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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.
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There is no holder. Title was shredded when note was securitized as the required indorsements never happened.
I DARE ANY OF YOU TO TRY AND VALIDATE YOUR MORTGAGE. WHO IS THE OWNER UNDER YOUR STATE UCC LAWS? Be prepared for lies that the banks can not back up in a court of law.
Thanks for bringing up that point. It's been so long since I paid any attention to the sub-prime debacle that I totally forgot about the subsequent ownership/lean holder paper trail cluster f___ that ensued.
I can't help thinking that someone is going to sniff value somewhere, some how and go after it. Surely we can't let peon middle class types get a break. (total moral hazard that this particular break might present for some)
Back to killin' snakes...
I Like your style dude.
RIPS
in theory, your argument is strong. Nonetheless the judge has the ultimate power (at least in my state), which means you (the individual) will get screwed because no elected judge will rule against any bank supporting him with beautiful trips and nice contributions to his election campaign. Not to mention you have to be prepared to spend thousands to find and hire an attorney who understands this crap--which you do but only because you are obsessed by it. Try doing it when you've lost a job, your family is threatening to dump you and you have no money to find a lawyer much less find some sanity in day to day living when all you had done in the past was to pay your bills, work for your employer and love your life.
Okay, that is because people who "defend' these things do not know wht they fuck they are doing...fuckck the trial court judge, if you knwo wha you are doing you use the trial court judge as the fuck bag to set the record on appeal...of course if you are a scakless fuck you wont pursue n appeal, I thrive on them
Bank wants to dismiss foreclosure case against me. I have had the benefit of knowing their lies, time to read and write pleadings all as Pro Se. It takes much time, as you say. Could not find attorney who knew more than I did on the subject but that was four years ago. Now we have trained up a great band of attorneys who are winning dismissals here in NM.
The legal system is loving it, an attorney profit mill. The judges in these highly condensed squatter areas are upholding the economy more than law. If they allowed foreclosure due to nonpayment, that old tradition, then the bottom would fall out and the local economy with it. I've seen these laws, mostly for west coast and the north or FL, from the banking side and then become so intricate and borrower coddling it makes the process impossible. But if you can stick it to the man then do it.
Wait what...? So the answer to moral hazard is more moral hazard?!?!?
Eh, it's finally trickling down to the little people.
I hope they get to keep the properties.
I really need to rethink my life.
I love how people on here are shitting on those who would accept the free houses, and not the shitlorde ursuious bankers who are offering them.
That's like getting mad at your dog for eating a treat (filled with cyanide) you gave him, saying he should have shown better judgement.
They should absolutely keep their properties. If you start enforcing foreclosures on a large segment of the population that's already underwater, things could take a turn for the interesting.
Really wish I had been old enough to make poor decisions RE house purchases went that all went down. Would've been nice!
I pay my mortgage, on time, for years. I don't even get so much as a Xmas card from these bank pricks. Maybe I'm the dumbass.
You need to immediately find out who owns your mortgage and quit sitting on your duff and blindly paying without knowing. Always prepare for the unexpected. You may discover you can't figure out and that should alarm you
Alarm? Only if his alarm's tone is "Ka-CHING!"
BustainMovealota--don't be a chump. Take that April mortgage payment down to your local coin shop instead.
cunt
The bankers got to keep their bonuses, why shouldn't you get to keep your house?
Who ate my cheese? Give it back, it's mine!!!
Kind of like the Brinks Truck that had back doors come open on the freeway and money spilling everywhere. The radio statio announced ''Please turn in the money you found''. Right!! LOL
Mortgage Karma.
So do that banksters have to then mark all the give back home assets to zeroin stead of marking them to market? Will that require bail-ins to make them solvent? Do they even give a shit?
Not all of these banks / loan agencies deserve sympathy. I was foreclosed upon last May. Out of the blue I get a call saying I am "31 months behind" on payments. (Tough to tell, accent was Phillipino). I was at a lawyers office the next day. Going to win this, BUT, it cost me 1000's in lawyer's fees and shitloads of stress.
