Millions at risk in foreclosure Fraud

Just read the daily link on MSN . Seems like the Savior Co . sells to some other CO. in a couple years ,, 1st Co. pockets home owners equity , 2nd Co . sends eviction notice to owner of 45 years .. white Collar Crime ... UUUGH!

I would think folks in this situation would be standing in the front door with the black rifle.

would make the evening news, but I think I would just go out fighting.


Gene

I don't know the exact situation, but if the homeowner with the eviction notice was able to produce evidence (payment records) that he had been paying the morgage, he could probably win a court case against the eviction. I'm no expert though...

Jim, there was a reason that the government made up regulations that separated insurance, banking, and investment interests years ago. It was a little something called The Great Depression. So when psuedo-conservatives--conservatives in name only--came in striking up the band for deregulation of these industries, it just showed how short the memories--or lacking the history education--were of those in power.

Now, if you tell someone that they are now allowed to do something they previously couldn't, how long do you expect them to NOT do what you just allowed them to do? That's how we got where we are today. Greed today and greed in the 1920's are the same...and business has no morals if the people there are driven by profits over principles. Business isn't inherently bad, and never has been; but unregulated human nature has ALWAYS been bad.

So now the taxpayer gets the bill, so far to the tune of a TRILLION dollars, give or take a few billion. Without the bailouts of the past few weeks, the economy would've already started toppling like a bunch of dominoes. And worse yet, there's no guarantee that it still can't happen, because this problem goes a lot deeper than we've been allowed to see. You certainly don't think the Freddie Mac and Fannie Mae bailouts occurred on a Sunday strictly by accident, do you? Wall Street is closed on Sunday.

So how does the country bail out of this mess, without raising taxes? Simple...they print up tons of money, and the dollar becomes worth less and less, just like the currency of third world countries like Zimbabwe. There's simply NO good outcome to this, IMHO. "A loaf of bread for a denarius," indeed... And with China owning most of our debt, two possible scenarios arise: either China starts refusing to buy any more US government debt, and the nation goes bankrupt alone, or China decides to collect on what we owe her by forcible repossession, i.e., taking over this country.

So don't worry about losing your equity in the family farm...because it's not just the farm, it's the entire nation that's at stake here...and China's not going broke anytime soon; can the USA say the same?

Everything's electronic these days...so if the bank electronically wipes out the record of your payments--and since nobody seems to keep records very long these days, and cancelled checks are just photostats and not the actual, physical checks anymore--the bank's records will nnalert YOUR records, and the individual will be the loser.

Ever wonder why banks want us to go to electronic/paperless transactions?
"Sorry, Farmer Smith...you say you've been a customer of this bank for 30 years, but we don't have any record of you having any savings accounts or CD's with us, and we don't show a checking account either. But we do show an outstanding mortgage, and there's no record of any payments being made."

I guess I'm stuck in the old-fashioned world. I have carbon copys of every check I write and do not pay for anything electronically. I keep copies of all significant transactions. This has saved me from over $2000 worth of collections claims from apartments I used to live in. Documentation is the key...

If Farmer Smith produces years of statements from his bank showing the payment history, I would have to think that will nnalert the bank's lack of evidence.

I subscribed to RealtyTrac, a foreclosure website. I saw some fancy homes in foreclosure. But most of the homes were pretty plain, mostly what is called "starter homes", 2 or 3 bedrooms, 1500 sq. ft. For every $500,000 house, there are hundreds of under $200,000. Maybe half are under 100K. I think the root of this "crisis" is that people don't have the money!! And it is generally a pretty modest amount.

People with mortgages usually keep statements from the bank and all their cancelled checks. If the mortgage interest is used as a deduction on your 1040 you will have another record since the name of the lending institution has to be included. Hal

I believe you hit the nail on the head. I work in the lending industry and as long as the homeowner makes his payments as agreed in the original note, pays the real estate taxes and keeps insurance on the home NO ONE including whomever bought the note, can foreclose.
I could see this whole crisis coming. It was caused by greedy lenders (backed by our congress/government with guarantees) pushing people into purchases they couldn't really afford so they could make a quick buck by selling the loan off on the secondary markets. The people that bought the homes they couldn't really afford were stupid for letting themselves get talked into it. Remember-if it sounds to good to be true-it probably is.

That happened to my aunt bout 4 years ago. Got a home loan at a local bank. They sold her morgage to some out fit in Indiana. She had to make payments to them. Out fit sold to a outfit in California. She did not know and kept sending money to the out fit in IN. Got a letter in the mail saying her house was going to the courthouse steps. Was out some lawyer money but got it all strait'ned out with the copies of cashed checks from the IN outfit.

Messed up deal how it can happen.

Dave