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Old 10-11-2010, 12:25 PM
 
Location: Planet Eaarth
8,955 posts, read 18,842,624 times
Reputation: 7193

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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."


Foreclosuregate
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Old 10-11-2010, 01:50 PM
 
Location: San Diego California
6,797 posts, read 6,660,870 times
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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".
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Old 10-11-2010, 04:16 PM
 
Location: Great State of Texas
86,068 posts, read 77,105,126 times
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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.
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Old 10-11-2010, 07:08 PM
 
Location: Near a river
16,042 posts, read 20,157,061 times
Reputation: 15736
Quote:
Originally Posted by Tightwad View Post
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."


Foreclosuregate
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?
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Old 10-11-2010, 07:17 PM
 
Location: Planet Eaarth
8,955 posts, read 18,842,624 times
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Quote:
Originally Posted by newenglandgirl View Post
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.
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Old 10-11-2010, 07:21 PM
 
Location: Near a river
16,042 posts, read 20,157,061 times
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Quote:
Originally Posted by Tightwad View Post
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?
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Old 10-11-2010, 07:23 PM
 
Location: Near a river
16,042 posts, read 20,157,061 times
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Quote:
Originally Posted by Tightwad View Post
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?
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Old 10-12-2010, 09:56 AM
 
Location: Planet Eaarth
8,955 posts, read 18,842,624 times
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Quote:
Originally Posted by newenglandgirl View Post
What are the squatters rights in this country? Could owners legally stay?
Quote:
Originally Posted by newenglandgirl View Post
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.


Adverse possession - Wikipedia, the free encyclopedia

http://www.freeuslaw.com/squatters-right.htm
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Old 10-12-2010, 10:28 AM
 
Location: Near a river
16,042 posts, read 20,157,061 times
Reputation: 15736
Quote:
Originally Posted by Tightwad View Post
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.


Adverse possession - Wikipedia, the free encyclopedia

What are Squatters Rights?
Does this have any application in the foreclosure mess?
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Old 10-13-2010, 10:59 AM
 
Location: Planet Eaarth
8,955 posts, read 18,842,624 times
Reputation: 7193
Quote:
Originally Posted by Tightwad View Post
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.


Adverse possession - Wikipedia, the free encyclopedia

What are Squatters Rights?
Quote:
Originally Posted by newenglandgirl View Post
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".

This may explain it better.......
http://www.nytimes.com/2006/07/02/re...te/02home.html
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