Please note, I was ZERO months behind. Their accounting and other practices left a LOT to be desired. (I had cancelled checks up to the month prior and they were sending all my mail to Afghanistan (I was deployed)
we foreclosed some folks
er depoyed some folks
we tortured some folks
ain't it great?
Free to them but backed by taxpayers...
In NJ, short sales take well over a year.
Currently, I'm looking at a short sale in Delaware, but the house is unoccupied. So, we'll see how that goes.
Also to note. I don't think they've changed the mark-to-market rules, have they? The noteholder doesn't have to show the loss until the sale is finalized, IIRC.
The finance world is now ass-backwards
I did the "smart" thing and, specifically used a small, solvent, local lender for my mortgage. I wanted to know the people serviving my loan and have someone to hep if I ran into problems. My mortgage broker is a nice lady that still to this day (7 years later) anwsers questions and helps out with questions.
Stupid fucking me. If I went with BOA (whom I hate) my mortgage would have disappeared into a cloud of paperwork and I could have a chance maybe take advantage of this mayhem.
Smart = stupid
For all these stories of people "winning", I still think you are the winner. How much is your peace of mind worth? I'd rather be in your position than theirs. For the currency units they are profiting, they are paying in a permanent state of insecurity. Not the life for me...
Screw these deadbeat assholes. Screw the banks too. Homes should be foreclosed and put on the open market instead of sold to groups of banksters at huge losses and sold for huge profits by insiders. They can all rot in hell as far as I'm concerned.
Stupid ass people buying shit they couldn't afford and stupid fucking banks writing the loans....both should be punished.....by forclosure and eviction, and then public sale with bank eating the fucking losses.... Only now the banks have turned all the bad paper over to the taxpayer so it's a win win for those motherfuckers....but I'm not for giving some deadbeat asshole a free fucking house either.
W T F is wrong with people.
Headline is a total lie.....They aren't BROKE...They're gaming the system. Theft is what you call it. I think there's one of the Ten Commandments dealing with that very subject
Greetings!
I am your new servicer on your mortgage. Please remit all future payments to me as you are loyal sheeple and bank stooge. You clearly believe bank statements to all be true. You don't need any validation that I have real claim to your property. We rely on folks just like to you to blindly follow our "rules". Glad to see you don't think we need to be the real party in interest or have any real standing to foreclose on your home. Your payments were late, already!
The banks are criminals. Had a townhouse fraudulently fraudclosed on. Had all the proof against them , fought them for 5 years. Still lost the house at sheriff sale. Some fool paid over the price the bank made up as owed.
Story just gets better and better. Just a call this weekend from a real estate agent (no idea how she got my number) insisting I'm the owner of the property and she was told by her office to meet me to sell the house to her buyers !!!! Crazy doesn't begin to start this ......200 years in this country property laws have been shredded and most of the sheep have no fucking Clue.
The final violation of a corrupt system is tempting you to be no better than it is.
Resist it. If you don't, you'll find there are things that are much worse to lose than money.
Good for them, fuck the banksters. What a bunch of clowns letting the statute of limitations run out.
So, for a change, some of the little people are screwing the banks.
And this is a bad thing?
Pardon me while I go off in a corner and weep for Lloyd & Jamie, who will go hungry tonight because these naughty people are gaming the system just like they do.
The whole system is designed to aid and abet theft ... by the right people ... but the little people better stick to the rules because it's the moral thing to do.
What "Bank"? These are securitized mortgages, thus reference to the term "Lender" is legally absurd..the "lender" divested ownership immediately, or in essence, as it was relying on a wharehouse line of credit, These fucking off balance sheet entities are fucking NY Common Law, or Delaware Statutory (think WaMu/JPMC) TRUSTS, therefore the "lender" it never put up any of its depository monies to fund the loan, however it did get to keep the mortgage servicing rights, just sk that dick sucker William Erbey, who was sooo much smarter than all of us, that he named his company Ocwen, because it was New Company (Co.) spelled backwards... And the fucking thing seeking to foreclose relies upon the "assumption" that there is a "Bank" that owns the loan, where in reality the "bank" purports to be a Trustee who claims that the loan is a currentl legally held corpus asset of the "Trust".
