This page has been archived and commenting is disabled.
Broke? You May Now Be Entitled To a Free Home
It’s been seven years since the epic collapse of the US housing market, and there’s never been a better time to buy your first home. In Denmark for instance, the bank will tax depositors in order to pay you to take out a home loan. But before you move to a European country operating in NIRP-dom, consider Florida and New Jersey first because as Susan Rudolfi recently discovered, you can actually get a house for free by simply not making your mortgage payments. Here’s more via NY Times:
She is like a ghost of the housing market’s painful past, one of thousands of Americans who have skipped years of mortgage payments and are still living in their homes.
Now a legal quirk could bring a surreal ending to her foreclosure case and many others around the country: They may get to keep their homes without ever having to pay another dime.
The reason, lawyers for homeowners argue, is that the cases have dragged on too long.
There are tens of thousands of homeowners who have missed more than five years of mortgage payments, many of them clustered in states like Florida, New Jersey and New York, where lenders must get judges to sign off on foreclosures.
However, in a growing number of foreclosure cases filed when home prices collapsed during the financial crisis, lenders may never be able to seize the homes because the state statutes of limitations have been exceeded, according to interviews with housing lawyers and a review of state and federal court decisions.
It should come as no surprise that the free house legal loophole comes courtesy of the always dangerous and extraordinarily unpredictable combination of government ineptitude and TBTF inefficiency, and thanks to the fact that the Fed-sponsored, investment bank securitization-fee-fueled real estate bubble was allowed to inflate to the point where it swallowed the entire US economy, tens of thousands of borrowers may ultimately become owners by virtue of remaining resolute when it comes to not making payments:
It is difficult to know for sure how many foreclosure cases are still grinding through the court systems since the financial crisis. It is even harder to say how many of those borrowers are still living in their homes.
Bank of America, for example, has initiated the foreclosure process on roughly 20,000 mortgages that have not been paid in at least five years. The bank estimates that 90 percent of those homes are still occupied.
The courts are not the only source of delay. Over the years, the federal government has made 69 changes to its mortgage modification programs, forcing lenders repeatedly to scrap previous offers to homeowners and extend new terms.
Of course, the banks have also dragged out this reckoning through shoddy paperwork, botched modifications and general dysfunction as they struggled to cope with a flood of soured mortgages. Many cases were passed among lawyers like hot potatoes and lay dormant on court dockets.
This arrangement works out particularly well if the property you now own (because it’s cheaper to pay a lawyer than it is to pay the mortgage) can be used to generate rental income:
[Rudolfi’s] working-class neighborhood is a short drive from Coconut Grove, a wealthy waterfront enclave of Miami. Her bedroom opens up onto a pool, shaded by palm trees. Outside her house, she parks a small motorboat she named Mermaid. The property includes an adjoining house that she rents out…
In November 2009, her mortgage servicer at the time, Aurora Loan Services, a unit of the now-defunct Lehman Brothers, filed to foreclose on her house.
Instead of making her roughly $1,300 monthly mortgage payment, she pays her lawyer $500 a month to represent her in court.
* * *
So a bit of poetic justice we suppose for an investment banking community and a complicit Federal Reserve who facilitated the creation of a modern day tulip mania which lined Wall Street’s pockets even as it put Main Street (which was itself all too eager to finance a McMansion and a Hummer) on a path to ruin. But in the end, the Susan Rudolfis of the world ask: "What are you gonna do?"...
“I screwed up and they screwed up, so now what?” she said.
»
- 134824 reads
- Printer-friendly version
- Send to friend
- advertisements -
well said !! kudos - most people dont get it -
the law was to kill runaway slaves at one time - going along made you what? a good citizen? of course not -
the banks fuck the system so should everyone - that is the onlyw ay it changes - chaos!!!
What is happening is support of the municipal bond market. If all those foreclosures were to hit the market and get "marked to reality" property tax revenues would drop so much that the muny bonds all over the country would detonate.
As with every other mess-all they've done is bought a little time before the storm
I hadn't thought about that angle, but it makes a lot of sense. I wonder what kinds of derivatives are tied into the muni bond market?
