“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!
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.
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.
Ya Think!!??
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.