Time to contact your mortgage servicer boys!!!

[gates]

http://www.zerohedge.com/article/here-your-chance-check-if-you-are-victim-mortgage-fraud

THIS could finally be the thing that blows these fukers UP!

EDIT - SEIU is behind this - draft your own letter

[deerollman]

"And in a few days your mortgage bank will have no choice but to tell you if they do in fact have your original mortgage note. And if not - welcome to cost-free living, courtesy of MERS and millions of rushed and fraudulent mortgage note assignments. "

So if I call and they cant produce it, I don't have to pay my mortgage anymore and get a free house? Somehow that seems a bit too easy. What do you suppose will be the upshot of this?

[gates]

The Fed will backstop it of course...

[TheOtherChris]

I still find it interesting that there are so many people out there that borrow money and PROMISE to repay it (by signing a Promissory Note) and now jump at the chance to welch on the loan.

I'll bet many of them are the same who lament the passing of the time when you could conduct business with a handshake and a "man's word was his bond."

[juanni]

Originally posted by TheOtherChris
I still find it interesting that there are so many people out there that borrow money and PROMISE to repay it (by signing a Promissory Note) and now jump at the chance to welch on the loan.


Yeah well that is what happens when you turn amercan homeownership into a systematic volitile fraudulent festering ponzi scheme complete with undocumented title transfers,,,,,,,, NOW it is every man (and his attorney) foe hisself. :uhoh:

Wall St securitization and GSEs caused this mess, the buyers were the suckers who didn't want to rent and fell for the dream.



...............juanni

[shlomo]

Originally posted by TheOtherChris
I still find it interesting that there are so many people out there that borrow money and PROMISE to repay it (by signing a Promissory Note) and now jump at the chance to welch on the loan.

I'll bet many of them are the same who lament the passing of the time when you could conduct business with a handshake and a "man's word was his bond."

This begs the question of whether it is in fact dishonorable to welsh on a fraudulent deal, once discovered, as juanni has alluded.

This is aggravated by the FACT (if you will investigate it for yourself) that the banks had no money to lend in the first place, and simply created it out of nothing for the loan. Ask yourself if you have a duty to perform years and years of labor to pay three times the ticket price of the house due to interest, when the bank was only monetizing your own credit with the stroke of a pen.

[gates]

Chris - what if the "Banks" can't prove to you that they have clear and legal title to your home that you are paying on each month - THATS potentially what we are talking about - THEN, when you actually pay the thing off you may or may not have actually been paying the right people and get forclosed on anyway OR receive a cloudy title and by that time the title company that wrote the title insurance is out of business because of prior claims and you are SCREWED- THAT IS WHAT WE ARE TALKING ABOUT - BANK FRAUD caused this fuggit attitude about repaying debt.

[gates]

Bloomberg is on it and CNBS just laid the whole stinking mess out for public consumption - the fukkers are going to change the laws - RETROACTIVELY - just you wait and see - the problem is too massive...

http://market-ticker.org/akcs-www?post=169019

[Skilter]

agreed... another version of TARP

[juanni]

Originally posted by shlomo

This is aggravated by the FACT (if you will investigate it for yourself) that the banks had no money to lend in the first place, and simply created it out of nothing for the loan. Ask yourself if you have a duty to perform years and years of labor to pay three times the ticket price of the house due to interest, when the bank was only monetizing your own credit with the stroke of a pen.


Well, there is that little "issue" too. :biggrin:


..............juanni

[TheOtherChris]

Originally posted by gates
Chris - what if the "Banks" can't prove to you that they have clear and legal title to your home that you are paying on each month - THATS potentially what we are talking about - THEN, when you actually pay the thing off you may or may not have actually been paying the right people and get forclosed on anyway OR receive a cloudy title and by that time the title company that wrote the title insurance is out of business because of prior claims and you are SCREWED- THAT IS WHAT WE ARE TALKING ABOUT - BANK FRAUD caused this fuggit attitude about repaying debt.

First, in most states, banks (or whoever the lender is) don't hold "title" to the property. You hold title because you got the deed when you bought it the first time. The bank just holds a lien against the property (in the form of a mortgage or a deed of trust).
Second, when you pay the lender in full, the record lien holder (usually MERS) will process the paperwork to release the loan from the public record.
The chain of title is intact.
Now, the chain of ownership of the note/lien is another story entirely. I watch my loan statement to make sure payments are applied properly.
If some hypothetical person/entity comes along later and claims they're the note holder, they're going to have a real tough time foreclosing the lien against me if I can show that I have a recorded release from the RECORD lien holder.

Is the whole real property loan system a mess? You bet it is.
Does any of it have a PRACTICAL effect on the average homeowner? No way.
Are there a lot of people who paid too much money for their home? Absolutely
But just because lenders trade IOUs or money futures or whatever you want to call it, does not mean that they cheated me when they gave money to the guy from whom I purchased the house.
I agreed to the interest rate and other terms of the "loan" and I should honor the agreement.

The suckers who bought all manner of CDOs are in far worse shape because they bought crappy products that were represented to be solid investments and they're likely to take a bath on them. That's OK as well because all investments carry risk.
I also think that the investors should go after those that misrepresented the loans; including those that originated them as THAT is how most of the fraud was committed. If found guilty they should be forced to repurchase the the loans.

EDIT because I shouldn't post from my cell phone.