There is one other very significant consequence of "price to reality" and that is the entire US debt structure with its multiple derivative components is built upon "good collateral" of which there is an extreme shortage in the world in general, and specifically the USA. "Price to Reality" of US residential real estate means that a huge chunk of USA indebtedness loses its footer-its base-as Americans literally have otherwise been so asset-stripped they have nothing else left to post.
yeah mark to fantasy and the "good schools in area" crock of shit to support real estate prices--- munies to the moon---golden parachutes and six figure salaries for county managers and their ilk.
As long as you can pay all the back rates and water bills. !?
What about the property taxes ?
Whio pays them or do they get forgiven too?????
Fuck you and your deadbeat comment. Have you fucking learning nothing about the real economy being on ZH? Shits changed you stupid asshole.
As a special offer strictly for all my Zero Hedge friends, I stand ready to provide you needy chaps with quickee loans for up to $1,000 each.
I charge a nominal fee (20% per month) to cover handling and processing, but you'll get your funds without delay.
Please note that all Vlad supporters will receive a complimentary 5% surcharge. Please PM me for further details!
Nothing in the end is free.
owe as much as you can borrow before you die
This makes a great lesson for my kids...just live the good life as a debt donkey for the FedRes. MBA, Marble countertops, and a gigantic AWD clown car are all included.
I PERSONALLY know people (clients of associates) who knew they'd be Flintshire BK as early as 2006 who racked up as much unsecured debt (typically, high end credit cards like AMEX Black) as possible - one guy had over $700,000 in CC debt spread amongst nearly a dozen cards - that later paid nothing or less than 10 cents on the dollar on those charges.
Yep. A Cali family bought my $495k house back in 2006 and paid cash he got mostly from his cc when you could still tap your cc for huge amounts of cash. He declared a homestead and cleaned out all his bank accounts [and hid the money paying all cash for anything he wanted] and declared BK while now sitting on a beautiful piece of property scot free.
He bought my tractor but luckily I had him sign it as collateral or I would have been ripped off for that [even though he would have earned two free broken legs for it].
All loans are paid for...if not by the borrower, then by the lender.
Yes, but when you use the term lender it really means other borrowers pay. The costs for the borrowers who didn't pay end up being passed on to other borrowers in the form of higher fees. Don't expect the banks to take the hit, they won't.
The losses get socialized in the end.
So, it's all working out then....good.
Good fucking lord! I need to seriously rethink this 'work hard and it will payoff' lifestyle I am currently living...
How true. I must be a total idiot for paying off my mortgage.
Hence the term "strategic foreclosure"
Yes rethink it because it is absolutely false.
Everything you have is due to luck and the existence and depletion of vast amounts of fossil fuels.
Obviously you are one lucky fuck. Just keep coasting along and see how it works out.
work hard, save money, bend over
1) Buy more house than you can afford,
2) Via corrupt lenders & appraisers
3) Never make a mortgage payment
4) Live there for 5 years or so
5) Move out and rent place out for buku $$$
6) Rent/Buy other abode
7) Buy RV & boat while you're at it
You are on Tommy Vu's path the financial freedom.
EXCELLENT PLAN. It works.
Oh for real! Time for a rethink! We sold in NJ because we couldn't afford the mortgage after a job loss. Lost money in the deal. Had NO idea that we could just live there for 5+ years for free.
yeah, but you still have to live with yourself, live like a cheat you will be a cheat
But thats just so 20th century (and mostly early 20th century at that). Here in the 21st, cheating is just a common tool used to reach a goal. Morals are becoming more and more obsolete. Sad, but true.
It seems that cheating is so prevalent that simply cheating will not help you win. You have to work hard at cheating to get ahead.
yep, and thus the collapse of civilization, it's not easy to do that which is right, most people want the easy way.
Yet, your monniker defies logic ...world_debt_slave,...hmmmm. Either you are a debt slave or?...
IMHO, Beat a Cheat, WIN !!!
go long in flamethrowers as there's some assets that the banks are going to make sure are burned.
Don't confuse not being foreclosed on with holding clear deed to the property. Yeah, it's yours free to live in, but I seriously doubt they would ever "own" it in the sense they could turn around and sell it to somebody.
well then you gots squatters rights - buy buy & never pay - new USSA - it's great
I bet you could sue for quiet title to obtain it. I'm of the opinion that so many cases have surpassed the statute of limitations because they no longer have DocX around to forge the necessary paper trail required to have standing to foreclose.
