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| Mortgage Settlement Collapsing? in forum [Market-Ticker]
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Snooze
Posts: 2821
Incept: 2007-07-09
florida
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If they move to fix it, look for them to try to consolidate title insurance issuance as a monopoly of the banking system. It's just another fee they will want to get their fangs into.
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Wealth is found in the warmth of the sun, in the coolness of moist soil, in the taste of fresh air, and in the pulse of your heart. Plant a seed and harvest your riches.
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Ihsmta
Posts: 560
Incept: 2008-04-10
Midwest, USA
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I've been passing copies of all Tickers on this subject to my AG. Anything of substance will be done only at the local level.
I've come to the conclusion that CONgress is so hopelessly lost that they will do nothing meaningful on any issue going forward until they are voted out en-mass and replaced.
When we vote a bunch of CLOWNS into CONgress why are we suprised that we've ended up with a CIRCUS?
On a side note, there is only one title company in each of the counties I work in. These are rural counties both offices only having a couple employees. In the southern county, the woman I work with used to work for both JP Morgan and MERS. She's knows their B***S*** and won't have any of it. She told me that often she's sent foreclosures back on individual actions for mistakes so many times that the lender/servicer seeminly gives up. She doesn't know what they plan to do as a result. I've been passing Tickers on to these offices as well and never waste an opportunity to point out the evils of MERS to them.
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"Economists are no different than the prophets of ancient Pompeii who reassured that Mt Vesuvius would never blow. After all, it never had before." Baxter Black, DVM and Cowboy Poet
"You can avoid reality, but you cannot avoid the consequences of avoiding reality." Ayn Rand
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Azusgm
Posts: 2396
Incept: 2010-12-02
East Texas
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These state AGs need to refuse to participate in any activity that could put a chink in the armor of our property laws. It is not merely a bunch of consumer durable houses at issue. Mineral rights, the base of much of our most productive portions of our economy could be put at issue eventually.
Want to really push the economy over the edge? Mess up the ability of resource companies to nail down who has title to the minerals underneath those few inches of topsoil. You can kiss the energy sector goodbye if there is horse-trading over our laws that govern title to real estate.
It ain't just bricks and sticks at risk.
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Gamma
Posts: 5549
Incept: 2008-01-20
Northern CA
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The whole title insurance discussion is almost moot from the start, since probably 98+% of all purchased title insurance is CLTA, not ALTA.
CLTA insures title against clouds that can be discovered *from the documentary chain of title* within county records only. It's entirely a vanilla policy that under normal conditions is adequate in the overwhelming number of cases. ALTA, far more expensive, includes survey and boundary matters. By definition, if a lienholder or property owner concludes a RE transaction based upon his reliance upon documents, IOW, buys only a CLTA policy, the title ins company has this automatic "out".
The implied systemic pollution of county records is perhaps the last chapter of this whole sordid saga to be discovered and brought to general light, even though the clear implication of the possibility of same has been "out there" for anyone who gave or gives it even passing thought. It will cost literally billions of dollars in clerical time to unravel this, and it will take many years, perhaps a decade or more. It probably clouds titles on 40+% of all real estate in the US and probably 70% of all real estate that might have changed hands or even got refinanced in the past 5 years. It will also hinder the recovery of the property market in tens of thousand of cases. Will/can banks and MERS be made to compensate the counties for the repairs they caused by such pollution? Pull the other finger.
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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
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Debtpie
Posts: 534
Incept: 2009-12-17
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Attacking AG's?
That's a little bit crazy unless it's totally justified...
If it's not, the AG's are going to come firing back with both barrels and in the public spotlight since their job/image/career depends upon their public opinion numbers.
BAC is going down. If you have money in them, get it out; or if you don't mind eventually dealing with the FDIC, stay under the FDIC limits.
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A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.
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Grace
Posts: 519
Incept: 2008-10-15
upstate new york
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from a link in the OP article wow, 92 percent "In a staggering 92 percent of the claims brought by creditors asserting the right to foreclose against bankrupt families in New York City and the close-in suburbs, banks and mortgage servicers couldn't prove they had the right to kick the families out on the street, a three-month probe by The Post has shown." http://www.nypost.com/p/news/business/ho.... |
Joejohns
Posts: 694
Incept: 2010-09-09
Banned
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I have never seen a role for the FEDS in any housing area.
I still don't.
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Donethat
Posts: 771
Incept: 2009-04-22
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But but but, when I sold the house MERS filed with the county that the mortgage was paid .......
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Anti
Posts: 4287
Incept: 2007-10-09
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Ihsmta wrote..She told me that often she's sent foreclosures back on individual actions for mistakes so many times that the lender/servicer seeminly gives up. Can you explain this a bit, Ihsmta? Do you mean when the bank goes to try to sell the property that it has foreclosed on, it can't get past its title to pass muster with this title insurance clerk? Or does she enter into the process earlier when the bank is trying to foreclose?
