Comments on: Federal Judge To Mortgage Companies: Show Paperwork or There is No Mortgage

By: Henry

Henry — Sun, 28 Feb 2010 22:21:32 +0000

we this is a big one the mortgage company forged my income information and went as far as to putting my name and information on a bank statement that did not belong the statement shows that i made a withdraw of $39,0000 and a check that was purchased and my name was put on it the documents also show w2s that were altered to show inflated income i am in fore closer court what can i do about this or who would i call about getting help

By: foreclosures

foreclosures — Sun, 08 Nov 2009 16:19:55 +0000

Think it’s a bit much to wipe out debt completely (would be nice)… but perfect scenario for a mandatory loan mod with favorable terms for homeowner…

By: Steve

Steve — Wed, 04 Nov 2009 05:31:25 +0000

Based on the past actions of these banks/service companies I think they deserve what they are getting. Who is going to pay for the damage they (the banks/mortgage industry )have done to all of us and the economy. Maybe its time to teach them a lesson, that greed has its price. I know if I get greedy and spend like there’s no tomorrow I will have to eventually pay it back. OverAppraised homes, mortgage fraud, hidden fees are only the begining of what was happening behind the scene’s. Has any one ever heard of “karma”

By: Richarcd

Richarcd — Tue, 03 Nov 2009 22:04:47 +0000

Hi, I’m also interested in writing a guest post for your blog, please get back to me on the attached email address
Rich

By: Tony Sena

Tony Sena — Tue, 03 Nov 2009 07:40:07 +0000

I to think it would be unethical for a homeowner to have their mortgage wiped away because their lender cannot produce the original documents. However, I do think it could be used as leverage for the homeowner to get the Lender to work with them on a loan modification.

By: Heather

Heather — Tue, 03 Nov 2009 00:52:14 +0000

I agree with you, JP. Homeowners might use this tactic simply to get out of debt they legally owe and that’s not OK.

But Tom’s “notoriously difficult” point is a valid one. I recently tried to help a homeowner client who was 100% medically disabled, not working for over 2 years and no hope of ever working again. Homeowner’s on food stamps and public health assistance. His lender declined to allow a short sale (after 6 months of back-and-forth). They said they’d rather foreclose, then file a judgment against the homeowner because “he might have money some day”. Ya think?

If you’ve tried other avenues and had zero success, this might be worth it. But note that the court battle isn’t easy or cheap. You can read the last of many, many pleadings in this case here: http :// cr4re DOT com SLASH Albrt1 DOT pdf. It’s 23 pages of mind numbing legalese!

It’s a shame that these banks apparently thought they were above the law. You transfer a mortgage, you record that transfer with the public land records holder. Or use MERS, it couldn’t be simpler. But apparently that was too difficult for them! Shame.

By: Portland Real Estate

Portland Real Estate — Mon, 02 Nov 2009 22:34:10 +0000

Awesome! Glad to hear it. These companies cannot do business without keeping good records, and if they fail to do so this is the perfect punishment!

-Tyler

By: Tom Royce

Tom Royce — Mon, 02 Nov 2009 20:55:44 +0000

Oh, JP, great to see you commenting again!

By: Tom Royce

Tom Royce — Mon, 02 Nov 2009 20:55:18 +0000

I do not disagree. The one mitigating factor is the mortgage companies are notoriously difficult to deal with. If I was in that situation and had done all I could to work with the mortgage company but had been given the run around I would probably try to make them uphold the letter of the law.

I constantly get emails and comments that the mortgage company asked for a packet of the information, the borrower sends it to them, and then they say it was missing something or a part was lost and the whole process has to start from the beginning. If they had their act together and were able to give honest and straightforward answers, then my sympathies would run more with the mortgage company.

By: jp moses | REI Tips

jp moses | REI Tips — Mon, 02 Nov 2009 18:50:56 +0000

Doesn’t this seem out of integrity for the homeowner to do though? I mean, sure it’s a valid technicality. But aren’t they claiming they don’t owe money that they actually do, in fact, owe?

Having a hard time seeing when this would be an ETHICAL solution for a homeowner, unless his property was truly encumbered fraudulently.

….jp