tag:blogger.com,1999:blog-12703782.post2232654967311232298..comments2024-03-25T13:42:25.771-05:00Comments on Advance Indiana™: How To Avoid A Home Foreclosure The Easy WayGary R. Welshhttp://www.blogger.com/profile/15185079937305083438noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-12703782.post-50645996262090009232010-10-20T15:03:37.068-05:002010-10-20T15:03:37.068-05:00This is the best MERS argument
"Everyone se...This is the best MERS argument<br /><br /><br />"Everyone seems to accept that MERS is the “mortgagee” in this transaction because it is designated as such in the Mortgage instrument. Yet, under Indiana law, the one holding the note is the equitable mortgagee. As such, notwithstanding the fact that MERS may be designated as the mortgagee as “nominee” for Lender A, Lender A is still the mortgagee. Any enforceable assignment of interest in the note must come from Lender A to Lender B, not from MERS the “mortgagee” to Lender B."<br /><br />Can you give me a specific citation to Indiana law that says this...Barbarahttps://www.blogger.com/profile/17976505795740224159noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-12805638856336556832009-12-18T04:53:13.822-05:002009-12-18T04:53:13.822-05:00well I know for a fact the buyer of the loan from ...well I know for a fact the buyer of the loan from the first company sold my loan to a big bank and the big bank told me not to pay and would not take my money for loan for almost months before now filing for forclosure when they are the ones telling me not to pay. FHA see there side not my side I was asked to put my loan in default but now I'm filing chapter 13.coreywasmyithttps://www.blogger.com/profile/11781858101001649160noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-21302730930171822522009-12-08T16:37:19.311-05:002009-12-08T16:37:19.311-05:00Although the talk of how awesome it would be to do...Although the talk of how awesome it would be to dodge paying a mortgage and keep your house, in a perverse sort of way. I often said during the big sub-prime blowup that the problem was never sub-prime loans it was that they were priced too low. Many paid great and were good investments but the rates should have been higher ... like health insurance is now ... due to cheating.<br /><br />The above "cheat" is just another reason that I have to believe rates on all mortgages are going to have to go up. The risk is aweful high if an attorney can claim the client doesn't owe the money because the mortgage company lost the note. (of course the note was recorded and does exist, they just can't find the original)daltonsbriefshttps://www.blogger.com/profile/10848952073180198356noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-3934823182020212292009-09-24T21:48:04.347-05:002009-09-24T21:48:04.347-05:00WELL if you must know your asked not to make any p...WELL if you must know your asked not to make any payments while you wait on your loan to be reapproved. Companies are ripping off the gov.coreywasmyithttps://www.blogger.com/profile/11781858101001649160noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-37437380836826160652009-08-05T15:18:47.878-05:002009-08-05T15:18:47.878-05:00Thank you for bringing this topic to your forum. ...Thank you for bringing this topic to your forum. The issue goes much deeper than anyone can imagine. <br /><br />I don't believe to many people realize that the Banks are the ones committing the fraud. It all starts from the time you sign the Promissory note. Once the bank takes possession of the instrument, they will often times sell it along with the mortgage. Once it has been sold, the bank is able to multiply that dollar figure by 10. Lets see, if your original note was for $100,000.00, that would be $1,000,000.00 for the note and another $1,000,000.00 for the mortgage. On top of it all, they collect monthly payments for the principle and interest, for the next 30 years.<br /><br />Since the Promissory note belongs to the mortgagee, and the bank sold it, the bank was paid. It doesn't matter who pays the bank; point is, they were paid and made a huge profit off your credit.<br /><br />There is far more to this mortgage crisis than meets the eye. The fraud is strictly with the leading institutions that sell the notes and mortgages. <br /><br />So when the bank forecloses on the property, what did the bank lose, Nothing...it was a win, win for them from the get go. The only one harmed was the person who lost everything.rose411https://www.blogger.com/profile/06995029904439197571noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-1927160699147583662009-08-05T08:01:25.874-05:002009-08-05T08:01:25.874-05:00It's not a "loophole", it's the ...It's not a "loophole", it's the law.<br /><br />If a party is going to file a lawsuit they must have legal standing to do it. If they have no legal interest, they cannot recover. You can't sue neighbor A for damages neighbor B caused.<br /><br />It is the responsibility of the lenders to make certain all of the documentation of a property transfer is complete for legal transfer of the mortgage. After all, isn't that what the original lender does to you when you sign all those papers at closing?