Remember, DocX wasn't the real crime, it was just an attempt to cover it up. The real crime was committed by the creation of MERS, which totally undermined the chain of title for any property that was in it's system, as they used it as a tool to shuffle notes around while never filing paperwork in the county assessors office.
Given there is no longer any entity with legal standing, I considered stopping my mortgage payment, but since I'm not a club member, sanctity of the law doesn't mean quite so much.
I am Linda fucking Green
You are correct.
Bank of America V Margaret Macnab Bernalillo County, NM 2nd judicial district.
Read the decision! Bank LOST.
I'm not finding that case online, but it's in my district. I'm looking at it on the docket now though, and it looks like one complex peice of litigation. I don't know much about the current judge, but the initial judge wrote several articles in the local paper trying to help a lot of the defendants in debt cases who couldn't afford attorneys.
History evaluated by non-idiots will view MERS as an absolutely pivotal point of this entire fiasco. MERS allowed "ownership" to be sliced and diced by some prick slamming his dickbeaters on a keyboard thus enabling the creation of MBS which were subsequently pitched around the globe as uncicornish "risk-free" high yield bonds.
Incidentally, during my time in the LA area which overlapped with the meltdown I ran across a few companies that were jumping on this back in 2010 I believe. A guy that lived next to me asked me to "invest" and I declined. The company would find squatters in a tough spot and enter into a JV with them. The squatters would pay a monthly fee and the company would lock up the foreclosure in a lawsuit. If/when they either won due to the bank being unable to produce the physical title or they ran past the statute of limitations the company gained ownership of 80% of the home. Not sure what happened to any of these arrangements.
I used to believe that MERS would get thrown out into the trashbin of history and financial screwups. I no longer do. It doesn't matter anymore because everyone, from top to bottom, is paid for and just wants the system to function whether it is right or wrong. What has wound up in the trashbin is 500 years of real estate law, eradicated by money and the "go along to get along" crowd.
I wish those who think this is great to receive a big dose of karma. Lose your job at 58 and call your "friends in the industry" to land another job (what a fucking joke). Lose your home because you don't make 50% of what you made in the past. Lose your family because the financial stress makes it "your fault". Find out that MERS can't provide you with any information as to who owns what so you can try negotiating with them because they don't know shit--they've destroyed it by cutting ownership into tiny pieces like humpty dumpty.
Have a nice day and merry christmas/sarc/ to all those who denigrate those who suffered in the 2008 crash.
If you are not paying for it, why should you care about selling it?
They are substituting paying a lawyer for paying a mortgage. cheap rent, I suppose
The end game? We just got a dismissal and now we file for quiet title. As the lying bank had no standing to foreclose they have no claim to title that can be enforced. We don't plan to sell. The house we just got the dismissal on is rented out. Now on my own home they want to dismiss ( I called out their forgery and fraud ) and we will file a quiet title action as well. Rent out both homes, get the RV and go fishing across the country. BAM!
Thank you greedy banks, MERS and lazy, stupid attorneys on Wall Street.
Congratulations to you! You are so lucky to have appeared before a judge who understood the law.
Please name your lawyer(s) for a job well done (free advert).
LOL, I just looked up the attorneys for BofA in that case you talked about above.
Amber Cash filed nearly 100 cases in 2011 and MacCutcheon filed nearly 600 cases in 2011. Shysters, they are. If that was your case, you should dig though and see what their case loads were during the litigation, then see if a bar complant gets you anywhere.
RED or GREEN? Those two are idiots and they know it. They are low paid stooges and acting bullies. No real threat...if you fight.
The low level stooges deserve to get bitchslapped too. I saw that they filed a motion for sanctions. They were willing to take your house, and ask the court to punish you for fighting it at the same time. I am debt free and plan on remaining that way as much as is possible, but if a bank comes after me for some BS again, it will be all or nothing. Go after the minions, go after the bosses and hope something sticks.
As for red or green, are we talking chicken enchilada casserole, flat beef enchiladas, cheeseburgers or something else?
Double Tap.
Yeah, it's yours free to live in, but I seriously doubt they would ever "own" it in the sense they could turn around and sell it to somebody.
So they live rent free, and put the savings into the bank they got the mortgage from.
The bank goes tits-up because of all the deadbeat borrowers... and the depostors get 'bailed in'.
