Homeowner Associations On the Attack, As Predicted Here

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Editor’s Comment:  Thousands of homeowner associations are filing foreclosure actions on banks owning property that are not paying the monthly assessments or special assessments. We’ve written about this before and encouraged the associations to do so.

The irony is very interesting here. The Banks, having never funded a loan and never purchased a loan, managed to foreclose a loan they never had and get title, possession and even eviction if the rightful homeowner failed to leave as ordered by the bogus pretender lender. Now they must pay the taxes, insurance, and maintain the place as it is written in the Declaration of Condominium, or Community restrictions. AND they must pay monthly “Dues” or assessments as well as special assessments.

So that free house the bank got by submitting a credit bid even though they were never the creditor and never had the right to call themselves a creditor, and even though the debt was either unsecured or paid off, now they re suddenly required to pay the piper.

After all, they say they are the homeowner now. So the banks, knowing this would happen have transferred title into “bankruptcy remote vehicles” which are in fact vehicles for avoiding creditors. A transfer in fraud of creditors is intended to be prosecuted by the Association or any other person effected and the association this time is neither intimidated nor unwilling to press their claim. These are the same banks that decimated their neighborhood. The battle is on.

I wonder how this disclosed to Canadian and other investors who think they are getting clear title? This is only one of several reasons why they are getting clouded title — the pendency of assessments.

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23 Responses

  1. Research your States laws for the minimum number required for the quorum. If you can get enough people who are not satisfied your HOA you bust quorum by not attending the meetings so nothing can get done.

    I bought a house and made sure ahead of time that I did not have an HOA to deal with.

  2. @MariK

    The OCC doesn’t care…they know and they don’t care.

  3. In the middle of all these changes (or supposed changes), is OCC not feeling the pressure to get out the OCC Foreclosure Investigations ?
    I filed in January and the only response is from a carefully scripted telephone list of answers that mean squat

  4. I know there’s no justice. But I also know that if we just sit back and ignore the fact that there is no justice, nothing will ever change.

  5. Carie.

    You touched obliquely on discovery issues.

    The one truth Garfield has expressed is that when one side on this dreadful game (the “bank”) has control of all the information the game is difficult (if not impossible) for the homeowner to win. You can’t entirely blame the homeowners attorney, with a passive if not corrupt judge refusing to enforce the rules.

    There is no justice. You need to learn that. And you probably will…..five years from now

  6. It would be nice though if Neil would finally differentiate between the “investors”…I am waiting for that day…I’m just wondering why he refuses to.

  7. Nope, just a follow-up to BEB.

  8. and so it begins again. is it OCD carie??

  9. Follow up to what I posted at 12:29pm:

    HMDA required reporting of applications. Most applications first pass through the GSEs (Fannie/Freddie). The GSEs have refused to open records. Not all is filed under the SEC. SEC is only for securities filings. Securities filings are for securities only — securities are pass through of current cash flows — ONLY. It cannot be a security without pass-through of CURRENT cash flows. SEC filings do not mandate HMDA applications. Thus, no one knows what first passes through GSEs. No one knows what prior trust is supposed to paid off by a refinance. No one knows what trust their loan may have been securitized into — prior to the refinance. SEC does require filing of “prepaid” accounts — but, SEC also did not regulate or monitor any REMIC trust that filed a 15D- – which allowed the trust to escape any future filings by the established REMIC. This is called — Deregulation (or no regulation as some would like to call it). In addition, if 15-D is filed — there is no requirement that any Mortgage Loan Purchase Agreement (MLPA) and accompanying Mortgage Schedule be updated. There is no requirement that the MLPA be executed. There is is requirement that the Mortgage Schedule be updated. Nothing is required to be reported to SEC. Homeowners are left without access to actual and updated documents, and without access as to whether prior loan was paid off to a stipulated trust. HMDA reported data is useless, if GSEs will not divulge.

    End result — most, if not all of subprime refinances and subprime new purchases, are bogus mortgage loans that were falsely presented as a mortgage to homeowners. These were charged-off loans, with only collection rights surviving. How does this affect homeowners??? One, not a mortgage — unsecured debt. Two, valid records as to payoffs, and payoff to prior trust and/or GSE — is UNAVAILABLE by public documentation. Three, the purchase price for collection right to unsecured debt is undisclosed to borrower. Thus, borrower is unable to ascertain how much a debt buyer paid for collection rights to charged-off debt — and, how that “purchase” price can be “modified” for principal reduction by the distressed debt buyer.

    Finally, security investors are NOT investors in default debt. Subprime was default debt. Security investors, and I will state this over and over, can only invest in CURRENT cash flow pass-through. Security investors CANNOT invest in collection rights — or, for that matter, any mortgage loan itself. They can only invest in pass-through of cash flows. The loan, NOTE, collection rights, remain with the “INVESTOR” — who is NOT the security investor. Under federal law, the “INVESTOR/Creditor” must be disclosed to the homeowner. This information CANNOT be found in SEC documents, and will NOT be produced in courts of law– unless the judge is astute enough to understand the process.

    It is time for deregulation to be repealed. This, I believe will come. In the meantime, unless attorneys understand that all is being withheld in courts, borrowers will remain in limbo — unable to access the documents they need. And, given this, foreclosures will (fraudulently) continue. Attorneys have been so brainwashed on a no-end track, that they fail to look beyond the apparent.

    Number ONE — First, and foremost, you MUST separate security investors from junk debt buyer “investors.” They are not the same. To conclude that they are the same, is a huge detriment. And, to conclude that they are the same, sadly, has been the major downfall of many. THEY ARE NOT THE SAME.

