Quote:
Originally Posted by otisotisotis
And about the foreclosure situation in this country.....you do realize that when the banks were given free reign to securitize and bundle mortgages that it became an absolute, unregulated money grab.
And in the rush to seize as mucho dinero as possible, they simple said 'ooops' about doing the proper paperwork. The chain of assignment has been broken on 10s of 1000s of properties. Yours may be one of them.....
This only comes to light because of people being run throught the foreclosure mill hastily, and when they ask the attorneys for the foreclosing bank to produce the promissory note in order to show proof of ownership, they can't in some cases.
What does that mean?
Well, if you bought a foreclosed propery in the last couple of years, it might actually not be yours, beacuase the bank that sold it to you may not have really owned it.........
and with each assignment of the mortgage, fees are due to your county of residence. So if the assignments are not recorded propery, your county is getting screwed out of 1000s of dollars in fees.
And furthermore, maybe your home is in one of the securities and you pay out your mortgage and/or decide to sell? Well, if the bank can't provide you with the note, then what do you have?
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And is this supreme court going to be the one that puts the coup de grace to the financial system?
The banks will be protected. If not, we are in a bigger mess than even Nascar and TimmiG's love child could fathom.