Only suckers pay for their homes.
you stupid dastards still working - fools, we got corrupt inept gov. & God himself the Fed with eternal debt printing!!!! Now go buy some chit you can't afford, someone will pay!! lol
In a choice between would be greater fools and the banks, I'll pick the greater fools. I hope they keep their homes and I hope it fucks the banks. If they don't get the titles, they will have to wait until adverse possession kicks in.
Except Bernanke bought all the MBS. So the "kids are alright."
Tyler, you should read your own article from a few minutes ago, about the mortgage insurance fraud. The lenders got their money already and then some.
we are losing the right and wrong in America....soon the line will be gone and then its open season....this country will become a trash hole...where criminals will win
Soon?
Youngman, the line is mostly already gone ... centuries-long momentum doesn't halt abruptly ... But an ever widening audience is starting to recognize this.
Criminals HAVE won. That is why I am joining the cirminal ranks and the Free Shit Army.
As an example have you read your state's rules on Foreign (LLC not formed in your home state) LLCs? It is in you your state's secretary of state website. Check it out, it is amazing what it says.
Yep. Having spent significant time in Peru (one of the more successful South American economies currently, though not always...), we have a blueprint for where this goes. A friend of mine from there points out that in the US, corruption is still for the most part located in government and high finance. The bulk of the US population still follows the rules as written. That is exactly what makes this such a nice place to live.
In Peru, he points out, corruption is much more democratic. Everyone is corrupt, from top to bottom. The result? Even in Peru, one of the current "success stories", the nicer neighborhoods are all behind guarded walls, and crime has a much nastier taste to it. I know several upper-middle class Peruvians, and every single one of them has at least one story of themselves or a close friend being violently assaulted, kidnapped, robbed, etc. This is what happens when people stop thinking laws work. The law becomes fluid, and the only way people hold on to any belongings is through the overt application of defensive (or offensive) violence. The smarter criminals win.
Given that we already have the largest percentage of our population incarcerated compared to other countries in the world, the stupid criminals are being taken care of. Time to move up the ladder.
This is what becoming a "banana republic" will look like. Pathetic and stupid.
Sofapapa is so right. My friend moved there to manage a pharma company and they put two armed guards with him 24/7 including in his very luxurious house somewhere in Lima. He said it's a beautiful country but has a very dark side and serious violence can target you any second.
Thanks for your kind words.
I just want to clarify my comment above to agree with your friend and note that Peru is indeed a beautiful country, and I love the people there. They are much more interesting to interact with than your average American.
What I described above, however, is something with which Peruvians would agree. The dark side of violence with which they live daily is a stress that cannot be measured. And they have it better than Brazil or Venezuela. A lack of respect for the rules has consequences.
How to return to a culture of respect for the law and a tradition of individual rights and responsibilities is the question of our times. Faith in large organizations to protect and provide for us is definitely not the answer. Time to look to smaller organizational units, I believe. This is a process that has never before been tried globally, however. Who do we know personally, and who do we trust? This will be where the answer lies.
Anonymous large entities are destroying the human spirit. Get away from them.
Funny money backed by government decree that bankers can create and control will do that. The system is fraudulent by design.
Who cares? When the big banks stole all those mortgages and robosigned them over to themselves everyone thought that was completely legit. No amount of money printing for the rich seems to be enough.
They used the Federal Reserve to destroy banks and hand them over to cronies during the 'financial crises'. Remember when they destroyed Washington Mutual (#3 bank) and handed them over to Wachovia (#7 bank)? The CEO of WaMu waited patiently, hat in hand at the office of one of these Federal Reserve pukes only to be told it was a done deal, his bank was going to be ruined and handed over to an insider with better connections.
Then they proceeded to transfer all the real estate loans and titles to these other banks without so much as a by your leave from the existing home buyers, some of whom were already paid off. Why didn't title pass to the people when the bank was destroyed? What a huge scam. What these 'banks' do is criminal.
So WHO CARES if some people stay in their homes? The rich assholes who own the US aren't going to die because they didn't get to steal every last fucking crumb.
Any amount of money that trickles, cascades, or avalanches down upon any part of the 80% is a welcome event.
U R absolutely right.
the 10% got trillions, for abysmal failure., got to keep their stolen money AND were able to pay themselves more bonuses for changing oxygen to carbon dioxide.
