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In an article published this week in the Florida Bar News, Gary Blankenship reports “good” and bad news. The backlog of cases “has been reduced by more than 40%”, reports. He attributes this to both stepped up efforts by the Courts and cases being dismissed or dropped by Lenders. “But nearly a quarter of the state’s properties with mortgages are either in foreclosure or behind in payments.”

While there is an expectation that some cases will be refiled, they expect those to be “few and far between.” So what happened to the dismissed and dropped cases? And what about the cases that already went through that SHOULD have been dismissed or dropped?

From what I have seen, the dismissed cases and dropped cases all stem from one fact: there was no case. The would-be forecloser didn’t have any more right to foreclose on John Q Public than you or I did and now that Judges are scrutinizing the documents, and lawyers are bringing discrepancies to the Court’s attention a Judge is far more likely to be suspicious or dismissive of the position of the “Bank.”

It plain language, the persons and entities making the foreclosure decisions are in companies that have not made any loan and have not purchased the obligation. They stepped in because the real parties in interest, the investors, have abandoned the claims against homeowners and these “intermediaries” thought they could get away with stealing the house because they knew the borrower had not made payments.

Borrowers and their attorneys assumed that without a record of payments, they were forced to admit a default and then were boxed into a corner trying to contest the right of the forecloser to be in court. Now it is becoming increasingly apparent that many investors have either abandoned the claim or have been paid off in part or in  whole in side deals that were never reported to the borrower. Once the Court allowed discovery to proceed the thieves who were trying to get the house were dead in the water because they could not and would not account for the full money trail.

The number of quiet title actions is now rising fast. There is simply nobody on the title record who has an interest in the obligation, and the obligation itself has been either abandoned or paid. So the homeowners are left with a free and clear house — at least until a real creditor appears on the scene and makes a claim on what appears to be an unsecured claim.

The past foreclosures represent a huge problem. In fact, even the homeowners that have avoided a foreclosure may have a hidden title problem if they refinanced and received a satisfaction of mortgage from one of these thieving intermediaries. They took the money, issued the satisfaction of mortgage, but they were not the creditor and it is becoming increasingly apparent that without clearing up that issue, title will be clouded without a lawsuit asking a Judge to declare the status of title, thus clearing the title for future transactions.

Prior foreclosures will no doubt be the subject a a new slew of actions for slander of title, wrongful foreclosure, trespass and other causes of action as they seek to overturn the or vacate the Final Judgment of Foreclosure, the sale that followed and any deeds that were issued after that. The title companies are bracing for a tidal wave of claims that they intend to reject, but that issue is far from settled.

5 Responses

  1. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy, borrower, countrywide, creditor, disclosure, FINAL JUDGMENT, Florida Bar News, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, Gary Blankenship, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND Livinglies’s Weblog […]

  2. Can good Knight take on the case, Orange County, Central Justice, Santa Ana, CA 30#2009#00320493, Make these claims true, off this website. fee waiver, defendants, saxon, mers & consumer reo, LLC.
    suttons77@hotmail.com it the end that counts.

  3. I frequently observe foreclosure court in Sarasota, FL–the cases are mostly getting voluntarily dismissed by the bank attorneys–I’ve wondered why–judges will dismiss a case if the bank attorney doesn’t show up–although a friend had a case dismissed when the bank attorney didn’t show up and the next week the bank attorney said they went to the wrong court room and there was a second trial scheduled–they didn’t show up the second time–Go figure!

  4. Oh, what a tangled web we weave…etc.

  5. The pretender just filed a reply in my case that essentially says … We saw the note , it’s endorsed in blank ,, we are not submitting it into evidence ,, the “copy” from the clerk is good enough ,, you don’t have to see the back of the pages ,, TRUST US…

    Too bad for them they came out and stated only one transfer (RUH ROH!) and it is endorsed in blank (PSA allows transfer into trust in blank but requires all intermediate assignments and the “in blank” to be completed (filled in “to” name .. by trustee to be valid..)

    This may take a year or two and a QT but my plaintiff IS DONE.

    These jokers make Joe Isuzu look good.

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