The moral of the story is don’t believe the title record, don’t believe the County Clerk, and don’t believe anything you think you know about the sale of property subject to a foreclosure judgment.
I predicted this 10 years ago. With the entire fraudclosure securitization scheme founded on copies of fabricated and forged documents, it was bound to happen that private entrepreneurs would start playing the bank’s game. Making up paperwork, making it appear as though the forced sale was legitimate, allowing musical chairs after judgment and even after the sale, there is a fortune to be made by “entrepreneurs” who utilize the same game tools that the banks and servicers are using.
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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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The moral of the story is don’t believe the title record, don’t believe the County Clerk, and don’t believe anything you think you know about the sale of property subject to a foreclosure judgment.
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This is only one of dozens of scams that are being run around the country that the banks and services are mum about. They don’t want to make the challenge for one simple reason: their own forced sales are no better than the “entrepreneur” in this case.
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Property law is all about details; but for more than a decade government agencies, clerks, lawyers and judges and have been ignoring the details. I remember when a lawyer would walk into a courtroom on an uncontested foreclosure on behalf of a bank seeking a default final judgment of foreclosure and LOSING, despite the absence of any contest.
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Before “industry practice” changed to suit the greed of Wall Street, all the paper was subject to intense scrutiny by the Judge with or without any contest from the homeowner. If anything was wrong, the Judge denied the motion to enter judgment. The lawyer had to go back to the drawing board and figure out what names, legal description, and other factors should be inserted into the paperwork. In some cases where they sued the wrong owner (like a prior owner) they had to dismiss and start all over again.
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Suddenly the courts did a total reverse, leaving it up to the lawyers for the banks and servicers to make representations in court on which the court relied. That is why there are thousands of cases alleging fraud. The representations were mostly false, starting with “Good morning Your Honor, I represent the Plaintiff, U.S. Bank, as Trustee for the XYZ Trust.” (All the Judge hears is “US Bank” and he/she ignores the rest about the trust).
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The lawyer was not hired by the trust or the trustee and was instead retained by a servicer. The servicer in turn asserted its position as servicer through self-serving paperwork that was fabricated, forged, robo-signed or all three. So the first thing he/she says is false in nearly all instances.
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The complaint is devoid of any allegation that the Plaintiff exists, has capacity to sue or anything like that. In most cases the Plaintiff Trust does not exist but because the named Trustee of the nonexistent trust does exist, all attention is centered in US Bank instead of the non-existent trust. US bank is not a trustee because there is no trust and there was no transaction in which property (loans) were transferred to the Trust and accepted by the Trustee.
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Eventually the nonexistent trust with no property entrusted to it is awarded a foreclosure judgment over the vehement objections of the homeowner.
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Despite warning from county clerks across the country, settlements totaling hundreds of billions of dollars for the use of false documents, the property is sold where the game of musical chairs is continued. Hence the Clerk has no knowledge of who is entitled to make the credit bid and what happened when the foreclosure judgment was entered. Enter the entrepreneur who steps into the void and schedules a sale. The clerk either thinks the sale is legitimate or doesn’t care because of some “incentive.”
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Hence the entrepreneur has done exactly what the banks and servicers did — step into the void they created when they separated investors from their money and then separated the investors from their “investment” claiming that the loan was controlled and owned by the banks and servicers.
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Practice hint: the rigged auction and the “credit bid” and “deed on sale” are ripe fruit of those seeking evidence of fraudulent foreclosure.
Filed under: foreclosure |
I’ve reblogged you alot Mr. Garfield, hats off to you and your team
Exactly spot on Neil!
Reblogged this on California freelance paralegal.