[007 license to sell]

Here are some articles of what is being said about the foreclosure moritorium:
Nevada attorney general asks lenders to temporarily halt foreclosures

As politicians complain about mortgage fraud nationwide, Nevada's attorney general is calling on all residential lenders to...

[SIZE=-1]Reston-based company MERS in the middle of foreclosure chaos[/SIZE]
[SIZE=-1](By Brady Dennis and Ariana Eunjung Cha, The Washington Post)[/SIZE]

This article on a buyer purchasing a short sale with cash pssobly losing the home because of apossible mortage fraud just like the foreclosures is really bad!!
[SIZE=4]Man Who Had No Mortgage Faced Foreclosure Anyway: Ann Woolner ...[/SIZE]
Oct 7, 2010 ... All, Articles, Podcasts, Slide Shows, Video. Channel .... (Ann Woolner is a Bloomberg News columnist. The opinions expressed are ... To contact the writer of this column: Ann Woolner in Atlanta at awoolner@bloomberg.net ...
www.businessweek.com/news/.../man-who-had-no-mortgage-faced-foreclosure-anyway-ann-woolner.html

[SIZE=4]Flawed Foreclosure Documents Thwart Home Sales - NYTimes.com[/SIZE]
Oct 7, 2010 ... Chip Litherland for The New York Times ... Andrew Martin reported from Florida and David Streitfeld from California. ...
www.nytimes.com/2010/10/08/.../08frozen.html -

[sdreloc]

Originally Posted by 007 license to sell

Here are some articles of what is being said about the foreclosure moritorium:
Nevada attorney general asks lenders to temporarily halt foreclosures

As politicians complain about mortgage fraud nationwide, Nevada's attorney general is calling on all residential lenders to...

[SIZE=-1]Reston-based company MERS in the middle of foreclosure chaos[/SIZE]
[SIZE=-1](By Brady Dennis and Ariana Eunjung Cha, The Washington Post)[/SIZE]

This article on a buyer purchasing a short sale with cash pssobly losing the home because of apossible mortage fraud just like the foreclosures is really bad!!
[SIZE=4]Man Who Had No Mortgage Faced Foreclosure Anyway: Ann Woolner ...[/SIZE]
-

Forged signatures and lying notaries. Well, that's what happens when banks have no oversight and no consequences for wrongdoing.

[LVPoker1]

It would seem pretty simple to me. You either made your mortgage payment or you didn't. Someone that defaults and then tries to pull the "Your paperwork isn't perfect so now I'm going to squat on the house I won't pay you for" is a complete scumbag thief. We don't need to be pandering to them.

It's one thing to make an honest mistake with your finances, it is another to commit fraud and then try to drag it out even longer so you can have a free place to stay. It seems very simple to me:

1. You made your payments
2. You didn't make your payments

There is no gray area here.

[sdreloc]

Originally Posted by LVPoker1

It would seem pretty simple to me. You either made your mortgage payment or you didn't. Someone that defaults and then tries to pull the "Your paperwork isn't perfect so now I'm going to squat on the house I won't pay you for" is a complete scumbag thief. We don't need to be pandering to them.

It's one thing to make an honest mistake with your finances, it is another to commit fraud and then try to drag it out even longer so you can have a free place to stay. It seems very simple to me:

1. You made your payments
2. You didn't make your payments

There is no gray area here.

You missed that the banks committed fraud forging signatures and hiring notaries that committed more fraud claiming to witness these signatures and the fact that they were so careless and reckless that they tried to foreclose on the new owner of a house who paid in cash.

[LVPoker1]

Originally Posted by sdreloc

You missed that the banks committed fraud forging signatures and hiring notaries that committed more fraud claiming to witness these signatures and the fact that they were so careless and reckless that they tried to foreclose on the new owner of a house who paid in cash.

These are different circumstances than the article in LVRJ recently where people who were in default were purposely dragging out the process hoping the paperwork wasn't done correctly so they could try to squat longer if not even have their note dismissed. If a bank commits fraud or other serious errors that is one thing but people that are in default should not have this technicality backdoor. All it does is hurt the honest people that pay their bills.

I understand people make honest money errors, get disabled, get laid off long term etc. My beef isn't with those people it is with the people who are being dishonest by trying to nail the banks on a technicality when they know they have not made a payment in months. It ruins the banking process for honest people. Anyone that tries that scam should be forever removed from the credit markets.

















































mod interpose: A series of posts have been removed because the articles cited have pertained to general issues on a national level. Although those issues may pertain to the local market, they have the tendency to lead the discussion here in this thread to the national market in general. we have a real estate forum here at City-Data Forums where there are a number of threads discussing the real estate market in general. Please keep the conversation in this thread focused on LAS VEGAS ...if you cite an article from a national publication, qualify and justify the reason you are citing it and how it relates to the local market. Further attempts to argue and bicker about the real estate market on a national level will be removed unless there is some demonstration that it relates to the local market. Thanks. --'r

[tony soprano]

Well, that didn't take too long.

B of A to resubmit foreclosure docs by Oct 25: WSJ - MarketWatch

[sdreloc]

Originally Posted by tony soprano

Well, that didn't take too long.

B of A to resubmit foreclosure docs by Oct 25: WSJ - MarketWatch

Hmm, on the same page, I found this in the comments:

There are so many issues:

1) Original promissory note and mortgage must not be separated or they become invalid (a note without the security deed is useless).
2) The original wet/blue-ink mortgage papers must be intact and in court to verify the foreclosure - MERS destoryed them when they digitized them to 'streamline' the process.
3) The MERS database is incomplete, inaccurate, and unreliable - resulting in multiple banks trying to foreclose on the same property - and some foreclosures on properties that are not mortgaged.
4) None of the transactions or sales or assignments were documented at their respective courthouses (as required by law) - invalidating the chain of custody
5) Missing documents were simply 'recreated' (i.e. forged) by willing firms such as DocX and LPS. The forgeries were so blatant, assignments were post dated to before the loans were written!
6) The same person was signing as VP for BoA on one document, and Chase on the next.
7) Notary stamps with the same name and commission number were being signed dozens of different ways.

The point is, these errors and fraudulent acts cloud the title on virtually every home (other than new construction). This egg simply cannot be unscrambled.

[tony soprano]

Originally Posted by sdreloc

Hmm, on the same page, I found this in the comments:

I guess BAC hasn't read his comments...or didn't think much of them.

[olecapt]

AP report suggest it is only in the judicial foreclosure states and that new paper is being worked up...

Would be nice if it just went away.

I can see no effect on the Las Vegas market other than a small but real drop in the price of REOs. Inventory has continued to grow as it was including REOs.

It does not appear that BAC has turned off local foreclosures.

[vegaslocal55]

http://news.yahoo.com/s/ap/20101018/ap_on_bi_ge/us_bank_of_america_foreclosures
Isnt' this saying that foreclosures will not resume in NV as early as they will in other states? I've also heard that approximately half of the homes scheduled at the trustee sales are being taken off the schedule.