The fucking lies.deciept and out right theft, leding to a land grab, is based upon "assumptions", ie that the foreclosing entity actually has the legal right to enforce the purported promissory note, and is in contractual privity with the motrtgagor to enforce the security instrument, which in half of the US jurisidictions, is title to an interest in land ("title theory")
I read all the time bout the homeowner geting a "free house", what about the piece of fucking shit entity claiming to own the right to foreclose, when it owns dick? the distinction between a "bank" and an investor/trust tht seeks to foreclose, it that an "invrstor tkes on the risk of "loss", while the bank only tkes on the risk of defult, and that my friends is a critical distinction. If you fail to perfect your security interest, thts too fucking bad
"Trust" me, thsee fucking thieving fucking cocksuckers are going to go down in flames, and maybe it will be me that makes it happen [and in the not all too distant future], when it does, Ill make sure to provide a hat tip to y'all as Nuke ISIS revealed
Change your thoughts and you change your world.
–Norman Vincent Peale
Are these Obama homes?
I got a foreclosure case against my client dismissed on a very technical point of law, the requirement that a complaint be served on the homeowners within 120 days of its filing. Although the judge ruled that they could refile the case, they did not refile to meet Florida's 5 year statute of limitations. That does not mean the client gets a free house, the bank lien remains--however, two different owners of the loan have denied modifications even though my clients have been willing to go along with almost anything, so you can ask yourself who is being unreasonable here?
One lender took seven months of HAMP payments and then denied a modification (which is what happened to almost all of those who entered the program ... and documents indeed came out a couple of years ago indicating that HAMP was never intended to help homeowners, it was to "foam the runway" for the banks). Later my clients were again denied a modification.
The lawyers for the other side e-mailed me in increasing desperation six times seeking our "intent" prior to the hearing. I didn't answer them. Our intent was to go to the hearing and get the judge to rule on the motion to dismiss. And being a very experienced retired judge who saw that they filed the case in early 2010, screwed around for two years, finally served the suit after we appeared specially and moved to dismiss, then screwed around for two more years ... he dismissed.
My clients have a deteriorating house with a green pool on their hands. As much as they would like to work with a lender that would work with them, they would also like the whole thing resolved.
I am by no means superlawyer, but I do know where many of the pressure points are, and while I don't always achieve a result like this I can generally give people another couple of years in their homes, during which time they can ready themselves for the next phase of their lives.
Right now whether my clients get to keep their homes or not depends on how the Bartram case shakes out. And while the banks really want some kind of solution that makes the loan automatically de-accelerate the moment the case against the mortgagor fails, it would in fact set a very bad precedent that would eventually spill over into auto loans and perhaps even credit cards. Nobody wants to see consumers (we long ago ceased to be citizens, and "subjects" sounds so old-world) in eternal serfdom just because they didn't run to an attorney and declare bankruptcy.
What so offended the district court of appeals in Bartram was that the debtor was able to quiet title to the house in the lower court--erasing the lender's lien. While this result does follow from the invalidation of an action to foreclose a note, the appellate court could have crafted a middle ground and said that the lien stays ... the homeowner would have to negotiate with the lender in order to sell the home, or the lender could perhaps file a new action in the event the property changed hands through inheritance. That would not solve 100% of the lenders' problems but neither would it give 100% of borrowers a free and clear house.
Principled courts have little room to craft such solutions, however there are a lot of courts that compromise their principles when it comes down to doing great harm to one principle or another. But these answers are above my pay grade.
It is an older story, but it is my experience that viewing and treating people this way is the more the norm with the large banks rather than the exception.
AMEN! Great post thanks for sharing... this is precisely why i come to ZH. not just the stories but great real world experiences from the readers...