I'm guessing that the majority of these squatters are the same rich assholes who own the US, while Joe Sixpack gets crushed like a bug in a kangaroo court.
As I posted above, there is no legal chain of title anymore. MERS obliterated it.
A plus for the house we now rent from the bank. We purchased from the original owner who bought the house in 1984, so pre MERS.
Someone will eventually have to repay the debt. It will likely fall on the taxpayer, the pensioner or the saver. The prudent and hard working lose, the idle and spendthrift win.
what is wrong with that? nothing !
americans are stupid they deserve to be fleeced - they are sheeple
Two wrongs don't make a right, so just because the bankers have deilberately looted the entire country, while the entire legal apparatus stood by, doesn't mean you should be like them.
Take the moral high ground and go live under a bridge.
Fuck that. I like living in my house for free. I am no better than the banksters. The moral low ground seems to work...
I was only kidding bro. The only reason the bankers would abandon these things is fear of liabilty. And these days, to get busted for any kind of financial fraud, a bankd would have to do something extremely egregious. It's just more profitable to go after, new, safer and easier fraud.
It really cracks me up how many people can't see this.
...finally a post whose writer is not jealous of $133/month EBTers.
What the fuck? Why do I even bother continuing to save for a house/property anymore.
I'm 28 and I have a great woman that I want to start a family with. Obtaining any real, productive capital without committing fraud or receiving handouts from the state seems like a tall order now.
You are correct. Join in the fraud. Find a foreclosed on home you like. File a Special Warranty Deed from ABC Surety Morgan Products to LM Wells Properties and then purchase the home from LM. Get corporate seals made for both companies at Staples, using cash and not your name. File the Deeds and take over the home. Get the utilities in your name, with a certified copy of the new deed get the tax rolls changed.
Now..what happens? Well the bank will have a hard time coming forward to expose your fraud without exposing theirs. I recommend that you find a foreclosure involving the plaintiff not matching the name on the note. Example: Dead defunct mortgage co on the note but it is Bank of America foreclosing. Or better yet find a deal with a trust as the plaintiff. Bank of New York Mellon is a good victim.
Banks STEAL why not you? Welcome to the new America.
Damn, that is a hella plan.
When you start these business up doing just that, please send me an email.....along with your 'fee'.
I get no hits on the web for those businesses.
AHH....NOW YOU GET IT!
Doh!
US bank vs. Bartram.
What statute of limitations ?
Where's my pony?
It has always amazed me how banks can create money out of nothing and then use that money buy:
- precious metals (where are the big gold stocks)
- equities
- pretty much anything they want
And then use that money created out of nothing to:
- pay their stupidly enormous and undeserved salaries
And then use the money to lay claim to assets that other people purchase using the made from nothing money. The banks that created the money to lend to others have zero risk. The money was created from nothing. And THEN they expect to be able to claim real assets from a so called debt owned from something they created out of thin air... ridiculous, eh? What a scam!
Hey! It cost like 6 cents to print a hundred dollar bill. You take that back!
I am a middle-class dude in NJ. Six of my friends have confided to me that they do not pay their mortgage. I might know more, but six have told me. One has not paid her mortgage for at least 5 years. If I know six within my circle of friends and acquaintances, millions must be doing it. Mortgage forgiveness, student loan forgiveness...Jubilee!
This is the only thing keeping this economy alive. It is actually dead if you take these mortgage payments out of retail sales. This was able to happen because Mark to Market was killed, otherwise all banks are defunct.
Congrats on uncovering the biggest fraud in history.
It's not that big of a step .... from free rent for life .... and free everything for life .... to free home .... when will they have government carpools for the poor .... maintenance, gas and insurance included ?
Banks have been sitting on hundreds of thousands of these defaulted but not foreclosed homes for years.
They were complicit in loan fraud, foreclosure fraud after the fact and accounting fraud.
Serves them right.
Yep! Just beat those asshats at Bank of America. They lost their motion for summary judgment because they introduced three different notes ( I shit you not ) and they presented an unsigned assignment of mortgage that was notarized as being signed. Ha-ha!
Fuck you bank of america attorneys. Glad you are criminally stupid. NOW we go after your surety bond and your indemnity bond. I am not kidding.
My tin foil hat fits just fine. Funny thing is it worked, you fucking assholes.
Sorry for my lack of vocabulary.
