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FORECLOSURE IS BIG BUSINESS
The PDF file link listed below has been compiled from information researched on the Internet and is only the tip of the iceberg. It is not intended as "legal advice" but will, hopefully, encourage others to start exploring banking procedures and will help them understand why they can't get their loan modified (usually the "servicer" of their loan is not the owner - only the "owner" can legally authorize changes. If your loan has been "securitized" it has been sold to multiple investors and the "owner/s" can be difficult - or impossible - to identify.....making an approval for a loan modification next to impossible.
If a loan "servicer" can suck a few more dollars out of you while alluding to the possibility of a "trial period for modifying your loan", he gets paid to string you along.
If your loan is in default for 90 days, the "credit default swap" insurance kicks in on the 91st day and the lender gets paid - why would the banks want to work with you and help you stay in your home? They now have everything you have paid on your mortgage, the CDS insurance (if you are a sub-prime loan, they have usually insured you for multiple times the original loan value) and now they can foreclose and there goes your house!!! It's all about the money. They lose nothing.
Think you are through paying after they foreclose? Think again....the Government has bailed out the Banks and Insurance Companies who sold the Credit Default Swap insurance (AIG, etc.) and, we - the taxpayers - are paying for them (private businesses) to not go bankrupt....(if you are a small business owner, has anyone offered to bail you out lately?) AND...what about your "retirement pension plan" at work?....chances are they are vested in mortgage securities and when these go into default..... there goes your pension !!!......
BUT CAN THEY "LEGALLY" FORECLOSE ???
Courts and Judges are just now starting to figure out that since MERS entered the picture, banking has changed and new laws have to be carved out.
If your loan was bundled and sold with other "mortgage securities" (called tranches) it could be divided sold, and resold, hundreds of times and could literally be anywhere around the world - try going to the Courthouse and researching the County Recorder's Offices......More times than not, you will find MERS listed as the owner (yet they are incorporated in Delaware as "Mortgage Electronic Registration System" and have no monetary investment.... some States are ruling they are a "Strawman" and have no legal standing...has MERS made an "Assignment of Mortgage" of your loan? Where's the Note? The Note and Mortgage must be kept together or it has been Bifurcated.
If your loan has been "securitized" - your "Note" was converted to a "Security" and no longer exists. No Note...no debt. If your mortgage has been "securitized", you no longer have clear title to your property and this must be cleared up before you can "legally" sell it. Abstract of Title and Title Insurance are becoming a thing of the past. I have been told by several County Abstract Offices that when banks transfer property to a "new owner", they take out "Warranty" insurance which covers them against any losses should an unknown investor, or claimant, surface during the transfer period. After the property has been assigned to the "new owner", the bank is released from liability - and, much like stolen property, if you have it and someone else claims ownership and can prove it, you could lose all or a portion of your property.
And, if you want an even bigger nightmare, contact your "Servicer" or "holder of your mortgage" (they sometimes also call themselves the "Owner" or "Lender") and inquire if your mortgage has been "securitized" and to what Trusts, etc., it has been sold - they refuse to give you this information without a subpoena. Who owns property in the United States is no longer available as a public record and if it is recorded as MERS, this information is available in their computers only....leaving room for errors in recording, and fraud (some mortgages have reportedly been copied and sold to multiple trusts and investors. No State has approved this change in recording (or not recording) property ownership.....but they have not, to date, enforced the State Laws. Consequently, for the first time in American history, property ownership records are no longer transparent, and - in many instances - are lost.
Seeking "Legal" advice - assuming you can somehow afford it - is another nightmare. Most attorneys are not familiar with the new way of banking and don't want to get involved - particularly if it involves local banks (they don't want to mess up their social status and golfing games with their banker buddies). This mess is starting to hit the Courts pretty heavy now and State Laws are at present being determined as to the legalities of MERS, etc. Since Freddie Mac and Fannie Mae are members of MERS this further alienates any legal support as most lawyers aren't willing to challenge "Big Brother". Most politicians are funded generously by the banking and insurance corporations and few will stand against them.
If you love these UNITED STATES OF AMERICA then you must WAKE UP, MY FELLOW AMERICANS !!! Unscrupulous businesses and greed have quietly infiltrated all levels of our existence and our Country is being destroyed!!! The "American Dream" of having a job, owning your own home, and having a nice pension after you retire are being quickly stolen from us. The fox is in the henhouse and our brothers are being bled!!!...It's time to "pony up" and clean house. We can either be a part of the "Solution" or a part of the "Problem".....choose carefully, we are all responsible for our choices and the consequences of same.
ModernMoneyMechanics http://www.rayservers.com/images/ModernMoneyMechanics.pdf
----- Original Message -----
From: GH
Sent: Saturday, July 14, 2012 11:57 AM
Subject: Fw: Foreclosure is Big Business