I second that motion
Only in Florida -- What other state could, or would (with a straight face) set up Rocket Docket courts to rule on a mobius of statute limitations?
So, tens of thousands who were foreclosed on had their jobs outsourced to other countries. They paid their way, supported the FSA and congresscritters who are allowed to insider trade and have multiple properties. Then there are those who served our country and also got shit on.
IMHO, they deserve the homes. But sure as shit the states/cities/towns will find a way to seize them and add to the revenue coffers. I imagine firms like CBRE are going to jump all over this.
The most powerful weapon the American people have is Rejection.
The system of fraud and theft that has been built up upon the backs of the American people is dependent upon our backs. Withdraw our backs, and the whole scheme collapses. This is our greatest weapon.
Stop Paying--Put it into food, and precious metals, etc. They stole whatever "debt money" they loaned you in the first place (fractional reserve banking) and soon you won't be able to pay them anyways, so Stop Paying.
Stop Playing--Stop being a tool for them to use, mock, and call "stupid." Stop Playing.
Stop Obeying--If they are in violation of the Constitution then they are not legitimate anyways, so Stop Obeying their unlawful dictates.
The Four Rs
Rejection: Stop Paying. Stop Playing. Stop Obeying.
Revolution: It is inevitable, so prepare, as they are.
Retribution: The guilty must answer for their crimes against the American people and the Constitution. No “truth and reconciliation,” but “trial and Retribution.”
Restoration: Restore the American people, country and Constitutional republic.
The banksters need to repay us.
Them are tough words to grasp. As Cog said in an article yesterday, most of us still have hope in fixing the system, and so we continue to play the game instead of doing as you say in the hopes things will get back to 'normal'. Problem is, I don't think we're ever going back to what we percived as normal ever again.
Perhaps what we all thought was normal really wasn't. I saw some old framed front page newpaper artcles today regarding the Wall Street crash back in the 30's and all the other shit happening. Reads as if it were all happening today. Bombs going of in NYC and an assaination attempt of the Crown Prince of Italy. All on the same day of the crash.
IMHO, it was more real when our ancesters were trying to figure out how to out-run a Sabre Tooth tiger.
It's the Fourth Turning - no more, no less
"I don't think we're ever going back to what we percived as normal ever again."
The goal is not "normal."
The goal is Liberty, freedom from tyranny, and justice provided by a Constitutional republic.
The banksters need to repay us.
I like your style. Problem is, there are not enough sheeple to do as you outline and so those that do are simply painting a big target on their chests. Perhaps some day enough sheeple will wake the fuck up...
A journey starts with the first step.
A revolution starts with the first "no."
I was the first, will you be the second?
The banksters need to repay us.
You don't need too many people. As I understand it the banks are so leveraged that some 3% defaults will cause them immense pain - so we only need a small proportion of sheeple to act on the 4 'R's:
“It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds”
- Samuel Adams
Trying to do what you say here, KCrist. You gave your four Rs a few weeks ago, and I copied and pasted them onto my desktop as a screen. so far: no mortgage, not too much money in bank, dealing in cash, found doc who will take cash, most money in funds and some in gold. Looking for property in Wyoming next week. That's as good as I can do, for now.
I hope others take your advice. Many others.
YES. Immoral Loans need not be repaid. Use your monies instead to get smart lawyers to wriggle out and game the system that in itself is corrupt.
Not Poetic Justice but Survival with the prevailing jungle laws.
Most Americans aren't passed the letter "C" in the alphabet, much less being able to use those "R" words.
removed by aliens.
MAN COMMITS SUICIDE AFTER TRYING TO LOSE EVERYTHING ON PURPOSE AND INSTEAD GOT A JACKPOT
John H. went to Las Vegas to get broke and get his house for free, but instead won a Jackpot and was kicked out of the casino. The irony was too much too handle and he killed himself with an oversdose of burritos.
