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Foreclosures And The Bottomless Pit

Written by: Mike Whitney

“There are many good reasons to believe that the 5.5 million foreclosures we have seen are barely halfway through their full course. The United States may end up with a total of 8-10 million foreclosures before we are finished.” – Barry Ritholtz, The Big Picture

It all gets down to supply and demand. The banks have been keeping millions of homes off the market until a settlement was reached in the $25 billion robosigning scandal. Now that the 49-state deal has been finalized, the banks are preparing to put more of their of distressed homes up for sale. That will lead to lower prices and the next leg down in the 6-year long housing crisis.

According to Reuters, new foreclosures “begun by Deutsche Bank were up 47 percent from 2011. Those of Wells Fargo’s rose 68 percent and Bank of America’s, including BAC Home Loans Servicing, jumped nearly seven-fold — 251 starts versus 37 in the same period in 2011.”

So BofA, which unwisely purchased Countryside following the Crash of ’08, is scrambling to get its house in order by removing the deadwood from its balance sheet. Good luck with that.

In order to avoid a sudden plunge in prices–which would be devastating for bank balance sheets–the banks will continue to control the number of homes that are released onto the market. In 2011, existing home inventory shrunk by 20 percent year over year while the shadow backlog of distressed homes continued to grow in leaps and bounds. This shows that the banks are managing inventory to minimize their losses.

But even though “visible” inventory has shrunk by as much as 30 percent in some markets, housing prices have continued their downward trek, dropping roughly 4 percent in 2011. This reflects the truly dismal condition of the underlying economy that is wracked by high unemployment, flat wages, and soaring personal debt. Absent another round of fiscal stimulus, there’s little chance that housing sales will rebound in 2012 despite historic low rates and myriad government loan modification programs.

The biggest problem facing housing now is that ordinary working people can’t make their monthly payments. An article in Reuters summed it up like this: “The subprime stuff is long gone,” said Michael Redman, founder of 4closurefraud.org. “Now the folks being affected are hardworking, everyday Americans struggling because of the economy.”

So what we’re seeing now is the knock-on effects from high unemployment, tight credit, shitty wages and deep protracted economic stagnation. This is a policy issue, but policymakers refuse to address it, so housing will bump along the bottom for years to come. Now take a look at this article in the Wall Street Journal:

“Delinquent mortgage borrowers, take note: Banks still aren’t moving very fast to kick you out of your homes. February’s foreclosure settlement between big U.S. banks and state attorneys general should have been bad news for mortgage deadbeats — and for house prices. Having resolved charges that they had filed bogus documents to speed up repossessions, the banks should have felt free to move ahead with millions of foreclosures. They should also have started selling more repossessed houses, an influx of cheap supply that would weigh on the market.

So far, though, that’s not happening. …. as a result, the average number of days since the last mortgage payment had been made on homes in the foreclosure process rose to 667, up from 660 the previous month and 253 in February 2008. In other words, the average delinquent borrower could live rent-free for nearly two years without getting evicted, assuming the borrower chose to stay in the house.” (“The Foreclosure Deal Spares the Housing Market (So Far)”, Bloomberg)

Just to be clear, we do not agree with the author that the people who were victims in this vast criminal mortgage laundering scam– that destroyed the financial system and pushed the global economy into a Depression–can be fairly characterized as “mortgage deadbeats”. Even so, the point he makes is important, because it illustrates how the banks are fiddling with supply to avoid the losses on non-performing loans. Screwball accounting regulations allow the banks to keep mortgages on their books at fictitious prices (artificially high) until the house is sold. Only then, are they required to write down the difference. Considering that they still have millions of distressed homes on their books, this is no small matter. An accurate accounting of bank real estate inventory would show that most of the biggest banks in the country are technically insolvent.

So what does this mean for people who are thinking about buying a house in the near future? Should they hang on to their money and wait for another year or so or jump at that $450,000 McMansion with the Gothic parapets and custom Swedish sauna that’s been marked-down to a mere $185,000?

