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Now that the various foreclosure and eviction moratoriums have either ended, or are on life support, it is more important than ever for homeowners in or near foreclosure, to exploit the paper trail created by servicers and purported mortgage noteholders to carve out the details of what is in, and not in, these debt representation letters.
As has been the case for years, formally challenging these letters, such as through qualified written requests and/or debt verification letters, is a sound way to get going documentation to show both the absence of the right to foreclose or more damning evidence that chain-of-title and related issues outright prevent the legal ability to administer, collect or enforce transactions with homeowners through foreclosing on their property.
The Covid era actions impacting foreclosures continue apace as well, and Charles will break down the latest in that arena.
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Editor’s Note: And you could be setting the stage for enforcing very valuable claims of homeowners to receive disgorgement of money paid and money made in violation of TILA, FDCPA and RESPA. Money made without disclosure must be paid back. This is something that most lawyers have yet to explore because they think it is a bridge too far. I don’t agree. And I know for a fact that the lawyers for investment banks are fearful that this will happen. They have said so in both private communications with their clients and in public presentations to bankers and lawyers for bankers.
I think that one of two things would have happened had there been adequate disclosure at the “closing” as to the identity of the parties involved, the amount of money they were generating as a result of the homeowners signing those papers, and the risks associated with accepting (without knowledge) a virtual lender without any risk of loss in lieu of a real editor with a risk of loss.
The first thing that would have occurred is that lawyers would have been alerted to the opportunities to get their client homeowners a bigger piece of the previously undisclosed pie. And the second thing is that competition would have grown from the investment banking sector to offer greater incentives to homeowners to start the incredibly lucrative process of selling securities.
Contrary to the threats of Armageddon from Wall Street if their securitization infrastructure is disturbed, the only thing that would happen, in my opinion, is that the current investment banks would make somewhat less profit because of competition from other investment banks. And the government is not preserving the economy by buying into those threats. It is saving oversized profits for a few investment bankers.
I personally feel that most homeowners and former homeowners understand they got screwed. And I think that politicians have been too lazy to actually get the data and analysis about this phenomenon that brought down the entire world economy in 2008 and might do so again. Any smart politician who runs against the banks will get more in private donations and votes than by lazily accepting Wall Street donations.
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