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Forclosure? Look here for help.

Discussion in 'Preparedness & Survival' started by Sasquatchvnv, Oct 29, 2010.

  1. Sasquatchvnv

    Sasquatchvnv Port Orchard Active Member

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    MortgageCrime.com

    Heard about this on a radio program. It sounds like you can tie them up in court for years while you live in your house. They say they are using all the fraud and sloppy paperwork by the banks against them. I'm all for paying valid debt, but it appears there is some serious hanky-panky going on in the mortage industry. It never hurts to poke them back if you can. Use their system against them.
     
  2. C&H

    C&H SW Portland Member

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    Clearly the old saw about two wrongs is getting a little less popular these days...
     
  3. Jamie6.5

    Jamie6.5 Western OR Well-Known Member

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    Actually, if you google MERS (Mortgage Electronic Registration System) you may find the key to keeping your home/property.
    It seems that while mortgages were being swapped around, bundled up as Mortgage Backed Securities, that not a lot of care was being taken to insure that the promissory note holder of record was kept current.
    Many states' foreclosure proceedings require said note holder to be the plaintiff in the case. If your mortgage was sold numerous times in securities trades, the bank initiating the foreclosure may not even be the note holder. Sometimes the MERS electronic docs hold up, but not always. I have even read where the county clerk's office (in most places) is supposed to be notified when the mortgage holder changes hands, and this was frequently not done under MERS. (Called the chain of title)
    There are some foreclosures that can not go forward and may result in the mortgage/homeowners walking away owning their homes free and clear due to sloppy record keeping on the banks' (MERS) part.

    Could Millions of Homes Be Foreclosure Proof? « naked capitalism

    HOMEOWNERS' REBELLION: COULD 62 MILLION HOMES BE FORECLOSURE-PROOF?

    Factbox: The role of MERS in foreclosure furor | Reuters
     
  4. Sasquatchvnv

    Sasquatchvnv Port Orchard Active Member

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    You have to decide whether you think it's wrong to fight back using the tools that come to hand. I personally see no reason to let the banks ride off into the sunset with all the wealth of the nation while we sit in the middle of the street wondering what happened. At least put up whatever fight you can. It's their system, we didn't make it...

    They count on us to have morals and follow rules, while they are completely amoral and recognize no rules. It goes against the way I was raised, but fight dirty if it's all thats left to you. This is rapidly approaching a clearcut survival situation. The banks or us - can't have both.
     
  5. Jamie6.5

    Jamie6.5 Western OR Well-Known Member

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    Which two wrongs?

    Freddie, and Fannie initiated this mess falsely rating MBSs as prime so they'd sell faster.

    Banks and brokerages were scooping them up and selling them so fast in the name of a quick buck that they jeopardized the entire economic system with F&F's fairy tale ratings.

    And when the whole system stumbles and your number one investment (your home) loses 20-40% of it's value, the dotgov steps in, bails out the bank(s) and puts you, the taxpayer on the hook for a couple trillion,... Welcome to the socialistic double whammy!

    So which two wrongs were you talking about C&H? 2 of those 3 or 4, or was there a different pair you had in mind?
    If I get sloppy (especially legally sloppy) in the process of trying to make a fast buck and get my hand slapped, nobody sympathizes with me.
    Should J.P. Morgan Chase, BofA, Citibank etc. be immune?
     
  6. keystir

    keystir Hillsboro, OR Active Member

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    You sign a contract, you fulfill that contract to the best of your ability bottom line. Banks didn't drag you out of your apartment and force you to sign up for a mortgage you couldn't afford. Pointing fingers at everyone but ourselves is not going to solve the problem. It's a punch to my gut when I look 4 houses down and see a house exactly like mine sell for $100,000 less then I paid for mine (my house isn't even that great). Would I like to walk away and have a redo, you betcha but I'm not going to.

    P.S. I pass judgement on NO one trying to support a family who is in jeopardy of losing their home. If you're gonna go down, go down fighting.
     
  7. Sasquatchvnv

    Sasquatchvnv Port Orchard Active Member

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    I'm still paying my mortgage - because I can. That may change after the elections. Obama "pocket vetoed" a nasty piece of legislation that allows the banks to forclose on anything, anywhere, using highly questionable paperwork. It moves the burden of proof from the lender to the borrower. They will no longer have to prove that you owe them - you will have to prove you don't (hard to prove a negative). I'm betting Obama will sign this legislation soon after the elections are over. If he does - that's my last mortgage payment. The scary part of this mess is MERS. There is rumor that banks have packaged the same mortgage multiple times into different bundled securities. If this is true, you could have a line of creditors stretching to the horizon ready to forclose on your house, whether you owed them or not, even if your mortgage has been paid in full. I have heard of numerous cases of this happening, with the courts backing the banks all the way. I'm all for meeting any obligation I have made in life, but I will not be abused by criminals. If I can't be sure that I will own my house free and clear after paying off the mortgage - why bother. Thats pretty much where we are - the banks, courts, and .gov have gone rogue and are completely criminal.
     