That’s hard to say. It depends on one’s own priorities. But one thing is certain, housing prices won’t be going up for a very long time. Maybe never. Moody’s ratings agency forecasts that we’ll see ”an 8% to 10% decline in housing prices” due to a 25 percent uptick in repossessed properties from 1 million in 2011. Unfortunately, Moody’s calculations are far too optimistic. In fact, “top housing analyst Laurie Goodman estimates the amount of shadow inventory at between 8 and 10 million homes, and Michael Olenick, using a different methodology, comes in at just under 9 million homes.” (Moody’s Foresees 10% Drop in US Housing Prices, naked capitalism)

Even if Goodman-Olenick’s predictions are wrong by half–which is unlikely–prices have a long way to go before they hit bottom.

30 Responses

  1. @keepon,

    Just signed anf forwarded. But damn White House didn’t want to let me get out of the site afterwards! Had to close all the windows and re-sign in.

  2. 7477 more needed by 4/22 17,523 signed (4/11 @ 6 pm) 25,000 signatures required

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

    https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

    “Senator Demands Answers from Freddie Mac’s Regulator” ( Acting Director Edward DeMarco)
    http://www.propublica.org/article/senator-demands-answers-from-freddie-macs-regulator

    ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

    Questions the senator put to the regulator, the Federal Housing Finance Agency, include why Freddie made the deals in the first place, when the FHFA learned of the trades, what role, if any, the FHFA played in them, and what the FHFA plans to do about the billions of dollars worth of deals Freddie still has on its books.

  3. Thanks for the explanation.

  4. @mkd – The constitutional right of due process protects people only from violations of their civil rights by state actors, not private actors. in non-judicials, there isn’t usually a court involved. a court or other governmental entity being involved would trigger due process arguments. most of the non-judicial states and federal circuits have considered it and dismissed the defense as unmeritorious and/or frivolous

  5. @ tnharry

    what does lack of “state action” mean?

  6. @ Enraged,
    I probably won’t appeal to the appeals court. Although if any BoA trolls are reading this, I MIGHT. Haven’t decided for sure yet. Still have some time to decide. But I AM going to “appeal” to the public, meaning I am going to post all of my discovery that the judge ignored and hope that someone, somewhere will find the missing piece(s) of this convoluted puzzle and be able to use it to their advantage. Coming soon…

  7. @Zure,

    First off, i am very sorry to read that you lost. Are you going to appeal or are you through? I don’t know what’s going on right now but between Stopa who remarked on foreclosures really picking up and the lack of recent positive news, I’m losing hope for redress of whatever was committed in this country.

    @tnharry,

    Don’t shoot me!

    All I do is post stuff that I find of interest. If Barnes believes that he can fight the constitutionality of non-judicial foreclosures, more power to him. This goes way beyond my limited knowledge of laws.

    Personally, I don’t have that problem: I’m in judicial and even if I haden’t been, i would have done what I have advised everyone to do: file first to make their case a judicial one. Doesn’t automatically get a win but it sure as hell allow homeowners to have a greater crack at winning.

    And anyway, that AG settlement has completely changed the landscape by, de facto, constitutionalizing banks actions, however eggregious. I can’t see the Supreme Court ever deciding anything going against the terms of that settlement if someone ever decided to approach it on the subject raised by Barnes. What i hope for now is that, with foreclosures picking up, there will be such a backlog that the system will ultimately implode.

    Otherwise, it won’t end well. It can’t. Not when we look at human nature and how close people are getting to seriously revolting.

    By the way, i wanted to address something you posted a couple of days ago: you said something along the lines that LL had posted one article about Title insurers no longer underwiting policies and people grabbing that idea and spreading it. Actually, LL wasn’t the only source to mention it at the time. And i seem to remember that a few title insusrers did, indeed, decide to refuse underwriting title insurance. There was a big one in Illinois (forgot the name) and that Old Colony insurer but there were a few more in Nevada, as I recall.

    Unfortunately, as everything, else, the reluctancy seems to have died off when it became obvious that our government was more than willing to back forgeries and other violations. You can’t blame people for holding on to any ray of light now, can you?

