FNfreak
October 10, 2010, 19:14
I asked KD about people with GOOD mortgages. All of us who have PAID on time and been responsible. I have about 8 years left to payoff. never been late, never missed a single pay date.
In 8 years when I make the final payment, the consensus is now that my "Good" paper (title and deed) is wrapped up with all the foreclosure mess and my title will most likely NOT be free and clear. It is most likely been packaged with these others and processed and sold/divided/split and resold that clear lines of title ownership no longer exsist or are no longer traceable.
what does this mean???? Even though I pay for my house, I may not have PROOF I actually OWN the house. I'll have a paper that says I paid SOMEONE a mortgage, but the actual title may be lost, copied, mis-filed, forged, or improperly recorded which will cloud the chain of owners and make MY house un-sellable should I decide to move. Who would buy a $300,000 home that no one can prove who actually owns it??
This whole FORCLOSURE-GATE affair isn't about deadbeat owners defaulting, it is about EVERY homeowner with a current mortgage...you may be paying for NOTHING...think about that.
5 years after you payoff your house, City Bank of New Bumphuck Wall Street holds the original deed and wants THEIR HOUSE back...by LAW...you WILL be foreclosed upon and kicked out.
Think it can't happen?? Look at what they are doing with FORGED documents to people...if they OWN the REAL title/deed you won't have a chance in Hell of keeping the house....:(
In 8 years when I make the final payment, the consensus is now that my "Good" paper (title and deed) is wrapped up with all the foreclosure mess and my title will most likely NOT be free and clear. It is most likely been packaged with these others and processed and sold/divided/split and resold that clear lines of title ownership no longer exsist or are no longer traceable.
what does this mean???? Even though I pay for my house, I may not have PROOF I actually OWN the house. I'll have a paper that says I paid SOMEONE a mortgage, but the actual title may be lost, copied, mis-filed, forged, or improperly recorded which will cloud the chain of owners and make MY house un-sellable should I decide to move. Who would buy a $300,000 home that no one can prove who actually owns it??
This whole FORCLOSURE-GATE affair isn't about deadbeat owners defaulting, it is about EVERY homeowner with a current mortgage...you may be paying for NOTHING...think about that.
5 years after you payoff your house, City Bank of New Bumphuck Wall Street holds the original deed and wants THEIR HOUSE back...by LAW...you WILL be foreclosed upon and kicked out.
Think it can't happen?? Look at what they are doing with FORGED documents to people...if they OWN the REAL title/deed you won't have a chance in Hell of keeping the house....:(