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Robo-signing isn't an issue in Oregon because we do Trustee Deed's here. Nothing to robo-sign.
Homeowners choose short sales. You are confused. Most homeowners could care less about MERS and the issues surrounding it. All short sales sellers are advised to seek attorney counsel and only the rare one does. They are class acts that know that if they lose their job or have to relocate for work, they can't afford to make the payments regardless of the banks transgressions. So they move on. They aren't forced into anything. They make a choice.
52% of foreclosures in my city aren't MERS related with no title transfers. There is no issue in working with those at all and if you want to tell people not to buy those homes that is your choice. Many of them are very nice. Also, not all MERS foreclosures had title transfers, so they may be perfectly legal in my state.
You assume too much and are trying to make generalized statements about the situation when there are 50 states with separate laws and practices regarding foreclosures. It isn't helpful to consumers get educated when you make uninformed statements, like when you said that some Oregon buyers had to move out of a foreclosed house. You never did give me that link that supported that statement.
This reporter seems to think your wrong. It would be interesting to contact your attorney general and get his opinion.
From what i see, the robo's are alive and well in Oregon.
Regardless of Trust Deeds status there are NOTES. Which define the owner (possessor of the real property).
So you keep helping those short sellers destroy the value of American Homes.
Whats the deal with this nonsense. I have read alot in the last few weeks about people squatting in homes that have been left by previous owners and that do not have a mortgage company claiming ownership of the property either, and they are able to secure the house by paying the back property taxes and filing paperwork in the county it is in.
Details on the law vary from state to state, but one thing they have in common is that it takes several years or even decades of continuous "squatting" to assume title to property by way of adverse possession. And it doesn't have to be by squatting either -- the most common adverse possession claim is a change in property lines, particularly when someone builds a fence that encroaches on a neighbor's property and the neighbor never does anything about it. The public policy basis behind adverse possession laws is to keep or return otherwise abandoned property to productive use.
This reporter seems to think your wrong. It would be interesting to contact your attorney general and get his opinion.
From what i see, the robo's are alive and well in Oregon.
Regardless of Trust Deeds status there are NOTES. Which define the owner (possessor of the real property).
So you keep helping those short sellers destroy the value of American Homes.
The Oregon situation mentioned in this article is not related to robo-signing, rather it was failing to properly record the transfer (if you recall, this was the same issue in your previous discussions about Oregon foreclosures).
So what alternative do these "value destroying" homeowners have when faced with a hardship that does not allow them to maintain their mortgage payments? Just let them go to foreclosure? Now you've further impacted their lives as well as returning the homes to the banks for additional loss of value.
Yeah, "class acts" that bought their homes with zero down, wrapped the closing costs into the loan, got a 5 year ARM with initial payments being half of what it would have cost to even rent the same house, then took out home equity lines of credit during the boom to finance lifestyles they couldn't afford. - Then on top of all of that, run to the hills when the day comes that they have a head on crash with something called reality and realize they would be better off giving the property back to a bank and going to rent an apartment. Real class acts.
My city was hit hard with unemployment as we are the state capital. What are people supposed to do? Sit in their homes when they don't have a job? Seems to be the better thing to do is get a new job and often that means moving out of the area. You want them to move out and let it rot?
Not everyone lived beyond their means. Some people put 20% and still are underwater AND lost their jobs.
This reporter seems to think your wrong. It would be interesting to contact your attorney general and get his opinion.
From what i see, the robo's are alive and well in Oregon.
Regardless of Trust Deeds status there are NOTES. Which define the owner (possessor of the real property).
So you keep helping those short sellers destroy the value of American Homes.
Do you know how to read? This article is talking about the MERS deficiencies and robo-signing across the nation, and specifically calls out the Oregon issues of failing to properly record the title transfers. They didn't create fraudulent documents (yet anyway), they just didn't record what they were supposed to per our laws. You talk about the American consumer getting educated, yet you continue to spew ill-informed comments on here with links that don't back up what you say.
The three trainings that I have gone to on MERS were all done by Oregon attorneys. I'll trust their opinion over yours any day because they actually read the cases that come across their desks and are familiar with Oregon laws.
So you think when people relocate for work to say...feed their families, that they should just let those homes rot behind them? Because that is good for home values?
Since you are such an expert on foreclosure laws across the nation, pray tell, what is your solution to this problem?
Yeah, "class acts" ...
... bought ... with zero down, ...
... closing costs into the loan, ...
... got a 5 year ARM ...
... took out home equity lines ...
Do you really believe those guys are still around?
The last one of "them" were shaken out in 2008.
The ones bailing these days are people who have burned through savings
after losing jobs, etc. Zero down? I put over 20% down and am under
water. I could see someone in my situation having to bail with a job loss.
The only guy I know that you describe above bailed in 2007 as I was
selling my house next door in 2007 in Chandler. How could those people
possibly have lasted this long? Your brush is broad, but your logic is thin.
Quote:
Originally Posted by Silverfall
... pray tell, what is your solution to this problem?
You didn't ask me, but a good start would be to give existing
mortgagors market rates of interest if they are current on their loans.
