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If I had any money invested in any of the big mortgage lenders I'd think real hard about pulling it out before the SHTF!
"If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months. Foreclosuregate is about to explode. It is being alleged that many prominent mortgage lenders have been using materially flawed paperwork to evict homeowners. Apparently officials at quite a few of these firms have been signing thousands upon thousands of foreclosure documents without even looking at them. In addition, it is being alleged that much of the documentation for these mortgages that are being foreclosed upon is either "improper" or is actually "missing". As lawyers start to smell blood in the water, lawsuits challenging these foreclosures have already started springing up from coast to coast. In fact, some are already calling Foreclosuregate the biggest fraud in the history of the capital markets. JPMorgan Chase, Ally Bank's GMAC Mortgage and PNC Financial have all suspended foreclosures in the 23 U.S. states where foreclosures must be approved by a judge. Bank of America has actually suspended foreclosures in all 50 states. Now, law enforcement authorities from coast to coast are calling for investigations into this controversy and it could be years before this thing gets unraveled."
It should not surprize anyone that the banks are now forging documentation. They have been rewarded for their illegal activities in the past, and will probably be again. Perhaps after about 10 more years of this kind of thing, people wise up and will begin to understand the concept of "Moral Hazards".
What better way to recoup some costs then to foreclose on a home they didn't hold a mortgage on and then resell it in the open market ?
How low will they go...outright fraud and they don't even blink about it.
Instead someone got a politician in DC to quickly put forth a bill that got passed by both House and Senate and ended up on Obama's desk.
Our entire financial,political system is corrupt to the bone.
If I had any money invested in any of the big mortgage lenders I'd think real hard about pulling it out before the SHTF!
"If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months. Foreclosuregate is about to explode. It is being alleged that many prominent mortgage lenders have been using materially flawed paperwork to evict homeowners. Apparently officials at quite a few of these firms have been signing thousands upon thousands of foreclosure documents without even looking at them. In addition, it is being alleged that much of the documentation for these mortgages that are being foreclosed upon is either "improper" or is actually "missing". As lawyers start to smell blood in the water, lawsuits challenging these foreclosures have already started springing up from coast to coast. In fact, some are already calling Foreclosuregate the biggest fraud in the history of the capital markets. JPMorgan Chase, Ally Bank's GMAC Mortgage and PNC Financial have all suspended foreclosures in the 23 U.S. states where foreclosures must be approved by a judge. Bank of America has actually suspended foreclosures in all 50 states. Now, law enforcement authorities from coast to coast are calling for investigations into this controversy and it could be years before this thing gets unraveled."
The title fiasco aside (and that is indeed a nightmare beyond comprehension), is this generally good or bad for the homeowner being foreclosed on? Doesn't it mean they get to stay in their homes longer? Or is it that many don't want to, just want to walk away?
The title fiasco aside (and that is indeed a nightmare beyond comprehension), is this generally good or bad for the homeowner being foreclosed on? Doesn't it mean they get to stay in their homes longer? Or is it that many don't want to, just want to walk away?
When you are foreclosed on you must legally vacate the property in question since you now have no rights to it any longer. That said, due to the sheer number of foreclosures some people do remain in the house after foreclosure until the sheriff can evict them...... and that can take awhile.
When you are foreclosed on you must legally vacate the property in question since you now have no rights to it any longer. That said, due to the sheer number of foreclosures some people do remain in the house after foreclosure until the sheriff can evict them...... and that can take awhile.
What are the squatters rights in this country? Could owners legally stay?
When you are foreclosed on you must legally vacate the property in question since you now have no rights to it any longer. That said, due to the sheer number of foreclosures some people do remain in the house after foreclosure until the sheriff can evict them...... and that can take awhile.
If they can prove fraud (like they can't trace clear title due to the fraud), could owners stay? What are the squatters rights in this country?
What are the squatters rights in this country? Could owners legally stay?
Quote:
Originally Posted by newenglandgirl
If they can prove fraud (like they can't trace clear title due to the fraud), could owners stay? What are the squatters rights in this country?
Both of these questions are covered under the "Law of Adverse Possession".
"Adverse possession is a process by which premises can change ownership. It is a common law concept concerning the title to real property (land and the fixed structures built upon it). By adverse possession, title to another's real property can be acquired without compensation, by holding the property in a manner that conflicts with the true owner's rights for a specified period. For example, "squatter's rights" are a specific form of adverse possession.
Both of these questions are covered under the "Law of Adverse Possession".
"Adverse possession is a process by which premises can change ownership. It is a common law concept concerning the title to real property (land and the fixed structures built upon it). By adverse possession, title to another's real property can be acquired without compensation, by holding the property in a manner that conflicts with the true owner's rights for a specified period. For example, "squatter's rights" are a specific form of adverse possession.
Both of these questions are covered under the "Law of Adverse Possession".
"Adverse possession is a process by which premises can change ownership. It is a common law concept concerning the title to real property (land and the fixed structures built upon it). By adverse possession, title to another's real property can be acquired without compensation, by holding the property in a manner that conflicts with the true owner's rights for a specified period. For example, "squatter's rights" are a specific form of adverse possession.
Does this have any application in the foreclosure mess?
Not to be a smart pants here but did you read both references? If you did, and you understand them, then you will see that like all things legal "possession is nine tenths of the law".
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