LET’S ALL FORECLOSE ON EACH OTHER: WHY NOT?

ONE ON ONE WITH NEIL GARFIELD ONE ON ONE WITH NEIL GARFIELD

COMBO ANALYSIS TITLE AND SECURITIZATION

EDITOR’S COMMENT: This is exactly the problem with securitization that never happened and how our title recording system is being corrupted daily by pretending that securitization actually occurred. The banks created conduit entities to mix and match foreclosures to prevent this sort of thing from happening but people make mistakes. This time it is clear that two institutional are both claiming an interest to the property, and neither one of them can prove it and neither one has one nickle invested in the deal. So under their own theory why don’t we all foreclose on any house we would like? We’ll submit the credit bid, after all the borrower owes the money and we will own a nice house with no encumbrances, obligation or note to pay off.

2 BANKS 1 HOUSE — WHO GETS TO FORECLOSE?

New York Post by Catherine Curan

A house divided cannot stand. A house foreclosure case divided by two banks probably doesn’t have standing — in court — either.

Two banks, Home123 Corporation and US Bank, both lay claim to owning a house in Staten Island, according to a foreclosure filing. The original lender, Home123, is the mortgage holder on the county’s tax rolls, but US Bank and its servicer, Ocwen Loan Servicing, have filed the court papers, saying they have the right to the action.

US Bank claims that they purchased the mortgage from Home123. But, the bank admits, “due to unforseen circumstances, the original Assignment of Mortgage and Endorsement Note were lost before they could be recorded.”

That doesn’t sit well with Joseph Sant, the lawyer representing the homeowner, who did not wish to be named.

“US Bank is foreclosing on a home without proof that it owns the mortgage. That should not surprise anyone after the revelations of widespread robo-signing and document falsification in foreclosures,” Sant says.

“What does surprise me is that the bank admits that it lacks key evidence needed to foreclose, yet is trying to bulldoze through the legal process anyways,” Sant adds.

A US Bank spokesman said the bank, acting as a trustee, did not bring the action. He said the bank is named so there is a plaintiff to send paperwork to.

As the legal battles over questionable foreclosures heat up, ordinary New Yorkers are gaining new leverage in the fight to keep their homes.

Last fall’s scandal over the widespread use of “robo-signers” — the name given to people who process large amounts of foreclosure documents without verifying the information — put a spotlight on sloppy paperwork by banks and loan servicers.

It also highlighted the central issue of ensuring that lenders initiating foreclosures truly have proper legal standing to do so before kicking a family out of its home.

Now, with thousands of foreclosure cases clogging New York’s courts, local judges are growing increasingly impatient with faulty or erroneous paperwork that further burdens an already overstrained system.

New York State Chief Judge Jonathan Lippman’s requirement — that attorneys for banks and lenders file an affirmation certifying the accuracy of their documents in support of residential foreclosure cases — in October seems to be giving banks and servicers pause from the breakneck pace of 77,815 foreclosures pending last year — a 42 percent jump from 2009.

According to the latest figures released from the court, new foreclosure filings have plunged 90 percent from October to earlier this month.

Meanwhile, the courts are working through thousands of cases begun before Lippman’s requirement.

Attorneys that represent homeowners are still wading through reams of problematic paperwork by lenders and servicers, which are attracting new scrutiny from the judicial bench.

“These banks didn’t follow rules, and have to understand there are consequences,” said New York attorney David J. Babel, who represents local homeowners in foreclosure cases. “If a small guy was to breach the rules, he’d pay for it.”

Home theater

The left-hand side of this Staten Island attached home is under foreclosure, despite the bank not being able to prove it owns the mortgage. From the court filing:

“The Plaintiff (US Bank) is the owner and holder of mortgage . . .

The aforementioned Note and Mortgage were assigned to US Bank . . . Due to unforeseen circumstances the original Mortgage and Note were lost before they could be recorded.”

* Richmond County Clerk’s office has the mortgage holder as another bank, as 123Home Corp.

12 Responses

  1. Gregory

    the california county recorder’s will NOT record anything that is not on their standard list. they give you a letter saying if you try to record it again, you will be committing a misdemeanor.

    do you have any examples where anybody (non bank) successfully filed a ‘counter’ anything at a California county recorder’s office?

    do you have any standard forms?

  2. […] This post was mentioned on Twitter by Wanta Freedumb, Teri Sherwood. Teri Sherwood said: LET'S ALL FORECLOSE ON EACH OTHER: WHY NOT?: http://t.co/Ksd8Buh #Foreclosure […]

  3. When you file your quiet title, make sure you file a Lis Pendens as well. I have heard from an attorney that this is necessary. I am still working on it pro se, of course. Burmese8@yahoo.com

  4. This is why homeowners should counter-record documents after defective NODs and similar bogus recordings by the banksters:
    http://bryllaw.blogspot.com/2011/01/additional-ammunition-for-homeowners-in.html

  5. I was foreclosed on in Oct of 2009, but I can’t understand why none of the thieves from bank of non-america didn’t get any jail time. It’s too bad that the bank couldn’t be forced to change its name. They don’t deserve the name. Why is it that NO one has gone to jail yet?

  6. Compartmentalized Fraud!!

    But I am ready to foreclose on anybody who invites me: but hands off my property.

  7. Its us or Them! I am for US. Stop paying any debt to any bank [ MAY BEY FOR 3TO6 MONTHS] and WE WILL get results. We will never get our politicians to do this, and “Home Land Security” is a joke” AND POLICEMEN AND FIREMEN ARE BEING (LAID OFF) SENT HOME. IN ORDER to protect the People of AMERICA. WE HAVE TO RESTORE THE PROPERTY RIGHTS STARTING AT THE COUNTY RECORDERS OFFICE.
    HOUSE PAYMENTS SHOULD BE SENT WITH A BLANK ENDORSEMENT AND WE WILL SEE CHANGE IN 3-6 MONTHS! STOP THE BANKS WITHOUT BULLETS, AND WE WIN. THE WAR IS RAGING ON, what will we tell our children about these crimes, send them to public school
    and teach first graders that banks are not your friends they are liars and thieves and they are behaving like the World War Criminals that forced people out of their homes and sent to concentration camps (tent city’s?).
    Just a thought, and I believe it will have a big Impact.

  8. Kind of off-topic, but picture shows kind of an “interesting” floor plan. Wonder how many stairs are in that home?

  9. Finally Deb Wynn Finally somebody that gets it. Foreclose on the Judges and the attorneys who represent the Banks. First the Attorneys. The Judges it is a little bit too complicated.

    The attorneys we can find enough reasons to put a lien on their homes. and also foreclose.

  10. Good one Deb

  11. file an action to quiet title against home123

  12. Please someone foreclose on my judges house

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