I believe that Foreclosure Fraud related to Robo Signing is just the tip of the Foreclosure Fraud iceberg.
The foreclosure fraud issue is much much bigger than robo signing. Robo signing is the get away car speeding down the highway with the loot. However, we need to back up in time and find what occurred before the get away car was discovered.
Actual foreclosure fraud robbery happened the moment there were CHANGES IN TERMS implemented on ANY HOMEOWNER's Mortgage agreement without the homeowners expressed, written, consent.
Change in Terms without the expressed, written, consent of the homeowner CANNOT be pre-written into a mortgage agreement for OBVIOUS REASONS.
If a mortgage contract can be unilaterally changed by one side only, then the changing side can pretty much do whatever they wanted, at any time!
Unilateral changing of terms would mean the end of property rights as we know it!
An additional robbery happened when the CHANGE IN TERMS that were never agreed to by the homeowner are then used to allow others to hold sway over a homeowners freedom to find a better mortgage deal.
When we hear that the "investor" does not approve HAMP for a homeowner, this could mean that a unilateral Change in Terms has been used to allow an after the fact entity (the investor) to determine the fate of a homeowners right to find the best deal for their mortgage.
Further foreclosure robberies occurred when banks parallel foreclosed on homeowners BEFORE the homeowner could even become eligible to apply for HAMP and EHLP!
As a result of the actions describe above, Parallel Foreclosure might just equal Federal Hobbs Act Violations, possibly the extortion clause. And if the foreclosure fraud talking points I brought up above are never brought out into the light of day, then either the system is rigged down to the fine grains of sand, or, the system just naturally creates conflagrations to confound the real issues at hand.
The people that discovered robo signing may have set the bar too low. Robo signing may have been the battering ram that broke down the foreclosure fraud door, but there is much much more behind the foreclosure fraud door. I am concerned that robo signing may end up both breaking the door down to foreclosur fraud while also obfuscating what is actually behind the foreclosure fraud door.
It would actually be helpful if you had a basic understanding of the law, which you admit you don't have. Unfortunately, "common sense" has little to do with "common law" so much of what you and others rant about only gives some people the false belief that they can stop paying on their mortgage because of supposed bank fraud.
ReplyDeleteLong story short, if you borrowed money from a bank to buy your house and you stop paying the back you are going to lose your house.
And as for "parallel" foreclosures, negotiating a potential forbearance, modification, short sale or whatever while a foreclosure is in process is neither a new phenomenon nor is it in any way illegal.
Mr anonymous..here you go again....another blaming the homeowner for the mess, This is the same logic as blaming the passengers of a discount tickets airline for their deaths, if it turn out that the plane had been flown by a bunch of monkeys! This is like saying "Shouldn't they have known they should pay more?
ReplyDeleteIn reality the gushing profits of the collateralized debt markets meant that the original lenders had no motive to actually bet the recipients, in short the banks did not care! The banks did everything to entreat consumers to borrow far beyond their means reassuring them in a booming economy they'd be suckers not to buy, buy, buy, but hey blame the passengers!not the plane or the stupid monkeys!