  8. @zur and enraged – i would disagree with Barnes’ take on the constitutionality issues. many of the states’ non-judicial foreclosure statutes have been challenged on constitutional grounds and survived. the common theme of the dismissals focuses on the lack of “state action”, a requirement for a due process case. since the power of sale is a contractual remedy between the parties to the deed of trust, and because there is no court involvement in the process, the courts have found the “state action” component lacking in the challenges. kind of surprised Barnes would even post something like that, unless it’s more of a “wish it was this way” than a recitation of current events

  9. Hey guys, just wanted to let everybody know. I lost my case–I challenged my non-judicial foreclosure and just recently, the Defendants’ motion for summary judgment was granted. In the judge’s Order granting the summary judgment, he completely ignored all my arguments and evidence. I mean COMPLETELY IGNORED–if you read the Order, you’d assume that no discovery was conducted by me since he neither referred to nor cited not ONE scintilla of it. He actually said I misunderstood the law even though my briefs stated the same conclusion that he came to in the Order. So there ya go…

    I fought the case pro se, so I’m not out any money. Apparently this kind of ignoring of evidence happens a lot in the Federal Circuit I’m in (and everywhere else), so I’d be super pissed if I’d spent the 30K my lawyer told me it would cost to see the case through and then the judge did what he did.

  10. Enraged,
    Great Jeff Barnes article. I particularly liked this part:

    “In marked (and unconstitutional) contrast, a homeowner has to purchase the constitutional right to an opportunity to be heard in a non-judicial foreclosure state by (a) filing a lawsuit with all of its attendant fees and attending at least two injunction hearings, and (b) posting a bond. These costs and expenses are required whether the homeowner retains counsel or not.”

    He’s completely correct.

  11. Forget all the ink that has flown into denouncing, explaining, justifying, vilipending, berating, etc. the “settlement” (that one for you, Ian). Mark Stopa has a common sense approach to that settlement that simply puts everything into perspective better than anything written so far.

    Is this going to go smoothly for banks? I doubt it very much. As Matt Weidner keeps warning us, it will become violent. We can’t have 290 millions armed Americans (based on NRA numbers but, then again, they have their own agenda and proclaming that high a number is intended to assure that more people rush to buy weapons out of fear…) and expect that they won’t use them, right?

    No two ways about it. This is the only possible result, based on thousands and thousands of pages of human history. What our elected officials refused to accomplish by true negotiations and compromise (whatever their reasons) will be accomplished one way or the other. All we have to do is sit and wait. It’s coming.

    Proof the AG Settlement Failed
    Posted on April 10th, 2012 by Mark Stopa

    I’ve read many good articles, including this one from Abigail Field, explaining why the 25 billion dollar settlement between the Attorneys General and the TBTF banks was a terrible deal for consumers and our country as a whole. For me, though, there is one simple, obvious way to prove this settlement was and is a complete and collosal failure. Simply compare the rate at which banks were filing new foreclosure lawsuits and prosecuting existing foreclosure cases before the settlement to the rates now, after the settlement.

    Before the AG settlement was announced, banks were very slow to prosecute existing foreclosure cases and loathe to file new cases. To illustrate, it seems crazy to say so now, but Stopa Law Firm went nearly a year without a single bank setting a hearing on a motion for summary judgment. Think about that for a minute … nearly a year without a single summary judgment hearing (in any of my cases). I like to think that’s partly a product of the banks and their lawyers not wanting to face me in court, but certainly there was more to it than that. Banks were hesitant to prosecute foreclosure cases without a settlement and release from the AGs.

    After the AG settlement was announced, banks accelerated the foreclosure process, both in terms of new cases and the prosecution of existing cases. How do I measure the difference? Well, the banks are now proceeding at rates faster than I’ve seen in the four-plus years I’ve been defending Florida homeowners. If banks were a snail before the AG settlement, they’re now a jackrabbit. That’s not to say foreclosure cases cannot be defended any more – they can. But the approach and overall dynamic of foreclosure defense has changed drastically in recent weeks.

    As for the key question, i.e. whether the AG settlement was helpful to homeowners, ask yourself this – “if the AG settlement was helpful, why are banks foreclosing faster now, after the settlement, than they were before?”

    The settlement should have discouraged abusive practices in the banking industry. Instead, the TBTF banks accepted their slap on the wrist, took their release from the AGs, and began their corrupt and fraudulent practices anew, full speed ahead.

    Imagine a professional bank robber stealing $500 million from 20 different banks over a 10-year period, then being “punished” by having to pay back $500,000 with no criminal penalty and no jail time. Wouldn’t the bank robber, after that punishment, go right back to robbing banks? That’s what’s happening here with the AG settlement, only, in America, the bank robber would never escape punishment while the TBTF banks always get off scot-free. That may sound harsh, but, again:

    if the AG settlement was helpful, then why are banks foreclosing faster now, after the settlement, than they were before?

