees to get it cleaned up and obtain a quiet title? Just a ballpark number.
“MERS is basically the problem”
Excellent analysis.
BTTT
Who is getting a "financial gain"? The home buyers defaulted on their mortgage and this is a loss for the financial institutions. Some, who are being foreclosed on, are trying to get courts to say that, even though they did not make their mortgage payments, they should not be foreclosed on because some banks executive's signature was signed by a proxy. This is a typical scheme by shyster attorneys to generate fees by stirring the pot. If you didn't make your mortgage payments, what difference does it make who signs the foreclosure documents? You are still in default.
The "fraud" here is by attorneys who want to make people think that banks are foreclosing on "innocent" home buyers who have made all of their mortgage payments, when this is not the case at all. The financial benefit is for, as usual, the shysters.
It’s a tough question to answer because ultimately if you get a dirty title, it is the responsibility of the seller to make it right (assuming you got a standard special warranty deed)
But if I were an investor and I wanted to be absolutely safe, I might think about having the foreclosed upon previous owner sign “quitclaim deeds’ legally disclaiming any future interest they may or may not have in the property. Since they are unlikely to sign such a thing out of the pure goodness of their heart, I’d offer them a couple hundred bucks as an inducement to sign.
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