Mortgage Foreclosure Loop Hole - DFWstangs Forums
 
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post #1 of 10 (permalink) Old 02-28-2009, 09:07 PM Thread Starter
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Mortgage Foreclosure Loop Hole

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Bookkeeping is such a bore, especially when there are billions to be made shoveling loans into trusts like coal into the Titanic’s boilers. You can imagine the thought process: Assigning notes takes time and costs money, why bother? Who’s going to ask for proof of ownership of these notes anyhow?
...
The problem for those who expect to receive the benefit of the note, Mr. Ayers said, is that they “may not be able to show to the judge they have a right to foreclose.”
http://www.nytimes.com/2009/03/01/bu...1&ref=business

Basically the story points out that judges are unwilling to foreclose on property that the note cannot be produced on. I wonder if the note holder could sue the person that F-up the paper work for the loss. I wonder if Citi really has my note.
HA-ha! This is going to get even more interesting.
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post #2 of 10 (permalink) Old 02-28-2009, 09:53 PM
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wont that just delay the inevitable?
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post #3 of 10 (permalink) Old 03-01-2009, 10:06 AM
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Originally Posted by KCHAR View Post
wont that just delay the inevitable?
that depends on if "the inevitable" is foreclosing because "the inevitable" may be them not finding the note in 5 years and the free and clear deed transferring to the occupant.
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post #4 of 10 (permalink) Old 03-01-2009, 10:12 AM
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Originally Posted by STANGGT40 View Post
that depends on if "the inevitable" is foreclosing because "the inevitable" may be them not finding the note in 5 years and the free and clear deed transferring to the occupant.
If this becomes a widespread issue, Wayne Brady is gonna choke a bitch.

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post #5 of 10 (permalink) Old 03-01-2009, 10:16 AM
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Originally Posted by STANGGT40 View Post
that depends on if "the inevitable" is foreclosing because "the inevitable" may be them not finding the note in 5 years and the free and clear deed transferring to the occupant.
they discussed this on fox news this morning. Said they just have to file additional paperwork, will delay the process 1-2 months at most.
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post #6 of 10 (permalink) Old 03-01-2009, 06:15 PM
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Sort of reminds me of the story I read of the lady who sent in a check to her mortgage company for 1 months payment and wrote "Payoff" on the memo line of the check. Then she got some crackhead attorney to file suit against the mortgage company claiming that since they cashed the check they had to honor it as the mortgage payoff.




No dice.

It failed quickly and wasted everyone's time.
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post #7 of 10 (permalink) Old 03-01-2009, 10:28 PM
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I have a piece of property in east texas I've had for 11 years now, the mortgage company has changed 4-5 times without me ever signing or restructuring the loan, the last two under Citi's umbrella.

I'm not behind, nor are the renters, but I'm gonna throw some shit against the wall and see if I can save myself a $100k

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post #8 of 10 (permalink) Old 03-02-2009, 05:15 AM
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Originally Posted by Sean88gt View Post
I have a piece of property in east texas I've had for 11 years now, the mortgage company has changed 4-5 times without me ever signing or restructuring the loan, the last two under Citi's umbrella.

I'm not behind, nor are the renters, but I'm gonna throw some shit against the wall and see if I can save myself a $100k
It won't save you money.. It will cost you Attorney Fee's

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post #9 of 10 (permalink) Old 03-02-2009, 07:09 AM
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It won't save you money.. It will cost you Attorney Fee's
Dammit, I just noticed my melanin free skin, you're right. I'd be pissing up a rope.

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post #10 of 10 (permalink) Old 03-02-2009, 07:16 AM
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Originally Posted by TexasDevilDog View Post
http://www.nytimes.com/2009/03/01/bu...1&ref=business

I wonder if Citi really has my note.
HA-ha! This is going to get even more interesting.
You would be surprised... I used to work in acquisitions and there were many times the original note was missing the signature page, or the note was missing all together.. These were loans purchased from other lenders.

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