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| Home Front Economy |
| Foreclosed Homeowners Discover How To Resist |
| 2009-01-31 |
| ...During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street. In the rush to turn these over as fast as possible to make the most money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage. This is the key to the produce the note strategy. Now, many lenders are moving to foreclose on homeowners, resulting in part from problems they created, and don’t have the proper paperwork to prove they have a right to foreclose. When you get a copy of the foreclosure suit, many lenders now automatically include a count to re-establish the note. It often reads like this: “…the Mortgage note has either been lost or destroyed and the Plaintiff is unable to state the manner in which this occurred.” In other words, they are admitting they don’t have the note that proves they have a right to foreclose. If the lender is allowed to proceed without that proof, there is a possibility another institution, which may have bought your note along the way, will also try to collect the same debt from you again. This process is not intended to help you get your house for free. The primary goal is to delay the foreclosure and put pressure on the lender to negotiate. Despite all the hype about lenders wanting to help homeowners avoid foreclosure, most borrowers know that’s not the reality. Too many homeowners have experienced lender resistance to their efforts to work out a payment structure to keep them in their homes. Many lenders bear responsibility for these defaults, because they put borrowers into unfair loans using deceptive, hard-sell practices and then made the problem worse with predatory servicing. Most homeowners just want these lenders to give them reasonable terms on their mortgages, many of which were predatory to begin with. With the help of judges who see through these predatory practices, lenders will feel the pressure to work with borrowers to keep them in their homes. Don’t forget lenders made incredible amounts of money by using irresponsible practices to issue and service these loans. That greed led to the foreclosure crisis we’re in today. Allowing lenders to continue foreclosing on home after home, destroying our neighborhoods and our economy hurts us all. So, make it hard for your lender to take your home. Make ‘em produce the note! |
| Posted by:Anonymoose |
| #5 Why this fucking turd of an article is not under opinion is beyond me. |
| Posted by: Mike N. 2009-01-31 22:21 |
| #4 Moreover, a large house cost $60,000 to build, give and take a few...that they are still valued at $600,000 at many places prove that there is something rotten in Denmark. And with the magic negro's money printing of trillions, they will indeed soon cost $600,000 to built and all houses will be worth $600,000 then...and a car will cost a million and a loaf of bread $1000.000 I remember paying 60,000 pesos in Argentina for a stick of bread, while 30years earlier, ten pesos could buy a car! |
| Posted by: Ming the Merciless 2009-01-31 22:05 |
| #3 You do NOT own that house until the last payment is received. There is many ways to skin a cat and to rob people. Who is really robbed is the taxpayer who subsidize all these flakes. |
| Posted by: Ming the Merciless 2009-01-31 21:54 |
| #2 Don't forget lenders made incredible amounts of money by using irresponsible practices to issue and service these loans. And home buyers who never had the means to own a home also fully participated in creating artificial wealth upon which these same institutions employed to leverage even more paper. Don't forget the willing participants who acted as agents/buyers driving up the bloated value of these houses, not only stuck everyone else with the final bill, but they also drove up property taxes which will in turn tip even more people into financial difficulty. There are two parties to the process. Both of whom were consume with greed, one for money, but someone else for another's property. |
| Posted by: Procopius2k 2009-01-31 19:46 |
| #1 You deserve this house. |
| Posted by: .5MT 2009-01-31 18:54 |