All the federal mortgage aid went to people who were delinquent, yet
the unemployed and underemployed who are paying 6-7-8% or so can't
refinance due to both income and market value drops.
Even a person making 3x what is required to service their mortgage
cannot refinance if their house is under water. The system sux.
A good start would be to give them all a market rate right now and forever.
Do you know how to read? This article is talking about the MERS deficiencies and robo-signing across the nation, and specifically calls out the Oregon issues of failing to properly record the title transfers. They didn't create fraudulent documents (yet anyway), they just didn't record what they were supposed to per our laws. You talk about the American consumer getting educated, yet you continue to spew ill-informed comments on here with links that don't back up what you say.
The three trainings that I have gone to on MERS were all done by Oregon attorneys. I'll trust their opinion over yours any day because they actually read the cases that come across their desks and are familiar with Oregon laws.
So you think when people relocate for work to say...feed their families, that they should just let those homes rot behind them? Because that is good for home values?
Since you are such an expert on foreclosure laws across the nation, pray tell, what is your solution to this problem?
Your simply wrong. Robo signing is happening in Oregon. I have seen the documents for myself.
There is no state immune from bankers using fraud ridden documents.
That are signed by multiple people using the same name.
Solution 1
Let the bankers lose, it was their gamble. Let the free market play itself out.
Then prosecute those that manipulated and traded the Credit default swaps, and played both sides of the hedge fund game in order to time huge profits.
Solution 2
Prosecute the Rating companies that sold junk as AAA paper.
Solution 3
Create a realistic modification structure that actually allows people to keep their homes.
Solution 4
Buy local everything. So that we can put some Americans back to work.
If it ain't made here, you don't need it.
And one of the best ways to stop the fraud is for Real Estate Agents to stop being facilitators of fraud and theft and boycott the Bank owned properties.
Your simply wrong. Robo signing is happening in Oregon. I have seen the documents for myself.
There is no state immune from bankers using fraud ridden documents.
That are signed by multiple people using the same name.
Show me some links to copies of documents. I still think whatever you are claiming to have seen is of the rare situation and not widespread. If banks decide to start recording transfers in Oregon in order to foreclose...then I think fraudulent signatures will become an issue.
Solution 1
Quote:
Originally Posted by modeerf
Let the bankers lose, it was their gamble. Let the free market play itself out.
So if the big 8 fail, your plan for credit, which makes the economy go round is what???
Quote:
Originally Posted by modeerf
Then prosecute those that manipulated and traded the Credit default swaps, and played both sides of the hedge fund game in order to time huge profits.
Solution 2
Prosecute the Rating companies that sold junk as AAA paper.
You are willing to make the American people pay for these massive lawsuits with tax increases?? Because we as a country are so flush with cash right now?
Quote:
Originally Posted by modeerf
Solution 3
Create a realistic modification structure that actually allows people to keep their homes.
And what would that be? Spell it out because we know the government can't do it.
Quote:
Originally Posted by modeerf
Solution 4
Buy local everything. So that we can put some Americans back to work.
If it ain't made here, you don't need it.
The American consumer has chosen and they choose cheap crap from other countries over American made goods everyday. Jobs have been shipped overseas for decades and the American consumer doesn't care because they like cheap things. They don't care.
My husband is in the manufacturing sector and saw the economic woes coming 2 years before the housing collapse. His industry has a 2-3 year lead on what is happening in the economy. He's been in his industry for 20 years and has watched company after company move overseas. Our nation doesn't care because they don't get that people that aren't college oriented need jobs and those are in the manufacturing sector.
He can also tell you that going into the union plants was insanity and isn't a fan of the manufacturing unions either. He said it is crystal clear why companies fail here and move overseas. We can't be as efficient as other nations.
Quote:
Originally Posted by modeerf
And one of the best ways to stop the fraud is for Real Estate Agents to stop being facilitators of fraud and theft and boycott the Bank owned properties.
You can't forget about all the attorneys involved too. You need to slam them as well as real estate agents, since many foreclosures are done via attorneys, and attorneys are the ones that give the go ahead on title transfers. You should write to all the bar associations and tell them their attorneys are decimating the American way by participating in this fraud.
If you think letting foreclosures sit empty is good for cities, you are entitled to think that. I disagree.
Whats the deal with this nonsense. I have read alot in the last few weeks about people squatting in homes that have been left by previous owners and that do not have a mortgage company claiming ownership of the property either, and they are able to secure the house by paying the back property taxes and filing paperwork in the county it is in.
From what I know, in many Latin American countries, if you occupy (squat on) the land for a number of years, and the property owner does not do anything, you become entitled in some way to the land. Of course, in most of those countries, most land was traditionally held by a few wealthy owners, leaving the masses poor.
From what I know, in many Latin American countries, if you occupy (squat on) the land for a number of years, and the property owner does not do anything, you become entitled in some way to the land. Of course, in most of those countries, most land was traditionally held by a few wealthy owners, leaving the masses poor.
Maybe this is a form of that?
Our adverse possession laws are similar, but they are descended from English common law whereas most Latin American countries use civil law that originated in France.
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