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Dig
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« on: March 11, 2011, 04:50:07 PM » |
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Federal Reserve expected to claim no homes have been wrongfully foreclosed http://www.rawstory.com/rs/2011/03/11/federal-reserve-expected-to-claim-no-homes-have-been-wrongfully-foreclosed/By Stephen C. Webster Friday, March 11th, 2011 -- 4:16 pm Can you justify putting a family out on the streets? What about millions of families? According to remarks at a recent public meeting, the Federal Reserve is preparing to do just that. In a recent meeting of the Fed's Consumer Advisory Council, the nation's central bank came under intense criticism by consumer advocates for an upcoming report that's expected to claim that after an investigation, they've determined that no wrongful foreclosures have been carried out by US banks. Huffington Post reporter Shahien Nasiripour was at the meeting and caught a number of key remarks, namely council members attacking how the Fed's investigators had defined what a wrongful foreclosure is. According to Nasiripour, they defined it as a foreclosure which happens when a home owner is not significantly behind on payments -- leaving out a litany of other situations and acts that consumer advocates call criminal behavior. Nasiripour noted that the Fed's conclusions were basically the same as the banking industry's: that despite some sloppy workshopping of the foreclosure process, homeowners who've been tossed out were by and large vastly behind on payments. |
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All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately
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Kilika
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« Reply #1 on: March 11, 2011, 04:55:17 PM » |
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Behind on payments or not, the transfer of a note and title must be done legally. Otherwise it's fraud, and these bankers know exactly what the problem is.
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"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)
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larsonstdoc
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« Reply #2 on: March 24, 2011, 05:21:57 PM » |
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Behind on payments or not, the transfer of a note and title must be done legally. Otherwise it's fraud, and these bankers know exactly what the problem is.
Legally? This is America where very little is done legally.......extreme sarcasm |
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Rebelitarian
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« Reply #3 on: March 24, 2011, 05:35:04 PM » |
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The Federal-Reserve is the problem. Skynet won't squash the virus it is the virus. Terminator 3 Rise of the Machines.  |
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kerrymti
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« Reply #4 on: April 21, 2011, 05:10:10 PM » |
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OK! I need your help Dig and/or anyone else that can help. Our office has been asked to conduct a real estate closing by our client, a Credit Union. The borrower has signed a real estate contract to purchase a house from FNMA. In Alabama, the Seller generally orders and pays for the owner's title policy. We write title insurance, but, not for this closing, it was provided by the Seller (FNMA). We just received the title commitment/binder for the closing. Knowing who the Seller is, I was obviously cautious, afterall, we represent the Lender and need to be sure their investment is secure.
Anyway, I requested a copy of the foreclosure deed and corresponding paperwork from the foreclosure. They sent me a copy of the foreclosure deed only. In the deed, it states that the former owners had a mortgage to MERS on behalf of some mortgage company. Then, 9/14/10, FNMA foreclosed on the property, on 9/15/10 an assignment from MERS to FNMA was executed. They held on to the foreclosure deed and did not record it until after they recorded the assignment (I guess in an attempt to 'straighten it all out'). But, clearly, the date of the foreclosure deed was the day before the date of the assignment, even if they recorded them in the right order.
Strange thing is that FNMA (through their emissary, some REO company) is REALLY pushing to get this done and closed ASAP, I have already caught them in more than one lie.
Here is my question to you...do you have any case law laying around, or articles about case law concerning Alabama? I know there was just recently a case in AL with a similar situation where the judge ordered the property back to the mortgagor because of ineffective paperwork...do you know of any others? I am trying to make a case for my boss to NOT proceed with this problematic closing. (IF we were writing the title policy, it would be no question because we would not insure without that error being fixed somehow).
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Kilika
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« Reply #5 on: April 21, 2011, 06:04:01 PM » |
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That deal sounds basically criminal. They are changing documents and manipulating dates. Isn't that fraud? Of course they are pushing to get it done, because they want their money, or at least as much as they can get while they can before they get caught legally holding the debt with no legal recourse to recoup on the illegal transfering of notes.
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"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)
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Rebelitarian
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« Reply #6 on: April 21, 2011, 06:09:17 PM » |
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kerrymti
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« Reply #7 on: April 21, 2011, 07:44:25 PM » |
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I knew something was wrong when I saw the foreclosure amount, $58,000, the sale price to our borrower, $22,000 and the appraisal on the property was $105,000.
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Kilika
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« Reply #9 on: April 22, 2011, 02:39:36 AM » |
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That's the whole key, the "servicer" being able to prove with the note/title they are the rightful owner of the property. It's turning out that many never received proper transfer of the note/title on the property, thus have no legal claim to foreclose.
Now that the jig is up, servicers are trying to scramble and change paperwork in an attempt to cover up the illegal actions of the mortgage system. Them saying it was an "error" in paperwork doesn't cut it. An incomplete deal is no deal, period. The contract becomes null and void, and the homeowners should have a home free and clear of any note, and title should immediately be transfered to the hoemowners. If the current servicer deosnt like that, then they can take it up in court with the thugs that sold them the bad notes in the first place.
When thugs start ripping off their own kind, you know they are in trouble! A house divided cannot stand.
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"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)
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kerrymti
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« Reply #10 on: April 22, 2011, 12:53:23 PM » |
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thanks guys! I think we have put a stop to the closing. At least, until they can 'clear title'...if that is possible. I requested copies of the mortgage and assignment from the title company...they refuse to give me a copy and will not disclose if there were any other liens on the property. I then spoke to the prospective purchaser and explained our concerns, he asked that we conduct a title search so we can determine what exactly has happened. I will be doing that search on Monday.