<br /><br />A large part of the economic problems lenders are having these days are because ALL of their lending practices for the last 15-20 years have been sloppy and haphazard, whith the primary intent to sell, sell sell. As a result, they must take the (legal) heat.JudgeNothttps://www.blogger.com/profile/13738417177257644421noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-33226409971109550132009-08-05T06:52:24.724-05:002009-08-05T06:52:24.724-05:00Katich doesn't use the loophole in that fashio...Katich doesn't use the loophole in that fashion, Chris. She uses it to gain leverage to rework the terms of the mortgages, particuarly the absurd ARM mortgages by which so many people became trapped. When she raises these defenses, she finds mortgage lenders much more amenable to working out her client's mortgages.Gary R. Welshhttps://www.blogger.com/profile/15185079937305083438noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-14068153372719762642009-08-05T06:13:21.203-05:002009-08-05T06:13:21.203-05:00I don't practice in this area at all, and I...I don't practice in this area at all, and I'm REALLY trying to understand it. <br /><br />Mortgage Lender B buys a loan from mortgage Lender A, and then when Homeowner A defaults. Lender B sues to foreclose but can't because Lender A can't produce the original paperwork (which it never transferred). <br /><br />So does that mean some homeowners can basically squat in a home for his/her natural born life?<br /><br />If so, that just means Lender B is going to go under because it: (a) can't mitigate loss on the loan by taking and selling the collateral; and (b) it will have to sue Lender A to get its money; and (c) it won't get that money if Lender A is not in existence now.<br /><br />If this "we ain't got it" refrain is heard a great deal, won't the government have to bail out major banks and lenders because all the homeowners who read your post now knows (s)he can live without a housing payment? In fact, won't they even avoid taking a credit hit because they can legitimately assert to Equifax that they don't have a mortgage with creditor who is reporting all the missed payments?<br /><br />In short, great....we've just used a byzantine secured transactions loophold so people who bought a house they shouldn't can screw America again....all while living mortgage-free! <br /><br />Yes, I know that one man's "law" is another man's "loophole," but I call it a "technicality" when you KNOW you entered into a mortgage, you know you're not paying anything, and now you're going to act like you have no idea what the lender is talking about.<br /><br />(Please tell me I'm reading this wrong; otherwise, I will just use this post as an opportunity to say again, "This is why America hates lawyers!")Chris Wordenhttps://www.blogger.com/profile/00558836541249077077noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-33502301106915155342009-08-04T19:56:26.353-05:002009-08-04T19:56:26.353-05:00I read awhile back about a legal strategy called &...I read awhile back about a legal strategy called "produce the note" where foreclosures were being delayed because the plaintiff couldn't produce the paperwork showing that they owned the mortgage. Is this pretty much the same thing you were talking about? (I tried to follow the legalese as best I could and that's what came of it.)<br /><br />Just curious because I thought that was a great strategy and was wondering if it was going to work.Russellhttps://www.blogger.com/profile/05888390196512180753noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-65811084763774284162009-08-04T19:56:05.263-05:002009-08-04T19:56:05.263-05:003 even easier ways to avoid a home foreclosure (an...3 even easier ways to avoid a home foreclosure (and I didn't even have to go to law school to learn these cool tricks):<br /><br />1) If your mortgage payment is more than you can afford, don't accept the loan.<br />2) If your paycheck is not variable, neither should your mortgage payment be. <br />3) Pay your bills when they are due and don't wait for a lawyer or the government to bail you out.pnixonhttps://www.blogger.com/profile/07569418142274651921noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-27356793764528109702009-08-04T19:48:20.413-05:002009-08-04T19:48:20.413-05:00I'm half tempted to raise this defense when I&...I'm half tempted to raise this defense when I'm representing a judgment creditor who has a judgment lien on a debtor's property. But, I suppose I have enough work to do without screwing around just for the hell of it. Interesting post.Doughttps://www.blogger.com/profile/11424730556609713021noreply@blogger.comtag:blogger.com,1999:blog-12703782.post-89255355959473024172009-08-04T19:04:45.730-05:002009-08-04T19:04:45.730-05:00Great post, Gary. MERS is such an obscure entity t...Great post, Gary. MERS is such an obscure entity that it was great you were able to dissect things.<br /><br />I don't feel sorry for those mortgage companies at all. Is it too much to ask that they file a simple assigment when they sell a mortgage? <br /><br />I have cases now where the mortgage company cannot prove how they came to hold the mortgage. too bad. They need to be more careful in how they do business.<br /><br />MERS has created a mess that we're all dealing with.Paul K. Ogdenhttps://www.blogger.com/profile/16137003328850866711noreply@blogger.com