In practice, the current foreclosure practices, which violate substantive, procedural, and evidentiary law at every turn represent a form of extortion upon the American homeowner. Government agencies continue to ignore the obvious and outright deceit and trickery involved in the sale of securities that do not sell loans, and the foreclosure of loans that no longer exist.
Why must consumers, with the least resources and the least access to relevant information, be required to litigate for months or years before the court acknowledges that the suit should never have been brought in the first instance?
SIGN UP FOR FORECLOSURE DEFENSE WEBINAR FOR LAWYERS (HOMEOWNERS ALLOWED)
The law in all U.S. jurisdictions is that a condition precedent to filing any enforcement of any mortgage lien is that the claimant must be a creditor who has paid value for the underlying obligation. In virtually all of the thousands of cases in which homeowners have prevailed in court, it was because the claimant could not introduce credible evidence that this had occurred.
*
Why must consumers, with the least resources and the least access to relevant information, be required to litigate for months or years before the court acknowledges that the suit should never have been brought in the first instance?
*
The government is tasked with the distribution of accurate information. It has previously entered into settlements with companies who admitted to using fake documents and who promised to stop using fake documents. The accurate information is that these companies have been using fake documents with forged signatures for two decades and that those documents are not entitled to legal evidentiary presumptions. Such an announcement of policy from government agencies would end most foreclosures and force the parties into a settlement.
*
If claimants have not paid value for the alleged underlying obligation then their receipt of foreclosure proceeds is a windfall — possibly subject to other contractual obligations and possibly not. Most investigations post-sale revealed that the claimant never received any part of the sales proceeds from foreclosure sales.
*
In the mythology propagated by Wall Street banks, the bending and breaking of the laws that are explicit and express (UCC 9-203 and Federal TILA Rescission) is excused under the erroneous assumption that someone who paid value for the debt will get paid through foreclosure. Nobody has ever presented evidence to that effect.
*
The current policy unfairly delegates the burden of challenging illegal behavior entirely to homeowners who lack the resources and knowledge to do so and who are presently coerced into giving up the largest investment of their lives and their lifestyle to players who enjoy outsize profits in the process of foreclosure.
*
In practice, the current foreclosure practices, which violate substantive, procedural, and evidentiary law at every turn represent a form of extortion upon the American homeowner. Government agencies continue to ignore the obvious and outright deceit and trickery involved in the sale of securities that do not sell loans, and the foreclosure of loans that no longer exist.
Posted in
Uncategorized |