Side note, the realtor told the purchaser today that he should have just kept his mouth shut and done a cash closing last week before our office got involved (we represent the prospective Lender). The purchaser was flabbergasted and said to her, "If I had done that and found out later that I had to give the property up, I would be out my deposit, time and energy working on the property and possibly any money used for improvements to the property...but you would not have to repay your commission! I know where your loyalty lies! Thanks, but, I would rather know beforehand what I am getting into."
I will post an update next week.
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jofortruth
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« Reply #12 on: April 22, 2011, 01:13:24 PM » |
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thanks guys! I think we have put a stop to the closing. At least, until they can 'clear title'...if that is possible. I requested copies of the mortgage and assignment from the title company...they refuse to give me a copy and will not disclose if there were any other liens on the property. I then spoke to the prospective purchaser and explained our concerns, he asked that we conduct a title search so we can determine what exactly has happened. I will be doing that search on Monday.
Side note, the realtor told the purchaser today that he should have just kept his mouth shut and done a cash closing last week before our office got involved (we represent the prospective Lender). The purchaser was flabbergasted and said to her, "If I had done that and found out later that I had to give the property up, I would be out my deposit, time and energy working on the property and possibly any money used for improvements to the property...but you would not have to repay your commission! I know where your loyalty lies! Thanks, but, I would rather know beforehand what I am getting into."
I will post an update next week.
Please do. These things are a real problem. Buyers Beware if you are buying foreclosed properties or any of those involved in the Mortgage Fraud scam. The lady was right to question this, she probably has saved herself a major headache in the future. OOPS! Repeated a link above. However, the videos there are a must see! |
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kerrymti
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« Reply #13 on: April 25, 2011, 08:18:01 PM » |
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UPDATE - I completed the additional title search today. Surprise, surprise...the original mortgage was to MERS (6/2008); FNMA foreclosed on the property (9/14/10); Citi assigned mortgage to FNMA (9/15/10);MERS assigned the mortgage to Citi (2/2011)...slightly backwards on the timeline isn't it? Plus, found out that there are two judgments against the previous owners, before the foreclosure. Meaning, if the foreclosure was ineffective (which we believe it was), the two judgments stand. Our Attorney has a meeting with the prospective purchaser on Wed to discuss his options...if it was me, I would not touch it with a ten foot pole.
Side note, I believe the reason the title company did not mention it on their title commitment...they were the ones that insured the foreclosure with FNMA. They are just trying to cover their a**es and hope nobody notices. That is also, I believe, why the sale price was soo low. I will give another update after the meeting on Wed. Thank you all that provided info, vids, etc. it was helpful in presenting this to my boss.
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Letsbereal
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Posts: 26,876
Know Thyself
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« Reply #14 on: April 26, 2011, 12:08:00 AM » |
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UPDATE - I completed the additional title search today. Surprise, surprise...the original mortgage was to MERS (6/2008); FNMA foreclosed on the property (9/14/10); Citi assigned mortgage to FNMA (9/15/10);MERS assigned the mortgage to Citi (2/2011)...slightly backwards on the timeline isn't it? Plus, found out that there are two judgments against the previous owners, before the foreclosure. Meaning, if the foreclosure was ineffective (which we believe it was), the two judgments stand. Our Attorney has a meeting with the prospective purchaser on Wed to discuss his options...if it was me, I would not touch it with a ten foot pole.
Side note, I believe the reason the title company did not mention it on their title commitment...they were the ones that insured the foreclosure with FNMA. They are just trying to cover their a**es and hope nobody notices. That is also, I believe, why the sale price was soo low. I will give another update after the meeting on Wed. Thank you all that provided info, vids, etc. it was helpful in presenting this to my boss.
You may wonna check out this post: Loads of Bank Foreclosures Went Unchecked http://forum.prisonplanet.com/index.php?topic=187267.0Latest: http://forum.prisonplanet.com/index.php?topic=187267.msg1236971#msg1236971 |
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->>>|:-) THE CITY INDIANS (-:|<<<- |
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Kilika
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« Reply #15 on: April 26, 2011, 03:46:10 AM » |
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Well done kerrymti. Make those thugs abide by the law. That's what is needed to get through this mess. Hold the people involved accountable and maybe more people will be able to keep their homes and not get ripped off by the bankers yet again.
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"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)
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2Revolutions
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« Reply #16 on: February 09, 2012, 04:38:00 AM » |
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The State Attorneys are about to sell out to the Banks http://www.reuters.com/assets/print?aid=USTRE81600F20120209Mortgage deal nears as holdout states join (Reuters) - California and New York, two big holdout states in a $25 billion mortgage settlement, are expected to join the deal, smoothing the way for an announcement on Thursday, according to a person familiar with the matter. Florida, with its large distressed housing market, was also close to joining the settlement that resolves civil government lawsuits over faulty foreclosures and servicing misconduct by top U.S. banks, a separate person familiar with the deal said on Wednesday. |
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Those who wish to remain ignorant and free, in a state of civilization, want what never was and what never will be. - Thomas Jefferson
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Kilika
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« Reply #17 on: February 09, 2012, 12:14:06 PM » |
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It's done. The theft is complete.
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"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)
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kerrymti
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« Reply #18 on: February 09, 2012, 04:27:51 PM » |
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Yes, the theft is complete...doing title work these days has become VERY stressful!
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