    Mark Stopa

    http://www.stayinmyhome.com

  12. @shelley – as to your “letter and summons” idea, there is no provision in civil procedure for such a prospect. a summons accompanies a suit, not a letter.

  13. iwantmynpv,

    You are correct. Not only did BofA securitize the Countrywide “loans”, but they also purchased the collection rights to these loans before they securitized the cash flows.

    Also, this article says – “the subprime is long gone.” Oh yeah?? Then why do we have foreclosures going through under the trust/trustee name to the “long gone” subprime trusts???

  14. @Geanette,

    They will!

    You actually expressed one of my gripes. We are put on a constant roller coaster and many people delight in doom and gloom. The rest can be so “out there” that it becomes very quickly clear why they didn’t prevail in their case. And the funny thing is that when you question their recommendations and the basis for their exotic defenses, you get insulted and called all kinds of names…

    I have an attorney. i sued the bank. I’ll see what comes out of it and I won’t worry. That’s my philosophy.

  15. to me the home is the carrot- the inducement into thinking all things are equal, dont be silly. this journey is teaching me things far beyond home ownership- get it

  16. I feel like I am on a see saw whenever I read articles here! First there’s hope that we can fight and keep our homes, then there’s doom and gloom about impending foreclosures coming down the pipeline!

    I’ve decided to fight for my home and hired a law firm to work on my behalf in securing a fair loan modification which I’ve been trying to do for over 2 years with BOA….I am remaining positive that things will work out in my favor!

  17. @ John Anderson ,

    Oh it’ll get worse … the FED is testing the waters with talk of FLOATING RATE notes .. the end of the money system keeps getting closer http://www.zerohedge.com/news/if-1951-accord-any-indication-treasurys-imminent-launch-floaters-will-be-signal-get-out-dodge

  18. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: appraisal fraud, borrower, distressed homes, foreclosure, foreclosure defense, foreclosure fraud, foreclosure offense, FORECLOSURE SETTLEMENT, foreclosures, forgery, fraud, housing market, housing prices, investors, Lender Liability, LOAN MODIFICATION, Moody, Mortgage, mortgage fruad, real estate inventory, securitization, settlement Livinglies’s Weblog […]

  19. What would be wrong with sending a letter of summons demanding the note after the house is stolen. If they dont send it within twenty days file stolen property notice? Where do we find the rule or the statute they can not keep the note when they take the house. Demand the note by summons and certified mail.? What does everyone think of that?

  20. Unfortunately, it will have to get worse before it can get better, because mainstream America has not even now, awakened to what has happened over the last 40 years, how our monetary system works, and who controls it.
    When Joe sixpack does finally crack a book, and wakes up, there will be a revolution, where hopefully there will be some new cool rules laid out.
    Until then, expect more of the same.

  21. Mr. Whitney cannot be believed. Anyone who can write an article claiming that BAC unwisely purchsed Countrywide just did not spend any time investigating. BAC securitized all the CWBC (alleged loans), and they were on the hook for them anyway. Why get stuck with ust the bad laons when you could use the performing pools to offset your losses, and write down postitive cash flow against defaults, while taking in the monoline and swap revenue. For the price they paid, the Serviicng rights offset the cost.

    Go look at who the originator was and who the was the deposit bank on all the MLMI Trusts. Are you guys kidding me? After all these years nobody can put two and two together. These banks are not competitors, they are the casino and going from one bank to the next is the equivalent of leaving the casino and walking down the strip to another.

    More important, technically insolvent? Under 2009 FASB mark rules they are all factually insolvent. Move the discount rates inside the pools closer to reality and than have stress tests. Better yet, impose BASEL III requirements next month and see if any of them can avoid the FDIC fate. This is all a scam and we keep going back to the same casino.

  22. I was in foreclosure for 2 1/2 years and had a sale date of 10/1/11 and the sale was canceled. I tried loan mods everything but they would not do anything for us. I’ve been disputing the debt for about a year. To make a long story short, after my sale was canceled I went to the recorders office and looked at the records on my property a noticed something new. Rescission Notice of Default and Election to Sell Under the Deed of Trust. Wow! I don’t know why a lender would file this. I didn’t cure the loan! I don’t know what to do next. BofA doesn’t let you know this info you need to go to the county to see for yourself. Dose anybody know if a lender is requierd to file this for any reason?
    I would think that they could have just keep postponing the sale. Anybody know about this please post something.