Fuck you. The bank isn't on the hook, the taxpayer is. The bank is just servicing the loans - they're killing it through all this (the ones that survived anyway).
And, who cares if a signature was left off. All parties knew what they were signing up for and now leeches like yourself are sucking the blood out of society on technicalities while bandying about the self-pity party because you failed to make monthly payments on your mortgage. Your great-great-great-grandkids will surely thank you.
Were the banks ever on the hook? I'd rather have this money sloshing around the economy than sitting in a swiss bank account.
If you're really concerned about taxpayers you should learn about the massive use (mis-use) of REMIC by banks to commit unprecedented amounts of criminal tax evasion.
Yeah, fuck me. I am deadbeat for beating the banks at their own game.
I want to make payments but after a year of trying to validate the debt, under the laws of my state, I could not find any proof of ownership. Get it, bank stooge?
If you don't get it let me tell you I am your new servicer so send me your mortgage payments. Oh, now you want to question my right to your payments?
Enjoy being a sheeple. I won't do it.
Fuck, FUCK, FUCKIN EH!!!!!!!!!!
I'm lighting off fireworks in your honor.
What part of the whole system is a fraud don't you get? Fuck the banks.
Let me tell you - even small banks suck. You can be ontime with every payment and never miss a payment and they will still F with you in a major way. They will accelerate loans and hit you with fees and other criminal BS.
They write the laws so by an large they are no better than loan sharks.
Fuck you who did the borrwer "sign up to pay with"? Fuck head? Do you think its the same piece of shit looking to enforce the promissory note and mortgag? you fucking low life fucktard...fuck you, why not research what you are tlking about first..you fucking moron...
@Bank Killer:
Sounds like someone needs to start a 'how-to' blog.
Me, I'm the biggest sucker yet - I sold my house in 2003 thinking the rising housing prices were entirely unsustainable, and rent until home prices collapsed....
Heh heh...still renting...what a chump.
I second that. Bank Killer's "How to Screw the Bank That Screwed Us" housing blog.
they are not the losers, they never are, taxpayers are always the losers, big time
Frankly, while the concept is appalling, it is exceedingly fair in the end. Except of course that the banks won't really have to take the losses. Thanks goodness for the bottomless purse we call the "taxpayer".
Already done.The banks are just the servicers for the FedRes that bought those toxic RMBS.
I have too much self respect to not pay my obligations, but something tells me if I tried this, I'd be the one they punish. I simply couldn't pull this off.
Bull-fucking-shit. Ban Kkiller isn't a fucking attorney, an accountant, or even an auctioneer. He took the time, did some research, AND followed through.
YOU could do the exact same thing. Start tomorrow. Replace your downtime with research time. Inside 30 days you will have enough "ammo" to take the fight to them.
FSA FORWARD!
Stop paying the property taxes and they will find out who really owns the property.
Come on Tyler, this has been going on well over five years now, I know a guy in Tinton Falls NJ, lives in a $1.2M,house and has not made a mortgage or PROPERTY TAX payment in over three years, he is waiting for them to kick him out, no sign yet. He is banking the payments so when he does get kicked out he can buy a small condo for cash.
"He is banking the payments..."
Not a good idea. What does he do when the city or county he lives in decides to put a lein on his bank accounts, or asks the bank for the money via civil asset forfeiture?
If he's smart he's "banking" those payments at the bottom of a lake somewhere.
I have a unique vault combination.
It's called SCUBA gear.
So if a "bank" owed that loan, do you relly think that they would let a person stay n a house that long without pying, seriously? think about it, its because this is a fuking securitized malignanvcy where the SPE Trust purports to OWN the mortgage, and the certificateholders have only purchased the right to the monthly pincipal and interest payments off the corpus assets, and the servicers get paid where the keep borrowers in that pre foreclosure limbo, as the fees for forece place insurance, drive by "inspections, atty fees, etc, are merely notational, until the auction happens, then those numbers become realized.
And those of you fucks looking down your nose at the people in foreclosure, if you have a mortgage that was not originated with a local bank or credit union, guess what? you are in the same boat, even if you are current, because the state of your title is fucked
Yo had best not hope that i get case where you purchased a foreclosed home, it will be your worst nightmare, I have 3 state supreme court decisions in my favor, as well as a federal circuit opinion in my favor, in fact, i successfully defended probably the most famous foreclosure case in the US
U.S. Bank National Association v. Ibanez?