  8. Decker

    Decker My house Active Member

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    A good, but sadly accurate, summary.

    -d
     
  9. coctailer

    coctailer Portland, OR/Hastings, MI/Vancouver,WA I run with scissors.

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  10. John Davis

    John Davis NW New Member

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    The cat is out of the bag....

    You walked into the mortgage lender, you and your wife, with no money down, a 120% loan, hoping to flip it one year later....you had no savings, a crappy job, and bad credit...now your house is worth 60% of what it was, and you want out...

    That's ok, the mortgage lender, who lied about doing a credit and job check, got his 2 points...which you built into the loan, you never had intentioned of paying off...the bank, sold the paper to a consolidator, who packaged it up on Wall Street, and they sold your lousy paper to some investment bank thinking your loans were sub prime, but ok...

    So then when houses stopped appreciating 20% a year, given that new home buyer couldn't walk into a $200k 'starter', the whole thing started falling apart....

    When credit dried up...with everyone living on credit cards, pay check to pay check, it started falling apart..

    Now you want out of your home, I paid mine off...and because you walking away from your house, mine is worth less...thanks alot..and because your playing games with not paying your loans....credit is on it's ear right now...because nobody can be trusted at this point to offer credit, or collect on it....thanks a lot..

    So if you tell me about how you didn't pay your credit cards, walked away from your home, sucked the money out of your house, and bought a cheaper one...thanks a lot for making the honest mortgage payers take the hit..

    So when you come to me and need a hand, a car, an apartment, credit, help, a job...I will check your credit, and it will tell me volumes..
     
  11. Decker

    Decker My house Active Member

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  12. CaughtSteelin

    CaughtSteelin Oregon Member

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    I wish everyone thought like that!!!

    But I also have to some what disagree on the last sentence. For example Fred holds a job since his first one. Goes less then a week of break if he gets a new one. Always on time, almost never calls in sick unless he is really sick, very hard worker, clean record. Fred gets a great job offer, goes and does the job but hurts him self off the job, has to quit goes a year before he can even move. Finds a job, job ends. Now continues looking for job, mind you has great references/resume, can not even get a interview for a entry-level min. wage job. Fred has bills to pay from his year of non-pay of being hurt. Fred has held in there for this long, barely scraping by. But now Fred will probably ruin his credit unless he can find a job soon...

    Did Fred do something wrong in that term of his life to be treated like this "So when you come to me and need a hand, a car, an apartment, credit, help, a job...I will check your credit, and it will tell me volumes.." ???

    I know most people aren't like that but the one writing this right now is...

    I don't think Fred made a bad decision, he is just trying to get back on his feet. But Fred can't even get a chance to show what he can do. But what do I know.
     
  13. Camtender

    Camtender SE Portland Member

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    Here is a short audio from Chris Whalen, considered the top bank analyist t in the world on the foreclosure situation. There are many issues where the paper driven legal system & the electronic mortgage processing (MERS) conflict, however, there are many issues and people are comingling the issues. Clearly, if you stop paying your loan, you will be removed from your house.

    Premier Release - Chris Whalen
     
  14. Camtender

    Camtender SE Portland Member

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    No, your home was never worth as much as you thought it was worth (maybe for a short time), it was overstated because the number one factor in the value of homes is the availability of credit, and credit was free. Not so much now. Just like Enron stock, the fraud gave it an artificial high value, but only for a short time.

    When will people realize that your home is your largest investment by default, and possible your worst investment based on the timming of your future sale.

    We know what homes are worth now at 4.5% 30 year fixed rates, just wait till rates go back to 8% or higher.

    It is far better to pay a low price with a high interest rate than a high price with a low interest rate, even if the mortgage payment is the same either way.

    A low price lets you pay it all off instead of being a debt-slave for the rest of your life.
    • As interest rates fall, house prices generally rise.
    • Your property taxes will be lower with a low purchase price.
    • Paying a high price now may trap you "under water", meaning you'll have a mortgage debt larger than the value of the house. Then you will not be able to refinance because then you'll have no equity, and will not be able to sell without a loss. Even if you get a long-term fixed rate mortgage, when rates inevitably go up the value of your property will go down. Paying a low price minimizes your damage.
     
  15. Jamie6.5

    Jamie6.5 Western OR Well-Known Member

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    Yeah, but the dotgov won't. The liberals will just hand you a check for housing assistance and a food stamp card.
    Problem solved(sic)!