Source: www.financialpaparazzi.com
You laughed at her emotional comments after the first Obama victory but this Black lady was smarter than 99% of Zerohedgers, including myself:
https://www.youtube.com/watch?v=P36x8rTb3jI
a prophetess!
813kml !! Ha ! LMMFAO !! Ha he ha !
Watch our kangaroo courts pretend the federal government isn't promoting criminal invasion and loan fraud as a matter of criminal public policy.
"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"
No evidence of state collusion here. http://geza.roheim.pagesperso-orange.fr/images/3singe.jpg
Human habitation facilities should be virtually "free of charge".
Like internment camps?
Looks like she was a Florida specuvestor.
"She bought the property in 2002 with her husband at the time. The couple amassed a small portfolio of properties in addition to the house she now occupies.
As Florida’s housing market was crumbling, she sold most of her properties. She took a job in a hotel, worked in her father’s luggage shop and chartered boat trips. Still, she could not keep up with her mortgage."
I been paying my mortgage.
I'M A FUCKING IDIOT.
Use the system my friend but don't be too hard on yourself. Unless you can live without credit you will have problems if you go into default. The banksters have been around long enough to have filled all the loop holes. Go well, but carefully.
Restored credit simply by letting the credit bureaus know that the issue, foreclosure, is in dispute and in the meantime it MUST be removed. Credit score jumped back to low 800s. But...don't need credit!
I paid all of my debt off and still do not feel stupid. People forget the statue of limitations is there to protect you. Many banks are keeping homes off the market and not foreclosing because they do not want the tax burden they will have when they win. Many dispise the lady for doing what she does. I do not like her but the banks did not do their job and foreclose. So many here blame her when the real blame if followed to the source is the banks and the government behind closed doors telling them not to foreclose. The lady paying a lawyer to delay the action will not stop a foreclosre dues to the statue of limmitations because litigations has already begun.
Once foreclosed and later sold where I live anyway the owner is sent a 1099. My neighbor across the street got a 1099.
Many point out we the taxpayers are paying for it and that is horse shit honestly we paid for this stuff back in 2008 for the most part.
Call me stupid but I pay cash for shit now and have for over 15 years. I do without if I cannot afford it or save until I can afford it.
How many of these mortgages have missing paperwork?
Most mortgages are bundled as sold to other financial institutes -the toxic assets that crashed in '08. The paperwork is often lost until even the banks aren’t sure who holds the loan. https://youtu.be/p4_u9OB6Wu0
In fact thousands of mortgage notes were passed around the banks, eventually stored in Mexico, and accidentally destroyed. Many banks don't even know they've lost the original note until they file foreclosure.
Its completely unfair that they get a free house while I've been paying mine faithfully, but this is part of deflation, and it's going to get big. This is the sort of economic force that will collapse the banks and set the people free.
NOTE TO TD AMERITRADE:
You want an enemy?
Then throw up a pop-over ad 8 times in the last 2 1/2 minutes like you just did with me.
Take your fucking pop-over ads and jam them down your fucking throat with a 2X4.
Use Adblock plus
NOSCRIPT + ADBLOCK = no popups, no ads, never on any site, certainly not here.
You can lose your house. You can lose your wife. If you lose your boat, your done.
Irresponsible lending + Irresponsible borrowing = BAILOUTS AND FREE SHIT ALL 'ROUND!!!! (plus a reaming for taxpayers, but who gives a toss about them).
You forgot the part about deliberate crime by the banks, forgery and fraud in securitization and foreclosure procedures.
Question: Even if the statute of limitations is up, and they can't kick you out of "your" home, don't they still have a lein on it? They could still collect when you sell the house.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
* accidental double post
All this anger directed at the "undeserving poor."
And what of the banksters who committed fraud upon fraud and got bailed out. Where is the bailout for the middle class? If you're not rich and you commit fraud, you go to jail. None of the banksters went to jail, with the exception of Madoff because he made the grevous error of stealing from rich people.
