[bayview6]

Originally Posted by eventusstultorummagister

"In a rush to buy and sell mortgages as quickly as possible, lenders have also destroyed and/or severely diluted over 400 years of land title records dating back to the colonial United States"


See for yourself, the effects of "broken chains of title" are far reaching...

http://harbingerag.com/Papers/MERS%2...20Combined.pdf

The lawyers are already beginning to circle the wagons.

I tried to warn people <shrug>

The chain of title is determined by a court of law. Boundaries are not affected by foreclosure proceedings since boundaries are determined by surveys which can be repeated.

"broken chains of title" doesn't affect marketability since most titles have some error in them somewhere.

Lawyers are always on the look out to make a buck, doesn't mean they will be successful.

[bayview6]

Originally Posted by eventusstultorummagister

...here comes the class actions

"The suit filed in Clark County District Court in Las Vegas alleges violations of Nevada’s Deceptive Trade Practices Act, seeks to block pending foreclosures involving allegedly forged LPS documents and seeks unspecified damages for completed foreclosures."

Nevada homeowners file class-action lawsuit over foreclosure robosignings - VEGAS INC

Any lawyer can file a lawsuit, doesn't mean that they will be successful, especially in a State like Nevada.

My experience with class action lawsuits is that the members of the class get practically zilch while the attorneys take most of the "damages" as fees.

Hard to see any individual plaintiff having any damages since they were in default on their mortgage.

[eventusstultorummagister]

NRS 598D.100 - Unfair Lending Practices (aka Predatory Lending Act)

1. b. Knowingly or intentionally make a home loan, other than a reverse mortgage, to a borrower, including, without limitation, a low-document home loan, no-document home loan or stated-document home loan, without determining, using any commercially reasonable means or mechanism, that the borrower has the ability to repay the home loan.

Treble (3x) damages.

[bayview6]

Originally Posted by eventusstultorummagister

NRS 598D.100 - Unfair Lending Practices (aka Predatory Lending Act)

1. b. Knowingly or intentionally make a home loan, other than a reverse mortgage, to a borrower, including, without limitation, a low-document home loan, no-document home loan or stated-document home loan, without determining, using any commercially reasonable means or mechanism, that the borrower has the ability to repay the home loan.

Treble (3x) damages.

That's a different matter all together. Really don't see the connection to the robo-signing mess.

[007 license to sell]

[SIZE=3]This is important news as a potential buyer. It could mean lower inventory and a temporary increase in home prices .[/SIZE]
[SIZE=3][/SIZE]
Nevada homeowners file class-action lawsuit over foreclosure robosignings

[bayview6]

Originally Posted by 007 license to sell

[SIZE=3]This is important news as a potential buyer. It could mean lower inventory and a temporary increase in home prices .[/SIZE]
[SIZE=3][/SIZE]
Nevada homeowners file class-action lawsuit over foreclosure robosignings

Exactly, unless buyers find a good deal they should wait until the foreclosure flood starts again. Probably half way through it.

[eventusstultorummagister]

If the Nevada AG is successful (I suggest everyone read the Nevada vs. Bank of America 2nd Amended Complaint) this could potentially pave the way for private lawsuits and the damages could be massive. There are many more issues in addition to "chain of title".

HAMP was a dismal failure, the banks continued to engage in robo-signing despite their pious promises otherwise. What a surprise... it turns out the bankers are criminals after all.
Nothing new here.

"The best way to restore the housing market, the rule of law, and faith in the American system is by rounding up criminal enterprises masquerading as banks"


There is already a gathering storm of homeowners in the hardest hit states who are preparing to take their property back (free and clear), that's right, they will never make another mortgage payment again! Things are beginning to heat up...
Homeowners can file a Notice of Rescission(Fed. Truth in Lending Act), the bank then has 20 calendar days to reverse the lien on the note(THEY CANNOT DO IT!), if the bank does not respond the homeowner can demand the return of his down payment, monthly payments and closing costs. After the quiet title action clears the title, the aggrieved homeowner can also sue for 3 TIMES the loan balance in STATUTORY DAMAGES!

[007 license to sell]

POTENTIAL LAS VEGAS RENTERS BEWARE !!!
In case anyone looking for rentals didn't know about the CURRENT rental scams that are going on in and around Las Vegas you should know that people looking to rent homes are being scammed. The homes are usually vacant and or under short sale/foreclosure. The suspect(s) advertise rentals in the Review Journal and /or Craigslist.
They access the legal owners name and use a residential lease agreement. They portray to represent the homeowner in the rental property and/or represent themselves as the owner of the property when they in fact are not. They claim the locks have been changed to the new tenant and they do have a key to the property. The suspects write a residential lease and use an address to send future rent payment to 806 Beech St San Diego CA 92137. This warning was published in the mls for all realtors to be vigilant in watching for scammers.

[007 license to sell]

I think most people will agree with this article. As a person who has witnessed this first hand I do agree with Larry Murphy in this article. I continue to see banks continue to get away with things that if it were the everyday person were to try that person would be in jail. Everytime a new regulation is put into place to prevent them from doing what they continue to do to keep this housing travesty going,banks either ignore the new regulations or have found legal ways around them.

How about 'too big to go to jail'?

[Tek_Freek]

Originally Posted by 007 license to sell

I think most people will agree with this article. As a person who has witnessed this first hand I do agree with Larry Murphy in this article. I continue to see banks continue to get away with things that if it were the everyday person were to try that person would be in jail. Everytime a new regulation is put into place to prevent them from doing what they continue to do to keep this housing travesty going,banks either ignore the new regulations or have found legal ways around them.

How about 'too big to go to jail'?

If the twits writing the regulations would do it correctly this wouldn't be a problem.