So an editorial showed up in today's New York Times entitled , "The Mortgage Challenge." It's not a "bad" piece but I don't think it focuses on quite enough direct assistance for borrowers. The bottom line is that nothing is going to fix this "crisis" for borrowers other than litigation. You can "modify" loans from here to eternity and, in doing so, you may keep borrowers in their homes. But, so far, nothing other than down and dirty litigation is going to actually correct the broken chains of title. Thrity years and 6 days from now, when Mr. Smith has made his final payment and suddenly gets a knock on his door from someone claiming to be the real note holder and they ask where their money is, it's not going to be pretty.
"There are those who believe that assignment and/or securitization analysis is an unnecessary waste of time and money. Obviously, I disagree or I would not have started this firm or put my name on it. Establishing the chain of title or, just as importantly, lack thereof is the first step to any good foreclosure defense in my opinion. By virtue, this also establishes what, if any, entity has title and interest in the property as the legitimate note holder and, therefore, the legal standing to foreclose.
The bottom line is that there is a rule book by which everyone involved in a mortgage is supposed to play. The borrower usually does their best to play by the rules and they are held to them very strictly. The same cannot always be said of the note holder, servicer, and/or their local legal counsel. Documents may be fabricated. Signatures may be forged. Notarizations may be back-dated. There may be other flaws in the chain of title that will help protect your legal rights. It's not a question of "getting a free house." It's a question of everyone following the law and not cutting corners or violating certain legal rights that a borrower may have.
Via Lynn Szymoniak -
Mike Dillon www.Stellionata.com
TONIGHT, October 20, 2012, Mitt Romney will have dinner in Palm Beach at the home of H. Wilbur Ross, the billionaire who just made $750 million selling American Home Mortgage Servicing, Inc. (now, Homeward Residential) to Ocwen Financial Corporation. Guests will pay $2,500 to $50,000 to attend. American Home Mortgage Servicing ("AHMSI") has filed 617 foreclosure actions in Palm Beach County alone. AHMSI was the biggest client of LPS/DocX, the document mill that made Linda Green infamous. In an 18-month period, 1,857 DocX mortgage assignments, most signed by many different people using the name Linda Green, were filed in Palm Beach County and used to transfer over half a billion dollars in mortgages on Palm Beach County properties to Wall Street trusts (AHMSI's clients).
There's enough scum floating in the foreclosure defense pool now to consider it a biofuel source.
Everyone should be allowed, and even encouraged, to make money. If you can turn a profit doing something, and it's not illegal, unethical or globally immoral, then by all means have at it. Part of the American dream is to be self-sufficient, a business owner, self-employed. It's part of why I created Stellionata. The other part, for me, is that I believe that I can help people and if I can “do well by doing good” then so much the better. Then there are others...
So I was spelunking in the Massachusetts Secretary of State's corporation website. In doing so, I tripped over a filing for a Melbourne Romney who appears as a Director of a corporation known as “FCMS REO Sub Corp.” with an address of 3815 SW Temple, Salt Lake City, UT 84115.
So, it's been a week from hell already. I figure I may as well try to keep the good times rolling for as long as possible, so here goes nothing.
For as intelligent as they are the majority of the time, at least some attorneys can be complete and total idiots. Now, it may not be entirely their fault. I know many who are genuinely honest, well meaning, good people who feel bad when a potential client comes in to the office and says that no one else would help them, they have little or no money, and they have a short window in which something needs to get done. Many of these same attorneys will take a case with the honest intention of helping the client – as opposed to simply chalking up another fee. I commend each and every attorney who has taken a case on within those parameters. The problem with that, is when the attorney is honestly in over their head, has no real reference or support system, and simply cobbles together an argument for a court, calling audibles whenever and wherever necessary without giving thought to the larger ramifications that may or may not be affected.