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Old 10-24-2009, 07:24 PM
 
Location: Lowcountry
764 posts, read 1,532,242 times
Reputation: 416

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Is this an anomaly or just a taste of things to come?

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Old 10-24-2009, 07:36 PM
 
Location: NE Gwinnett
110 posts, read 222,253 times
Reputation: 67
HA! That's pretty durn funny...
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Old 10-24-2009, 09:06 PM
 
Location: Salem, OR
15,166 posts, read 37,781,853 times
Reputation: 16155
Quote:
Originally Posted by Flat2MT View Post
Is this an anomaly or just a taste of things to come?

The New York Times > Log In

I know that in FL several foreclosures were stopped because the lender couldn't present the note. I've never heard of debt being erased like that though...
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Old 10-25-2009, 08:56 AM
 
Location: Just south of Denver since 1989
11,631 posts, read 32,483,911 times
Reputation: 8443
I think it will come up a lot in the future when short sale sellers recover their income or overcome their hardship and the lender tries to sue to recover some or all of the deficiency...they will have to produce the original note.
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Old 10-25-2009, 10:00 AM
 
1,989 posts, read 4,258,183 times
Reputation: 1396
This "produce the note" business seems disingenuous to me. You know you bought the house, you know who you bought it from, you know how much you owe. Playing technical games to escape your obligations is low.
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Old 10-25-2009, 10:09 AM
 
Location: Just south of Denver since 1989
11,631 posts, read 32,483,911 times
Reputation: 8443
Sorry, but not until after closing is the real investor known. The servicing can be sold twice a year. You have no idea if the servicer bringing the lawsuit has permission to or any authorization....unless they can produce the note.

Fraud seems to be a gigantic game here.
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Old 10-25-2009, 10:23 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 36,247,834 times
Reputation: 2661
So you should pay off some random dude? Note that lenders have certain requirements as to mods and giving the consumer a fair break. If they don't do this because they don't actually own the mortgage what happens?

Needs work from some source.
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Old 10-25-2009, 11:05 AM
 
1,989 posts, read 4,258,183 times
Reputation: 1396
I have yet to hear of a bank trying to collect on a loan that someone else "owns." Fraud is rampant, but so far, this is not one I've heard of.

If I need to be corrected on this, post a few links citing examples and I'll humbly stand corrected. Otherwise, it does feel like debtors are getting off on a technicality.
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Old 10-25-2009, 11:29 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 36,247,834 times
Reputation: 2661
I believe the judge in the case in point said there was at least a 50% probablility that the ownership was incorrect.
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Old 10-25-2009, 11:33 AM
 
Location: Barrington
63,650 posts, read 43,249,810 times
Reputation: 20495
Quote:
Originally Posted by cohdane View Post
I have yet to hear of a bank trying to collect on a loan that someone else "owns." Fraud is rampant, but so far, this is not one I've heard of.

If I need to be corrected on this, post a few links citing examples and I'll humbly stand corrected. Otherwise, it does feel like debtors are getting off on a technicality.
I am with you on this. I do not get a sense that banks are committing fraud. I think they have enough problems disposing of known assets without looking for more.

It seems far more likely to me that some people will game the system to take advantage of an opportunity to not honor their own promise to repay and stay in the home as long as possible without paying anything, including property taxes, all the while singing the " they done me wrong" song.
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