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Old 11-18-2011, 09:22 AM
 
28,803 posts, read 47,694,717 times
Reputation: 37905

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Quote:
Originally Posted by 007 license to sell View Post
As a potential buyer or someone that purchased a foreclosure a few years ago or even lately you will want to what this news article that was done on Channel 8.

<LI id=mbb4 class=g>I-Team Investigative Reports


<LI class=g>Source Channel 8 news


Amazing story and a clear example of a writer not understanding the meaning of the word proofread.

Edit: And a clear reason for not handing government processes over to private companies. Tea Party be damned, it doesn't work.

"Banks and third party service providers got the government to further privatize the paperwork process in order to streamline it, they said. A private company in Maryland called MERS took over for county recorders. The result has been millions of bogus mortgage documents signed by non-existent notaries. Homeowners who bought a foreclosed property could be in for a big surprise."
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Old 11-18-2011, 10:56 AM
 
Location: Paranoid State
13,044 posts, read 13,865,519 times
Reputation: 15839
Quote:
Originally Posted by eventusstultorummagister View Post
Gee. Add in tax evasion & they could be Obama's next nominees for Treasury Secretary.
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Old 11-18-2011, 08:24 PM
 
2,724 posts, read 4,763,638 times
Reputation: 1042
More and more bank skullduggery being exposed, "death spiral" is inevitable.
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Old 11-19-2011, 12:02 AM
 
2,724 posts, read 4,763,638 times
Reputation: 1042
What percentage of "all cash" purchases obtain title insurance? What happens when they sell and problems arise during the title search? Does the deal inevitably fall thru? How can these "investors' unload a property when they cannot determine who holds title? How would they go about clearing a clouded title when no information can be obtained because it was lost by MERS when mortgages were no longer being recorded by county government with no skin in the game?
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Old 11-19-2011, 01:06 AM
 
2,076 posts, read 4,073,195 times
Reputation: 2589
The only cash buyers not covered by title insurance would be auction buyers and they are well aware of that minimal risk.

A standard foreclosure sale, cash or not would have the sellers taking out a sellers title policy, which indirectly covers the buyer since guess who pays up if the buyer sues the seller for clouded title.

In my eyes, robo signing is a procedural issue which people are exploiting to try and become the "loophole" that gives them a free house. Ain't gonna happen.

Quote:
Originally Posted by eventusstultorummagister View Post
What percentage of "all cash" purchases obtain title insurance? What happens when they sell and problems arise during the title search? Does the deal inevitably fall thru? How can these "investors' unload a property when they cannot determine who holds title? How would they go about clearing a clouded title when no information can be obtained because it was lost by MERS when mortgages were no longer being recorded by county government with no skin in the game?
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Old 11-19-2011, 04:31 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,156,755 times
Reputation: 3900
Quote:
Originally Posted by WestieJeff View Post
The only cash buyers not covered by title insurance would be auction buyers and they are well aware of that minimal risk.

A standard foreclosure sale, cash or not would have the sellers taking out a sellers title policy, which indirectly covers the buyer since guess who pays up if the buyer sues the seller for clouded title.

In my eyes, robo signing is a procedural issue which people are exploiting to try and become the "loophole" that gives them a free house. Ain't gonna happen.
I wonder what ever happened to that lady from Florida that was living mortgage free for over 25 years? It was all over the news for a while.
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Old 11-19-2011, 06:31 AM
 
1,347 posts, read 2,448,277 times
Reputation: 498
Quote:
Originally Posted by von949 View Post
I wonder what ever happened to that lady from Florida that was living mortgage free for over 25 years? It was all over the news for a while.
The wheels came off her gravy train.

The Real Deal | South Florida Real Estate News
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Old 11-19-2011, 08:30 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,156,755 times
Reputation: 3900
Quote:
Originally Posted by tony soprano View Post
The wheels came off her gravy train.

The Real Deal | South Florida Real Estate News
Thanks. I was looking for an update but could not find anything.
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Old 11-19-2011, 08:56 AM
 
412 posts, read 915,882 times
Reputation: 166
Quote:
Originally Posted by WestieJeff View Post
The only cash buyers not covered by title insurance would be auction buyers and they are well aware of that minimal risk.

A standard foreclosure sale, cash or not would have the sellers taking out a sellers title policy, which indirectly covers the buyer since guess who pays up if the buyer sues the seller for clouded title.

In my eyes, robo signing is a procedural issue which people are exploiting to try and become the "loophole" that gives them a free house. Ain't gonna happen.
There are many people who will exploit it to their advantage, but robo signing is a crime or multiple crimes, not a procedural issue and it will come back to haunt future buyers of the property.
The people just need to do their jobs properly and stop cutting corners illegally.
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Old 11-19-2011, 05:04 PM
 
Location: Henderson
1,245 posts, read 1,828,374 times
Reputation: 948
Quote:
Originally Posted by Tires View Post
There are many people who will exploit it to their advantage, but robo signing is a crime or multiple crimes, not a procedural issue and it will come back to haunt future buyers of the property.
The people just need to do their jobs properly and stop cutting corners illegally.
I think it is just a procedural issue since the owner defaulted on his mortgage. Remember, he or she had her day in court. I agree that charges should be brought against folks who falsely certify court documents but fail to see how this alters the fundamental failure of the owner to make his or her payments.
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