So about all of these fraudulent and/or "voluntarily halted" foreclosures...

[Orrex]

What about the millions who've already been forced from their homes?

I mean, it's super that mortgage companies are no longer robo-signing 10,000 foreclosures per month, but it's not as though they just started this practice last week. What happens to the people who got screwed in months past?

Does each former homeowner have to file an individual suit?


How long will that take to resolve?

[xchrom]

1. I keep wondering how many are living in somebody elses house? Nt

[ejpoeta]

2. when i heard about that bill they passed in the dead of night

to make it legal what the banks were doing, it all made sense why they stopped the foreclosures. they were waiting for the legal means to get past the fact that a lot of homeowners were asking for them to show the note and they couldn't and judges were siding with the homeowners. as far as homes that have already been foreclosed, i am not sure what recourse the homeowners have.... i hope they can do something.

[dixiegrrrrl]

4. Homeowners do have some recourse.

Those of us who are paying our mortgages have a legitimate question:
who owns the title/deed of trust?
If the chain is broken, NO ONE owns it, which means NO ONE can legally accept the money or
give us the paid off title.
Which means with a clouded title, I cannot sell the house if I need to
( assuming there is any economy left when I sell).
The recourse is to get a lawyer to write a letter to the servicer of the loan
(in our case, BOA, who bought Countrywide, who is being charged with illegal loan processes)
and ask who is the owner of the title/mortgage ( deed of trust, in our state).

The owner of the mortgage that we are paying off is SUPPOSED to be which ever Mortgage Bond Trust that Countrywide sold the mortgage to, ( actually, supposed to be Fannie Mae,) but of course now we know those mortgages were never conveyed INTO the Bond Trusts.
In fact, those legally binding wet ink mortgages were ..."disappeared", which is why MERS was invented, to "record and track them electronically".
( MERS is now being sued also).
So, legally, if no "owner" of my mortgage can be found, no one has legal standing to collect my mortgage payments.
Several people have gone this route, then gone to court with the help of a knowledgeable
real estate attorney and won title to their house.


Next week I am going to the County Courthouse and see if MERS is on the title.
there is a 99% chance it is.
Then I ask BOA for the name of my mortgage owner.

[ejpoeta]

5. you have a very valid point. i mean, just the number of banks being bought out

or merging begs the question as to who actually owns your mortgage. then you have all these mortgage default swaps to contend with. you should have every right to have that information.

[TorchTheWitch]

3. I was wondering about that

Good lord what a fucking mess.