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  • Common Sense: Use the Courts to Curb Foreclosures
    Buddy commented on the article | almost 3 years ago
    Common Sense: Use the Courts to Curb Foreclosures

    This was a comment on my blog that I have to share, I think it sums up the general anger in the consumer market.
    "These mortgage thieves are not above the law and should be investigated. Why can't this administration make these thieves look at each loan instead of the government doing a bail out holding them responsible and if these thieves don't make changes to the loans then make it where possibly they cannot do business and/or put a stop to any new loans they can do until they are investigated."

    I agree, the process of bad underwriting, lax oversight and frankly greed of the Lenders and investors have caused this entire mess! As far as new loans over 70% of all applications for mortgages are currently being turned down. The lenders are scared of making bad loans...the problem is it is too late for them to get a conscience now, a sad fact is that loans written between 2001 through 2007, during the so called "boom years" a frightening 80% of the transactions had mistakes and violations that are now actionable by the homeowners to receive compensation from broken laws. This is why we recommend a Forensic Loan Audit. The lenders DO NOT WANT to negotiate these loans because they will lose money, it is more cost effective to Foreclose.
    A loan audit gives the homeowner the ability to "Force" the lender to negotiate.
    The real BIG problem is, who really owns the mortgage?? Who has legal possession of the note? And, is the servicer of your loan really able to modify it since they really don't own the loan??  For The congress to approve judicial modifications will open up a "can of worms" since it was the congressional lack of oversight that created this mess in the first place!!
    There are MILLIONS of homeowners who are going to challenge the lenders to prove ownership and the "right" to enforce the mortgage loans! All I can say is, there are numerous consumer advocate sites like mine, who are blazing trails on behalf of the homeowners, are all projecting a big fall out in the financial industries, there will be debt forgiveness to restructure the Broken Financial System currently in place. Yes, they will kick, scream, fight and try their best to defend their actions, but the bottom line is, when loans are securitized (broken into stocks or derivatives etc), it makes it very difficult for them to enforce a loan that the documents have been lost and the spirit of the mortgage contract was broken by the lenders themselves!
    God bless all of us, and let's hope the judicial system will supersede the greed of Wall Street in this Mortgage Mess. Get educated on your options, read materials such as the ones we provide on our site and seriously consider a Forensic Loan Audit for your own protection! how2fightforeclosure.com

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