  23. Sure. That would be a start. Thanks Jeff for pointing that out.

    THE ENTIRE NON-JUDICIAL FORECLOSURE SYSTEM IS UNCONSTITUTIONAL AND NEEDS TO BE SCRAPPED
    April 10, 2012

    April 10, 2012

    This post is the result of my personal observations as counsel in more non-judicial foreclosure cases than I can count over the last 4+ years around the United States. With the rampant use of robo-signers, fraudulent assignments, backdated notaries, and “public records” manner of taking someone’s house away, it has become more than evident that the entire non-judicial foreclosure system needs to be scrapped in every state where it is used. The reasons are several.

    First, the system is unconstitutional. What other system permits an alleged “creditor” to take away something which is titled in your name simply by filing three documents in the public records? All a foreclosing “creditor” has to do to foreclose, in a non-judicial state, is to file (1) a Notice of Default, (2) a Notice of Substitution of Trustee, and (3) a Notice of Sale, and the house is sold at public auction. To make matters worse, there is no state which requires a foreclosing party (or trustee sale company) to generate and mail or send a new sale notice if the sale in the Notice of Sale does not take place on the date in the Notice; the onus is on the homeowner to “keep in contact with” the trustee sale company as to when the “new” sale date is.

    On top of that, a homeowner in a non-judicial foreclosure state has to file a lawsuit to seek a court order to stop the sale, which is a two-phased effort: a Temporary Restraining Order to seek to stop the sale temporarily, followed by a separate Motion for Preliminary Injunction to stop any sale during the pendency of the foreclosure challenge. To make matters worse, most states have a bond requirement to effectuate an injunction, and the amount is usually so large that the homeower cannot afford it. This manner of placing the burden on the homeowner to disprove the foreclosing party’s case and being labeled as “guilty until proven innocent” reeks of unconstitutionality.

    Further, the non-judicial system never contemplated a creature like MERS or a hydra like securitization. The process was essentially implemented to prevent a landowner who sold someone “40 acres and a mule” from having to personally serve that person with a lawsuit to get his land back if the payment was not made. We have advanced far from that sceanario.

    Due process of law requires notice and an opportunity to be heard when there is a claim made against someone. In the judicial foreclosure states, the foreclosing party is made to prove their case, and has no right to sell someone’s house unless the case progresses to a Final Judgment. The homeowner is personally served with a lawsuit (notice), and is permitted to file papers to challenge the lawsuit and be heard at trial (opportunity to be heard). The opportunity to be heard is even present in the summary judgment context, as there is a hearing and the homeowner can challenge the summary judgment request, and has ample time to do so. During this whole process, there is no “bond” requirement in order to stop any sale: the burden is on the foreclosing party to demonstrate, under the law and evidence, that it is legally entitled to foreclose.

    In marked (and unconstitutional) contrast, a homeowner has to purchase the constitutional right to an opportunity to be heard in a non-judicial foreclosure state by (a) filing a lawsuit with all of its attendant fees and attending at least two injunction hearings, and (b) posting a bond. These costs and expenses are required whether the homeowner retains counsel or not. There is no other area of the law which requires someone to buy what is guaranteed by the Constitution, and forcing a homeowner to do so is not only a form of prior restraint, but is also places a monetary condition on being permitted to exercise a constitutional right.

    “Mr. President, tear down that wall”. Abolish the unconstitutional non-judicial foreclosure system.

    At least one state has recognized the inherent problems with fraudulent assignments, robo-signers, lack of notice etc. which are the infectious diseases in non-judicial foreclosures. Hawai’i’s Act 48 abolished non-judicial foreclosures for a year and presently requires all foreclosures to be instituted judicially, forcing the “bank” to prove that it has the legal right to foreclose. Bravo to the Aloha State. Alaska, Washington, Oregon, Nevada, California, Arizona, Montana, Colorado, Minnesota, Michigan, Georgia, North Carolina, Texas, Tennessee, and the other non-judicial states should follow Hawai’i’s leadership example.