I almost feel trebly stupid for not buying a mcmansion in fl with other people's money and then squatting there for seven years. #wtf
I don't, because if you note the McMansion design, the house is far better suited for monkeys to live in than for people. There is a subtle message in that.
They are also better suited for sheep.
Wow - she should be caned and have all her assets taken away to satisfy the lien. They offered her a modification and she denied. Regardless of the bank's stake in the blame game, she signed an agreement to make monthly payments in exchange for a huge mortgage and then she got to where she couldn't make them. The story even highlights that she owns other real estate - and has a pool, and from the looks of her she gets a lot of things she wants by simply asking. I have zero sympathy for her and anyone like her.
Ultimately, the taxpayer is bailing cnnts like her out of bad financial mistakes, and its b.s. There are millions of people that would kill for her lifestyle.
If they can prove it in court, by all means do so.
But they can't.
pods
Why the fuck are you paying for a debt that you didnt sign for?
Im talking about the government with no money, only a gun at your wallets debt?
You like licking boots eh?
RIPS
Hello, I am the new servicer of your mortgage. Please remit all future payments to me.
What? You don't trust me? Guess you DO trust the banks, ehe?
SHE CAN NOT FIND THE REAL PARTY IN INTEREST! Do you get that? If not, send me your rent and or mortgage payments as I am the real party in interest in your abode.
Not a mortgage, but I know a guy who got sued by a junk debt buyer and won in a hilarious fashion. He went into court, and when the trial was starting, he said "Your honor, I would like to speed this along. I 100% owe this debt. Just not to the plaintiff." When you get debt that starts changing hands, really bad things start happening. Like people getting sued twice by two different junk debt buyers over the same debt. Most people will say nary a peep and lose by default, twice.
But then you get the people "BUT YOU NEED TO PAY YOUR DEBTS! DERPA DERP!" without ever questioning the validity of the underlying system that the debt comes from. The money that the bank loaned out likely didn't exist before it was loaned out, but they get to charge interest on it, and then if you deposit cash, they get to gamble with it in a rigged market. It's fradulent, and it's only fair if you get to fuck the banks now and then. They've been fucking us for a long time now. Fuck the fucking fuckers.
The taxpayers elected Bush. Twice. Then Obama. Twice. They never questioned the systems in place, political or monetary.
I have to say, I feel really bad for the banks here. Such injustice.
BWAAAAAHAHAHAHAHAHAHA!
The banks aren't going to suffer. If you are a taxpayer, you're on the hook.
"Currently, an incredible 77 percent of the mortgages being made in America are guaranteed by Fannie and Freddie."
http://www.nytimes.com/2013/06/27/opinion/nocera-the-end-of-fannie-and-f...
This post makes me think of the economy as being akin to driving a car with a crack in the windshield. Over time the cracks elongate and multiply, but you can still see out the windshield. So you keep driving the car. But we will soon be at a point where the cracks get so bad the cops will pull the car over and impound the vehicle.
I thought the statute of limitations only applied to the filing of a case. If the case was filed, doesn't it stay active until a judgement is rendered? If the rules change wouldn't that reset the statute of limitations if it invalidated prior suits? People could get free houses if the mortgage originator and servicer outrageously botched the processing. On the other hand, the judge should issue a speedy verdict based on the unjust enrichment precedent.
It used to be fives years start clocking from the date of acceleration of the loan.
If the lender hasn't served the acceleration then the clock hasn't even started yet.
In US Bank vs. Bartram, its implied that a dismisal decelerates the loan, and the clock is
stopped.You're only clear at year 35 on a 30 yr loan.
1000 yrs of property recording destroyed in two decades.Thank covington and burleigh,
Holders law firm.
first it was free obamaphones, then free obamacare and free obamacars and obamafood, now it free obamahouses,
yay overlords who make collapsing governments a past time
now if i can just get a an obama-sexslave........
The people you should be jealous of are the rentiers-the 1% percenters making their money from capital appreciation- money for nothing.
If no-pays are occupying these properties for a number of years, they should be able to obtain title through adverse posession laws. Every state has them with certain caveats, such as years occupied. It may be that a state prohibits adverse posession in certain circumstances such as this.
http://en.wikipedia.org/wiki/Adverse_possession
I was on the verge of initiating an adverse posession case to obtain an abandoned strip of land next to my house in Mass but then I moved out of state before the case could ripen.
