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Old 02-24-2009, 04:25 PM
 
Location: Up above the world so high!
45,270 posts, read 86,054,517 times
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Hope this helps some of you!


YouTube - Produce the Note - Fighting Foreclosure - CNN

http://abclocal.go.com/wpvi/story?section=news/consumer&id=6675557 (broken link)
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Old 02-24-2009, 04:49 PM
 
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Quote:
Originally Posted by lovesMountains View Post
Hope this helps some of you!


YouTube - Produce the Note - Fighting Foreclosure - CNN

6abc.com and Action News: Fight foreclosure: "Produce the note" - 2/24/09 - Philadelphia News - 6abc.com (http://abclocal.go.com/wpvi/story?section=news/consumer&id=6675557 - broken link)
Yeah, I read a similiar article on MSNBC.

On top of that, it'll take at least 6 months just to get a default notice in some states hit hardest from the foreclosure crisis. My friend is renting a million dollar home. He started renting in August 2008 and just got a letter from the bank that his landlord had stopped paying the mortgage in June 2008.

So it took 8 months before the bank started foreclosure proceedings. But they are so backed up that my friend says he will be probably able to complete his lease before the foreclosure process is completed.

So the landlord gets 12 months in lease payments without even making a single mortgage payment.

Now that's a different spin on how people can take advantage of the situation.
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Old 02-24-2009, 09:18 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
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Quote:
Originally Posted by aneftp View Post
Yeah, I read a similiar article on MSNBC.

On top of that, it'll take at least 6 months just to get a default notice in some states hit hardest from the foreclosure crisis. My friend is renting a million dollar home. He started renting in August 2008 and just got a letter from the bank that his landlord had stopped paying the mortgage in June 2008.

So it took 8 months before the bank started foreclosure proceedings. But they are so backed up that my friend says he will be probably able to complete his lease before the foreclosure process is completed.

So the landlord gets 12 months in lease payments without even making a single mortgage payment.

Now that's a different spin on how people can take advantage of the situation.
That is actually illegal and many states and municipalities are starting to crack down on this. You may want to advise your friend to talk to an attorney to see if he has any recourse.
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Old 02-26-2009, 08:37 AM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,474 posts, read 25,701,761 times
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Quote:
Originally Posted by Daddys///M3 View Post
That is actually illegal and many states and municipalities are starting to crack down on this. You may want to advise your friend to talk to an attorney to see if he has any recourse.
It is illegal. I have a firend of a friend that was doing this and got busted. He's now doing 5 years in jail. If they can't pay the mortgage then they still shouldn't be taking rent in.
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Old 02-27-2009, 08:25 AM
 
2,197 posts, read 6,592,971 times
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This "produce the note" gimmick has had its day. There are other ways a lender can show that they own a mortgage, and judges are allowing them leeway. That lawyer in Florida (I think it was Florida) got a nice little piece of publicity for herself, but the tactic isn't working so well everywhere. Loopholes are like Ponzi schemes; the first ones exploiting them get the most benefits.
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Old 07-02-2011, 03:16 PM
 
3,337 posts, read 2,482,864 times
Reputation: 921
Default People suck, Bankers suck more

Quote:
Originally Posted by goodbyehollywood View Post
This "produce the note" gimmick has had its day. There are other ways a lender can show that they own a mortgage, and judges are allowing them leeway. That lawyer in Florida (I think it was Florida) got a nice little piece of publicity for herself, but the tactic isn't working so well everywhere. Loopholes are like Ponzi schemes; the first ones exploiting them get the most benefits.

The Ponzi scheme belongs to the Mortgage bankers, Title Co's and the MBS insurers....
Apparently the notes have been destroyed in many MERS cases, and people are winning in Oregon.


http://http://www.oregonlive.com/business/index.ssf/2011/06/oregon_judge_voids_foreclosure.html (broken link)
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Old 07-02-2011, 03:18 PM
 
3,337 posts, read 2,482,864 times
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Quote:
Originally Posted by beckycat View Post
It is illegal. I have a firend of a friend that was doing this and got busted. He's now doing 5 years in jail. If they can't pay the mortgage then they still shouldn't be taking rent in.
If they own the house, they can do what they like. If it was legally foreclosed on, then the bank should have the home in their control, and the lease is transferred to them.
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Old 07-04-2011, 11:55 AM
 
3,576 posts, read 5,904,462 times
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Quote:
Originally Posted by modeerf View Post
If they own the house, they can do what they like. If it was legally foreclosed on, then the bank should have the home in their control, and the lease is transferred to them.
Legally in Florida. The tenant still has to pay the landlord even though the landlord has stopped paying the mortgage. My friend who was renting got legal help and his attorney said to keep paying until the second to last month. My friend did not pay the last months rent because the attorney told him most likely those scammers would not return the deposit. And it's too costly for them to go after one months rent late (since they could use the one month deposit already given them)

The end result of my friend in St Augustine was the landlord did go to jail (and still is in jail). But the real reason he sits in jail was because as he was about to lose multiple investment homes, he illegal transferred the deed to a disbarred lawyer. That slowed the foreclosure processed even more and they kept on leasing these investment homes out. I wish I am making up this stiff but that's what these landlord did. They were from California and brought like 20-30 properties and they tried to get rich quick and it backfired on them. I am sure they lied on their loan apps also.
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