Everyone seems to have forgotten the "robo-signing" scandal, where banks just produced fraudulant forged documents to foreclose on homes they didn't own. Banksters should have gone to jail for that one - instead all they had to do was promise they wouldn't do it again. They didn't even need to apologize, let alone pay back all the bailouts they received.
To paraphrase an old movie, "Love is never having to say you're sorry."
So f*ck the banks. Having stolen trillions of dollars from taxpayers without suffering any penalty whatsoever, the poor filthy rich scumbags want us to be outraged when a few poor families with ridiculously high-interest subprime loans are now seeking debt relief on the $300,000 they owe (for an $80,000 house) to the bank (which forged the loan documents).
I remember that case. If corporations are people, that one needs a big-assed jail cell.
Watch for the banks trying to overturn the law requiring the original mortgage note in forclosure cases. It will be too late, but they usually try to change the laws in their favor.
Just wait till the middle of election season 2016. Obama & Co will be offering loan forgiveness not seen since the Jewish Jubilees. Student loan forgiveness, mortgage forgiveness, car loan forgiveness and even IRS forgiveness. Heck they may even pay full sticker price and just give you a car. Where will the money come from? "Obama' Stash" as the nice black lady said during O's first election.
A private cabal of people OWN the means of printing money. There is no such thing as a deadbeat in such a system of slavery. What's wrong with some of the commentors on this site?
What part of illegitimate doesn't compute for these deadbeaters?
The collaspe was of epic proportions but was favorable for a lot of people. Having a house of their own is the dream of many.... it took this delima of a few to fulfil this dream of many. Car parking Birmingham
I read this article looking to get a free house. Looks like I'm too late. I'll see if I can get one in Detroit for a buck.
If the Recession was strictly on failed mortgage loans we would have been out and recovered with in one year [total amount to tax-payers = whopping 500 billion]. What caused US and global economies to go south were Wall Street casino bets on these bad mortgages, aka: toxic derivatives and collatorazided debts; current cost to tax-payers =17 trillion. And still going strong!
Statue of limitations are in place for just such things government gets squirrely protections is there for the people.
Would you like to wait more than 5 years to move on with your life.
Now those banks should sue Florida for not hiring enough to hear the large case load.
They may or may not have to pay their mortgage again, but they will never be able to sell the home. There will still be a mortgage lien of record and no title insurance company will insure over it. My ex-wife stopped paying her mortgage in 2009. The bank sued to foreclose in 2011 and the bank is just now completing the foreclosure. She will have to move out in May or early June. That's 6 years for free.
We have a win in a foreclosure case as they, bank of america, were found to not have standing to foreclose. We are now going for quiet title. Will we sell the home? No, just keep it as rental.
The note was unenforceable and the assignment of mortgage was voidable and will be voided in quiet title action as AOM was forgery.
Doom to banksters and their scum attorneys.
Become a Russian citizen, if you can't afford a home they will give you one gratis. It's in their Constitution:
Article 40
1. Everyone shall have the right to a home. No one may be arbitrarily deprived of his or her home.
2. The bodies of state authority and local self-government shall encourage housing construction and create conditions for exercising the right to a home.
3. Low-income people and other persons mentioned in law and in need of a home shall receive it gratis or for reasonable payment from the state, municipal and other housing stocks according to the norms fixed by law.
http://www.constitution.ru/en/10003000-03.htm
Para 3 = our own Section 8.
Reminds me of a story from the 1970s. An elderly widow wanted to visit her family in Canada and engaged an unemployed man and his family to house-sit her Scottish home during her absence.
Now, Scotland is even more socialist than Russia and has similar housing "rights" on the books, so when she came back from Canada, the family refused to decamp on the grounds that they were homeless. She asked the courts for an eviction order, which they refused to give, on the grounds that her circumstances (as elderly and homeless) put her at the front of the line for public housing.
And for her, public housing it was! The family continued rent free in her home.
Wonder if they allowed her to take some of her previous posessions to her new place.
"They may get to keep their homes without ever having to pay another dime."
Well, if they were banks, we'd long ago have given them the homes along with a few additional trillion for remodeling.