The hitch in these squatters extablishing claim to the property is that they are being secretive where the claim needs to be based on open and "notorious" posession of what isn't theirs.
I believe that one consideration is whether the claimant has been paying the real estate taxes for that parcel throughout the term of his possession.
The attorney in my case said that tax payments were strongly recommended to establish timelines, etc., but that this was recommended rather than required. This could vary state-to-state.
Affadavits of neighbors are also good.
One neighbor in a similar situation was maintaining the grounds of the property he had designs on.
Loads of them here in FL. In my area alone, Numerous (>$600K) homes that have been in foreclosure since 2009....yep 6 yrs and still going.
i live in jersey. i can say with 100% accuracy that this story is right-on. there are large populations of people in this state who have been living in their houses without making mortgage payments since the bubble popped. there's such a back-log of houses sitting on the banks-books its outright criminal. my girl was house-hunting a few years back. there was a house in the town she wanted to move to that had been foreclosed on. the bank was NOT putting it on the market nor allowing "insiders" to potentially make a bid. my girl wound-up buying another house & too this day, the house she had wanted continues to sit ideal. its been 2-3 years since that all happened so im sure the mold & other shit thats developed in that house should make it exponentially easier to sell. fucking trainwreck in this state - so glad i dumped my house last year, took my beating, and moved-on as and avid renter.
Correction: "the mold & other shit thats developed in that house should make it exponentially easier to" burn to the ground. After a while, that's all you can safely do.
wonder how many of these not paying mortgage are public workers getting top dollar or on massive government pension.... A 27 year old cop just killed a couple people(3am driving the wrong way)...was like his 10 accident and 3rd DWI....on the force 6 years...making $92k! Average cop pension is $50k plus....and you can retire in your 40's!
Was this the douchebag in NJ who had been to a strip club? NJ gets more feral by the minute.
People here talking about their self respect/ LOL No one gives a fuck about your self respect.
Did you ever ask yourself where did all the Eruopean tribesmen flee to before and after the WW2. After you figure that out ask yourself where are they going now.
every transaction you make, stop to wonder, 'is this person a shithead?' The answer is typically yes.
How about free Government Motors (GM) cars to those with EBT cards? Nice new cars to buy food with their EBT cards.
the majority of late model bmw's, mercedes, lexus, etc. i see are normally turning into or pulling out of the section 8 apartments in our city
In my city all the casino magnats and all the doctors living of the HEALTH care and Gambling scam are driving Chevrolets and VW Jettas. Where are you idiots coming from--American Heritage Foundation?
I was talking to a realtor a while ago who had to show a Section 8 apt. The prospective tenant was driving a 5 series BMW and not a real old model too.
GO TEAM BLUE! Still buying into the false left-right paradigm, huh.
...another moron. You take away all the EBT, and let GM go bankrupt and everything is going to be alright?
Government is the cause of all this but get the banks! Yeah!!
Can't find the term "Dodd Frank", "CRA" or "Glass-Stegall" anywhere in these comment sections.
No surprise.
You want the government to prosecute itself? Your thoughts need ground control there Maj.Tom
That's the whole problem with fucking bailouts in the first place.
It's both the government and the banks. TBTF wouldn't exist without the government, but the government is bought and paid for by TBTF. If we were to march on DC, the first place to burn down wouldn't be congress, it would be K Street.
A lot of problems would be solved if the government enforced its current laws, especially the RICO laws . . . but it doesn't. By the way, Glass Steagall was repealed in an inspiring moment of bipartisanship when Slick Willie signed the Republican-backed Gramm-Leach Act.
Who says our leaders can't overcome their differences when it truly counts. Not me, sir. Not me.
Is it not possible for the note holders (whomever they may be) to abort the foreclosure process and sell the distressed mortgages?
I would think the holders of this paper would have figured out a way to get rid of these. Oh, wait, that would then have to show up on the books, as opposed to the current "mark to fantasy" that is happening.
This lady should have spoken to no one. There are plenty of people who would buy her mortgage at the right hair cut and go after her nice water front home. BTW what was that address?
Edit: OK, maybe not waterfront. It said "parks a boat" instead of docks a boat.
Back to killin' snakes...