Author Topic: "Old" Homes/"New" Mortgages: Disturbing Trend  (Read 3034 times)

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Offline kerrymti

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"Old" Homes/"New" Mortgages: Disturbing Trend
« on: February 25, 2011, 10:41:23 am »
I am a paralegal and my main task for the last 11 years has been to conduct "title searches".  A title search is almost always conducted any time you purchase a new home or obtain a mortgage (refinance, home equity line of credit, etc.).  Our office writes title insurance and in order to issue a title policy (insuring the 'insured' that there are no liens on the property and that there is no break in the chain of title, further description of title insurance is available, upon request), we must search the courthouse records (in AL, the Judge of Probate holds the records, some states it is the Register of Deeds) for at least the past 30 years, very tedious task, sometimes.

Anyway, all this to say that just since about November, I am seeing a very disturbing trend (speaking for my own little 'corner' of the world, N. Alabama).  This trend is that we have received a multitude of search requests for mortgage closings on real property that does not have (and some that have never had) a mortgage.  These are the middle class that have always paid cash for everything and own 'family' land, many acres, mostly farm land that has been in their families since the original land grants from the U.S.A. 

Since our office also conducts the closings, we prepare the loan documents, etc., we get an idea of the reasoning behind the new mortgage.  In some instances they are paying down on debt, which is a good idea, credit cards, etc.  But, the vast majority are not doing this, the vast majority are helping out family in some way.  Maybe to help a son or daughter keep from going into bankruptcy or foreclosure.

What is the effect of this?  The end of the middle class.  When the family member is not able to stay on top of bills or more family members need help, they are in turn forced to either refinance again or watch a family member be kicked out of their home...plus, the main stream media is saying that the economy is on the rebound and things are getting better, so if they help their family, the family will be able to pay them back, or will they?  This is the way the elite are going to end up owning all of the land, family farm land included.  Once they get you to put a mortgage on the property to help your family (or use up your savings helping your family), your resources are tapped, the prices keep rising, losing their retirement money...

Offline larsonstdoc

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Re: "Old" Homes/"New" Mortgages: Disturbing Trend
« Reply #1 on: March 08, 2011, 12:04:22 pm »
Tell me if my theory is right.  The banks, especially the bigger banks, want these new mortgages so that they can legally own the mortgage and the note.  Is that a true statement?  The Zombie banks have sold the homes so many times that they don't know who owns the house.
I'M A DEPLORABLE KNUCKLEHEAD THAT SUPPORTS PRESIDENT TRUMP.  MAY GOD BLESS HIM AND KEEP HIM SAFE.

Offline agentbluescreen

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Re: "Old" Homes/"New" Mortgages: Disturbing Trend
« Reply #2 on: March 08, 2011, 12:32:06 pm »
Well with the massive labor exchange currency devaluation they are engineering, the glut of bundled-subprime devalued real estate repos they can't sell, the banksters have to consolidate ever more pounds of flesh to replace the riskless 'securities' they were usuring their worthless paper on.

This way they can steal even more (devalued but still better) collateral to manufacture more derivatives to sell to fatten their bonus checks with.

No Larson, he/she's talking about new, formerly never before liened-upon rural and acreage real estate "collateral" being dragged onto the Bankster's Mortgage Shylocking Pawn Shops to help them desperately try to maintain failing loans on not yet defaulted loans for their about to lose them kids suburban monster homes...
  

Offline kerrymti

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Re: "Old" Homes/"New" Mortgages: Disturbing Trend
« Reply #3 on: March 22, 2011, 07:55:50 am »
Right Blue, while Larson is right.  The point I was trying to make is that properties that have never had a mortgage on them are now being mortgaged.  I have done numerous searches recently, all the way back to the original land grant from the U.S.A. and never a mortgage...of course, the reason for my search would be to issue title insurance for a mortgage...in my many years doing this job, this phenomenon has just started within the last 6-8 months (where I am).  And, since I wrote that post, I have spoken to numerous other 'searchers' at the courthouse, they see the same trend (also talking about this gives me the opportunity to discuss other 'truth' ideas).