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Mannfm11
Posts: 3537
Incept: 2009-02-28
DFW, Tx
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They should all hold the CEO of these outfits in criminal contempt of court and since the process to some extent is continuing, there should be an easy case to win there. Screw the money. Put the bastards, guys like Dimon, in jail.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Ihsmta
Posts: 560
Incept: 2008-04-10
Midwest, USA
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Anti,
The local title company would only be involved in closing the sale on the foreclosed property and originating the title insurance. The title company would ask for additional documentation or clarification of the actual foreclosure process. I assumed she mean that the doumentation that she requested to validate the foreclosure and presence of clear title either doesn't exist or the selling bank can't locate it. She told me that she hadn't heard back from a number of lenders/sellers for quite some time so who knows what they are taking so much time doing. What do you do when you "own" a house and can't pass clear and marketable title?
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"Economists are no different than the prophets of ancient Pompeii who reassured that Mt Vesuvius would never blow. After all, it never had before." Baxter Black, DVM and Cowboy Poet
"You can avoid reality, but you cannot avoid the consequences of avoiding reality." Ayn Rand
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Franco
Posts: 48
Incept: 2009-10-06
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Quote:Oh sure, you may believe you got a release of your mortgage, but if the bank in question never had the conveyance in the first place they gave you a worthless piece of paper. That thought has been gnawing at me for some time. I was lucky enough to be able to pay off my mortgage, but how do I know that I paid off the right person? Can this research be done by me, or do I have to hire an attorney to do it? |
Karen1p
Posts: 156
Incept: 2010-10-26
Reformed Liberal - turned gun owner, Ticker Gal
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I suggest each and every person on this blog calls Ms. Wilde at 212-493-7400, and let her know that her goal of assuring the "economy of New York City and maintain the city’s position as the center of world commerce, finance and innovation" is done. Gone. Finished. Their little game of screw the investor has made the financial sector the shame of the USA. And I don't believe that the financial sector of NYC will ever be able to right the wrongs to again be the "center of the world of commerce, finance and innovation."
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Karen1p
Posts: 156
Incept: 2010-10-26
Reformed Liberal - turned gun owner, Ticker Gal
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@Franco,
It is my belief that you should write to the "lender" you paid off and request the cancelled note returned to you. I have two friends doing this, no response from the "lenders" yet. They continue to be diligent about the request. I suggest you do the same.
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Ef419
Posts: 4
Incept: 2010-12-03
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Starting last summer I requested the chain of assignment from Vericrest Financial who claim to service my mortgage. After a half dozen letters back and forth I informed Vericrest that I do not recognize their claim to have any interest in my mortgage. I now pay the mortgage into my lawyers escrow account. Vericrest is not happy and have threatened to foreclose on my home and I thank them everytime they do as that would require them to produce some actual documentation that they have an interest in my home.
I can't wait to finally get my day in court and see what happens.
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Franco
Posts: 48
Incept: 2009-10-06
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Ef419:
This "chain of assignment" that you mention refers to the note, the mortgage, or both? Also, do state laws require that the assignments of note or mortgage or both be recorded at the county courthouse where the property is located, or anything like that?
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Rgr
Posts: 2
Incept: 2008-03-31
Phila.
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I would like to join this "Mortgage Boycott" also. Any tips, suggestions, or links about how to go about doing this in Pennsylvania. BAC/Countrywide mortgage.
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Ef419
Posts: 4
Incept: 2010-12-03
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Franco I am not a lawyer and I have a RI lawyer handling this matter for me. I would recommend talking to a local lawyer before attempting any of this as every state is different. This is my understanding of the situation but again I'm not a lawyer. The chain of assignment is referring to the promissory note. A promissory note is a financial instrument not very different from a check as every time the mortgage note changes hands it must be endorsed and signed over to the next owner in a specific way. If this does not occur the mortgage note has not changed hands. RI does require mortgage notes to be recorded when they are sold or change hands but it is not enforced. My lawyer is now also requesting the documents to make sure the trust that holds the mortgage was set up properly and finally the service agreement that gives Vericrest Financial the authority to have any interest in my property. So far in a year all I have gotten from them is the same copy of the original mortgage recorded at town hall that lists Mers and the original bank that gave me the loan. They have not come up with one document requested that proves any interest in my property. I cant wait to lay this all out in a courtroom. Should be fun!!!!
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Nbpundit
Posts: 60
Incept: 2011-04-05
Texas
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I warned a friend, who bought a property recieving first a quit claim, and
then about 90 days later getting a warranty deed. Not the original deed of
trust which was used to finance the property.
History has a way of coming back to bite one in the @55.
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Jata1
Posts: 5054
Incept: 2009-03-08
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I know the banks are afraid of this. I mentioned earlier this year before I sold my place that I sent GMAC a letter requesting to see the actual deed to my property and got a really nasty letter back from them. Me Thinketh they doeth protest to much
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Supertruckertom
Posts: 215
Incept: 2010-11-07
USA
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Almost to the point of doing the same myself. I pulled all the "records" from our courthouse and they appear to have been robo-signed. MERS is not listed anywhere but my wife is on her fourth mortgage servicer. The originator is long out of business as is Countrywide and WAMU. Wells has it now. I wonder how they will react to a request for the chain of assignment so that we can refinance in good faith that we are paying the right entity...
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What I do is fairly simple.
People need their stuff.
It is my job to get it to them.
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Cvdoc
Posts: 163
Incept: 2009-06-11
Washington, DC
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The AGs will sell us out. Mark my words.
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Few men desire liberty; most men wish only for a just master.
Sallust
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