This recent story confirms just how confusing and innacurate the whole mortgage business has become. Zella Mae Green fell behind on her mortgage in 2004 and wanted to know who she owed payments to. The banks couldn’t provide a clear answer. Instead they made up several stories, including the one that they lost the documents. Incredible.
The numbers are in for Bank of America. And they’re bad. They’re not helping many homeowners with their Making Homes Affordable Program. Instead of doing short sales and deed in lieu, they are instead foreclosing too often. (more…)
In a report released today, the Financial Crisis Inquiry Commission found that “reckless” Wall Street firms, an abundance of cheap credit and “weak” federal regulators caused the crisis.
“This financial crisis could have been avoided. Let us be clear,” chairman Phil Angelides said at the Washington press conference marking the official release of the report. “The record is replete with evidence of failures. None of what happened was an act of God.” (more…)
In a recent court case in Utah, a homeowner had his mortgage eliminated because the court didn’t recognize the owner of his promissory note. This case is not very good for MERS. The Mortgage Electronic Registration Systems. Many are worried that the millions of mortgages MERS has could wind up the same way.
The court couldn’t find the owner of the promissory note because the required name wasn’t on any of the paperwork at the county courthouse. Instead, the name MERS was there. But MERS doesn’t own the mortgage.
MERS is a property-records database created by mortgage bankers. It’s essentially a very large spreadsheet that lists who owns the mortgages on millions of homes. (more…)
The Massachusetts Supreme Court ruled that the banks cannot foreclose on a property when they cannot prove that they have a legal claim to the mortgage. Sounds simple, right? The problem is that the banks have been improperly assigning mortgages for years. Due to cost or time constraints, most of the time over the last decade the banks simply left the name of the assignee blank.
The judges in the Massachusetts Supreme Judicial Court’s U.S. Bank v. Ibanez case said that the mortgage must be properly assigned, or it’s unenforceable. The ramifications are huge. This means that any assignment that did not specify the name of the assignee is in error and unenforceable. The banks have created title defects in millions of mortgages. (more…)
Bank Of America, GMAC Bank, JP Morgan Chase, and others, have all been found guilty of foreclosure fraud. Depositions by the banks employees revealed that the banks have been forging, falsifying, and fabricating documents in order to foreclose on millions of homes owned by unsuspecting American homeowners.
This comes as a result of the recent investigation launched by the Florida Attorney General’s office.
Additionally, Wells Fargo Bank has admitted to 55,000 counts of perjury in submitting false affidavits to the courts in its efforts to fraudulently foreclose on homeowners.
This is an arrogant display of lawlessness by the banks. And up to this point, nothing has been done by the Justice Department, or any other federal officials in the way of civil or criminal charges against the banks.
To see the full article Click Here.
It is a tough time to be a seller in San Diego – we all know it. Lots of homes on the market, a credit crunch that has eliminated the buyer pool, banks foreclosing on properties and listing them at discounted prices. Prices are dropping and it may be years before we see a rebound.
If you have to sell now, be prepared to give up a large chunk of the equity you have built up over the years.
But there are alternatives…
There are creative solutions for homeowners in all areas of residential real estate – including helping homeowners maximize their tax free gain from the sale of their home. (more…)
Secret Vote to Legalize Fraud by the Big Banks
MERS, The Foreclosure Documentation Mess and The Elephant in the Room!
by Peter Giardini on November 11, 2010
Unless you are Rip Van Winkle, it’s hard to not know about the latest foreclosure mess hovering over the housing market. This mess has to do with the manner in which lenders handled and processed the paperwork needed to proceed through various courts to obtain a foreclosure. (more…)
Owe more on your mortgage than your house is worth? The good news is that you don’t have to. With the real estate market in the situation it is, new options have sprung up to remove any debt beyond what the house is worth. In some cases the process could even remove the entire loan.
You read that right. Most homeowners in the US can have their over-encumbrance entirely removed. The amount they owe would drop to the current value of the house. Their monthly payments would drop as a result. They can then either stay in their house or sell it without requiring a short sale. (more…)