  10. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: | ASSOCIATIONS, HELOC, junior lienholders, second mortgages, wrongful foreclosure « Homeowner Associations On the Attack, As Predicted Here […]

  11. Then go look at something else.

  12. well, i could just be speaking for myself, but i would recommend either wordpress or blogger for your very own blog to disseminate info that has a ring of truth. seeing the same stuff day in and day out gets old

  13. And it’s interesting to me, tnharry, that you always go there. You must know by now that I just like disseminating what has the ring of truth to me—or invite comments from others that may have some insight.
    That’s all…and I think you know that…you’re a smart guy.

  14. it’s interesting to me carie how you choose which commenter to cut and paste on this site. is the decision based on length of posting or some other criterion? i’m guessing you don’t know BEB in real life or have any knowledge of BEB’s success or failures in a courtroom, yet you’ve latched right on to a new mantra.

  15. “You have to put a face on the actual investor. IE, the judge’s state pension, his alma mater, etc so they understand who the owner is and that most likely the foreclosure action is without their knowledge or consent.”

    Interesting—so if you are confronted face to face with a judge and you show him information that directly and blatanly ties HIS own pension to this FRAUD—hmmm….

  16. I’m re-posting this here in case somebody missed it:

    BEB, on July 26, 2012 at 9:01 am said:

    Most of the records everyone has access to, they just are unaware they are publicly available. You must first recognize that banks are publicly traded and have to file SEC reports. These reports need no authentication to be submitted as evidence as a corporate officer sign off on them.
    Then you also have HMDA reports. Did the purported lender actually make the loan they claimed? How many actual loans did the lender make in a calendar year? Do the numbers match the annual report?
    SEC filings are free, anyone can purchase HMDA data.
    However, the big piece you all need is available only to those of us in the industry who you believe have formed some vast conspiracy against you. We’re not real motivated to post ‘check out this report,’ among what looks to be a frey of malcontents.
    For example there exists databases that contain investor level reporting for RMBS trusts. Remember that lady in Alabama who lost a foreclosure appeal? Took me about 2 minutes to see the bank had filed foreclosure paperwork AFTER the insurance (ie, credit enhancement) paid the entire pool of investors off. More importantly, we can see if money was ever returned to investors after foreclosure.
    Finally, those of us out to get you, also have access to the rating agency databases of every deal. What is great is not that we know the agencies are unreliable, it is that the servicer or bank provided all of the information to the rating agency. IE, you can see an entirely different story being told.
    The transaction described in the promissory note never occurred.
    However, this requires an understanding of what really happened is all based on a flawed belief that housing prices always increase. Corners were cut in the loan process under the premise if a borrower got in a bind, they could refinance their way out. No one ever demands proof of ownership in refinancing.
    The downturn really began in 2007 with AMBAC. AMBAC insured investors of US RMBS pools against losses through complex credit default swaps and other credit enhancements. As homeowners were unable to pay, AMBAC was subject to insurance claims much greater than it could pay.
    This is the point where investors in RMBS pools suffered losses. The pricing of the underlying securities fell 70 to 90% (10 to 30 cents on the dollar) Theses investors were pensions, foundations, endowments, and some mutual funds.
    (What caused the bank failures were side bets on the pools, so focusing on this aspect is not important to foreclosure defense or getting to the ownership of any loan, with one caveat, which I am attempting to research did the bank bet against pools it was servicing?)
    The question now becomes how is the investor still suffering losses if so many foreclosures are occurring? Using investor reporting and an actual foreclosure we should be able to see a ‘credit’ on the monthly report for the market value of the property. However, we’re not seeing this because most if not all RMBS cannot make credit bids at auction – they lack the cash to do so.
    We need actual cases to match.
    We also need actual cases to match to verify securitization really happened. The process must be done in sequences to make it a principal transaction. Too many loans were funded simultaneously with the filing of trust offering documents, making it an agency transaction…ie the bank was just a broker and never advanced money or took the loan on its books.
    You have to put a face on the actual investor. IE, the judge’s state pension, his alma mater, etc so they understand who the owner is and that most likely the foreclosure action is without their knowledge or consent.
    My hope is to encourage folks to stick to facts here and set up their own blog for emotional rants. Plus it may serve you better in your case.

  17. and less marketing language in favor of more facts please. “This is only one of several reasons why they are getting clouded title — the pendency of assessments.”….Pending assessments, be they homeowner’s associations or taxing authorities don’t impact title or cloud it. They impact your bottom line, but not title itself

  18. did the article get omitted? all that’s here that I see is an editorial comment on an article

  19. Jim, correct. Not to mention other ill-gotten gains they should be drawn and quartered. Meanwhile….

    James Holmes’ likely murders overshadow father Robert Holmes’ Libor testimony.

    http://mortgagemovies.blogspot.com/2012/07/kingcast-and-mortgage-movies-remain.html

  20. As i have ofton said,what goes around comes around,Bank of America has filed forclouser on me two weeks ago,and they are clueless as to the fight that they are going to get in court,They have no standing what so ever to file this,Thanks to Neil i have gotton past the fear of losing my home,and have gained a lot more knowledge about the abuse and fraud by BOA that i have a lot of fight in me.Thanks neil

  21. It’s all chump change compared to the windfall the banksters finagled.

  22. That being said… I gladly support any and all means and ways that we can take back our homes from the banks. Any positive move for us is added to the fledgeling push from homeowners thats sooo overdue.

  23. It appears to me that at the end all the banks need is the foreclosure to complete the circle so they can report the loss “legally” to the pension/investor funds. The actual house is icing on the cake and if those “bonus properties” acquired at foreclosure fall by the wayside, oh well. The HOA’s may even be doing them a favor by taking that inventory off their hands in a housing economy that is unable to maintain and sell these over abundance of homes. Again, assuming the banks only need the official foreclosing paperwork to close the fraudulent paperwork circle.

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