    Jeff Barnes, Esq., http://www.ForeclosureDefenseNationwide.com

  24. “In fact, “top housing analyst Laurie Goodman estimates the amount of shadow inventory at between 8 and 10 million homes, and Michael Olenick, using a different methodology, comes in at just under 9 million homes.”

    That means that at least that many people/families have been kicked out, either as foreclosed homeowners or as renters of foreclosed speculators. That’s a lot of people whose lives were turned upside down and who still haven’t joined OWS or The 99 Declaration. Of course, since we’re talking about shadow inventory, we’re not mentioning the numbers whose houses were seized and resold. Still can’t find any hard numbers on that either. Don’t know what it’s gona take for all of them to realize that what they went through was not their fault and they need to seek redress. Apparently, the number is still not high enough… Are we going to wait until 160 million people have gone through it?

    One thing that strikes me as very odd is that those people who first dealt with it and are trying to rebuild their life are now taking the high and mighty attitude that “I didn’t want to deal with it at the time. I had a lot more on my mind than just a house” as though it is water under the bridge and life is now honkey dorey. Except that… they still don’t have a job, they’re hunted down for deficiency, their health has taken a bad turn, they still don’t have savings, they lost their retirement and not dealing with it at the time doesn’t mean it’s gone away for them. For many, their credit is shot, they can’t get a damn car to go to interviews and get a frickin’ lousy job but… well, at least, now, they pay rent! For now. How long will they be able to? What happens next, when rent is so overpriced that only a select few will be afford to afford one?

    It’s insane. Inaction to that degree is absolute insanity. There isn’t any word for it! Maybe, just maybe, we’ll see some serious action when cable is shut down, electricity is a luxury, postal mail no longer gets delivered and internet is no longer accessible. We sure will see action when TV DOESN’T TURN ON ANYMORE and Celebrity Apprentice can’t be viewed!!!!!!

    Someone said on this site that it took Rome 800 years to go down. Well, it isn’t going to take that long for America. Not if no one fights.

  25. E.Tolle- good one! JennInGa- glad we can keep our sense of humor in this disgusting enterprise.
    When people ask me “are you busy, do you have alot of work?” I try to put on an air of confidence and say “Well I don’t have anything this week, but next week I have nothing either”

  26. @ian, I needed this! Sometimes the fraud and misrepresentations of a mortgage servicer and the “beneficiary” who is a 3rd party stranger to my loan make me feel 🙁 but you made me 🙂 !
    Thanks!

    RE: Example: The foreclosure mill’s “employee’s”, when questioned under “oath” by the judge’s, maintained their “innocence”! When confronted with “proof” that the documents were just copie’s of “photoshopped” “assignment’s”, they all began giggling!

  27. ….cracked me up Ian. As one of my favorite Kurt Vonnegut quotes reads, “Things are going to get unimaginably worse, and they are never, ever, going to get better again!”

    Or one of my most up…well…downbeat views….Life is a swirling, sucking eddy of despair filled with brief moments of false hope in an ever darkening universe, and then they foreclose on you!

  28. Hey Neil, “Believe It or Not, It’s Getting Worse”, isn’t a very upbeat title for an audience in need of encouragement and optimism. You need to at least try to put a positive spin on posts like this one. How about,
    “Things Started Out Slowly, But Then Tapered Off”. Or, “There Was No Good News Last Week, But This Week Sucks Also”.
    We could also use how-to articles such as “How To Deduct Your Mortgage Interest When You Didn’t Pay Any”. Or, to take a page from the banks’ playbook, “How To Be Reimbursed By The Gubmint For Losses When The Losses Were “Phony”. For crying out loud, phony losses- what will they think of next for Pete’s sake!
    Furthermore, you should dress up your posts through the creative use of quotation marks, apostrophes, and exclamation points. Example: The foreclosure mill’s “employee’s”, when questioned under “oath” by the judge’s, maintained their “innocence”! When confronted with “proof” that the documents were just copie’s of “photoshopped” “assignment’s”, they all began giggling!
    You know, liven it up a little bit.

  29. Stop generalizing. Every jurisdiction is different and prooerties vary in their marketability

    . I was kicked off my property 5 months after I stopped paying, after I discovered Linda greens autograph on a 2009 assignment

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