Homeowner Associations On the Attack, As Predicted Here

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Editor’s Comment:  Thousands of homeowner associations are filing foreclosure actions on banks owning property that are not paying the monthly assessments or special assessments. We’ve written about this before and encouraged the associations to do so.

The irony is very interesting here. The Banks, having never funded a loan and never purchased a loan, managed to foreclose a loan they never had and get title, possession and even eviction if the rightful homeowner failed to leave as ordered by the bogus pretender lender. Now they must pay the taxes, insurance, and maintain the place as it is written in the Declaration of Condominium, or Community restrictions. AND they must pay monthly “Dues” or assessments as well as special assessments.

So that free house the bank got by submitting a credit bid even though they were never the creditor and never had the right to call themselves a creditor, and even though the debt was either unsecured or paid off, now they re suddenly required to pay the piper.

After all, they say they are the homeowner now. So the banks, knowing this would happen have transferred title into “bankruptcy remote vehicles” which are in fact vehicles for avoiding creditors. A transfer in fraud of creditors is intended to be prosecuted by the Association or any other person effected and the association this time is neither intimidated nor unwilling to press their claim. These are the same banks that decimated their neighborhood. The battle is on.

I wonder how this disclosed to Canadian and other investors who think they are getting clear title? This is only one of several reasons why they are getting clouded title — the pendency of assessments.

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Tags: association dues, bank regulators, Barclays, pension benefits, PENSIONS, shadow banking, underfunded pensions, Wall Street Journal, yield spread
Posted in bubble, Corruption, Eviction, securities fraud |