MASSACHUSETTS ESSEX RECORDER SAYS IT IS IMPOSSIBLE TO DETERMINE WHO OWNS THE LOAN

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“They are Filing Fraudulent Documents to Take the Homes across the U.S.”

26,000 DEFECTIVE TITLE CHAINS ASSOCIATED WITH FORECLOSURES IN ONE COUNTY

see ESSEX COUNTY RECORDER ON MSNBC

Watch this short video to get the whole problem in a nutshell. Title has been corrupted throughout the country, homes have been taken with fraudulent documents (not my words, but official statements from recorder offices around the country), fraud was committed against investors, homeowners and the taxpayers.

Homeowners, knowing they had not made a payment that was “required” under the promissory note they signed, have walked from their homes without a fight or have lost the fight despite the fact that unknown to them, the payment was not due and there was no default. Lawyers who concede the default may be committing malpractice.

This is not just about the paperwork. It’s about the money and the lie we are living about who is losing money and who is making money at whose expense. This should not be fought out on the internet — it should be fought in the courtroom with real evidence and the Judges need to start hearing that evidence and judging it objectively without any assumptions arising from the “default” of the borrower.

Wherever you look there is fraud and the Banks are about to give large bonuses to their executives. Why not? They certainly did well by the bank didn’t they? Well, no, not really. despite Federal Law making it a crime for the top executives to sign a statement that they have adequate internal control and that the controls were working and therefore the statements are true, those statements are NOT true and they knew it.

So the executives are getting bonuses for committing fraud on their own shareholders too. When will someone actually pick up the ball and run with it?

“This is disgraceful. Somebody has to stand up for the little guy”

So here is a little primer on why this is all happening like this. The fact is that the mortgages are probably invalid in most instances in the sense that they do not perfect a lien against the property. This is because of the way the securitization was set up and because of the way securitization was practiced (two different things, which is why you need the COMBO, Loan level accounting, etc.). At the nub of this crisis is the fact that third parties who are not on the mortgage, not on the note and had nothing to do with the funding of the loan are  foreclosing on these invalid mortgages and even if the mortgages were valid, these third parties have no right to enforce them. The reason is that there has been no sale of the loan. Even if the the third party has a potential cause of action against the homeowner for money, they still have no right to foreclose because the debt is either unsecured or not secured to the third party bringing the foreclosure.

What does all that legalese mean? It means that people without a lien are taking homes without benefit of due process, a money judgment where the actual money is counted — all of it — and normal enforcement procedures of a money judgment. The people doing this have no chance of success if they are required to prove the case that they lost money. But they are succeeding because they are not being required to show it in most foreclosure proceedings. They are gaming the system with presumptions instead of facts.

Tags: bankruptcy, borrower, countrywide, disclosure, ESSEX COUNTY RECORDER, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, fraudulent documents, LOAN MODIFICATION, Massachusetts, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |