RSS available
| MarketTicker Forums Read Message in Ticker |
User: Not logged on
|
| Top | Forum Top | Login | Control Panel | FAQ | Register | Logout |
| Showing Page 1 of 3 | First | 1 | 2 | 3 | Last |
| User Info | Has A MERShole Opened Up? in forum [Ticker] | |||
|
Genesis Posts: 71430 Incept: 2007-06-26 
KD^2 
|
http://market-ticker.org/archives/1454-H....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-09-22 08:35:42
Permalink | |||
|
Bsaxberg Posts: 112 Incept: 2009-07-04 North Dakota
|
Go long lawyers...this is going to hurt. Will this be another case of privatize the profits and socialize the losses?
2009-09-22 08:43:58
Permalink | |||
|
Bozonian Posts: 14033 Incept: 2007-09-01 
PFT - Pure F'n Tin
|
Questions. 1. Are the bond holders on many of the MBSs not getting paid interest? Are the notes in default? If they are getting paid, where is the money coming from? 2. This is a legal question, not advice: Is there some sort of backstop that a judge relies upon when things are very unclear, something like, if no law exists to cover the situation, the judge must make a fair (equitable) decision? ---------- I'm so depressed about outsourcing I called the suicide hotline and got a call center in Pakistan. They got all excited and asked me if I could drive a truck. Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice.
2009-09-22 08:47:01
Permalink | |||
|
Tdray Posts: 115 Incept: 2008-12-11
|
Didn't Nancy Kaptur tell her constituents to stay put, and make the bank show the note? On a different note, Marketwatch Radio just said that more people are now renting because housing prices have gone UP. Ha!
2009-09-22 08:56:57
Permalink | |||
|
2banana Posts: 168 Incept: 2008-02-25
|
"I still expect that we will, as the potential recovery (and thus the potential legal fees) are literally in the hundreds of billions of dollars." In the meantime - NONE of these houses will be able to bought or sold as the title is not clear. Some will get the benifit of living in a house mortgage free (until all the paperwork can be found) and just pay the taxes and upkeep. However, they will not be able to ever sell it or do anything with it. But these house are dead. And if a judge says "the bank can't prove ownership to evict the people" and it turns into a crackhouse - the taxpayers are going to pay one way or another. Maybe a secondary market of trading these housing to each other??? I wonder if I can make a security out of that and sell it to Wall Street :-)
2009-09-22 09:00:26
Permalink | |||
|
127001 Posts: 916 Incept: 2008-05-21
Online
|
2banana, wont filing for a quiet title provide you the title and remove the claim? Either you win it and have clear ownership, or you lose it and continue to pay - either way you have a clear understanding of where you stand. I agree stopping paying and trying to fight the foreclosure is frought with some problems - largest among them you lose, your homeless. The answer to this question is likely different by state, and something lawyers are going to have a field day with.
2009-09-22 09:03:55
Permalink | |||
|
Genesis Posts: 71430 Incept: 2007-06-26
KD^2
|
Yep. If you file for a quiet title and they can't produce the note (because they destroyed it.......)
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-09-22 09:04:39
Permalink | |||
|
Jstanley01 Posts: 2568 Incept: 2008-07-30 
San Antonio, Texas Online
|
2banana wrote..In the meantime - NONE of these houses will be able to bought or sold as the title is not clear. Some will get the benifit of living in a house mortgage free (until all the paperwork can be found) and just pay the taxes and upkeep. However, they will not be able to ever sell it or do anything with it.Could explain the CAT ramp. People are going long bulldozers. ---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me
2009-09-22 09:09:51
Permalink | |||
|
Imaboomerdropout Posts: 163 Incept: 2009-09-13
NY
|
ROTFLMAO Thanks Karl, I needed a good laugh this morning!
2009-09-22 09:16:48
Permalink | |||
|
Pika-steph Posts: 39197 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing.
|
Is there any reason why you couldn't just file for quiet title on your own home....just to find out?
---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2009-09-22 09:17:44
Permalink | |||
|
127001 Posts: 916 Incept: 2008-05-21
Online
|
pika- I am thinking along the same lines myself. Other than a few grand in expected lawyer fees I can not see any downside. It would be a gamble, but perhaps a worthwhile one.
2009-09-22 09:22:15
Permalink | |||
|
Oddone Posts: 50 Incept: 2008-07-14 About 10 miles from Genesis
|
If the note's been destroyed, wouldn't a "homeowner's" only real recourse be to camp out for 10-20 years and then go for a new title via adverse possession? I can't think of any other way to reestablish ownership in any form once the original doc chain is lost.
2009-09-22 09:26:43
Permalink | |||
|
Angel61 Posts: 602 Incept: 2008-10-13
Texas Online
|
I'm curious to know the answer to that question myself, Pika.
---------- Breathe deep, the gathering gloom...
2009-09-22 09:26:46
Permalink | |||
|
Genesis Posts: 71430 Incept: 2007-06-26
KD^2
|
The Deed of Trust is recorded. The problem is the note. In most states you need a wet signature to prosecute it, and you must prove ownership of it (which means you need a legal assignment of the interest in it to whatever structure it resides in.) If you can't produce both, you own nothing. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-09-22 09:28:39
Permalink | |||
|
Gst Posts: 225 Incept: 2007-12-25 NW Georgia
|
Question: who, in this hot potato game of mortgage backed securities, ends up with the foreclosed assets?
---------- "It is terrible to contemplate how few politicians are hanged." G.K. Chesterton, The Cleveland Press, 3/1/1921
2009-09-22 09:28:40
Permalink | |||
|
Bagbalm Posts: 979 Incept: 2009-03-19
Just North of Detroit
|
You can also take the property by adverse possession after a certain number of years living in it openly and notoriously. Varies with state. So the period in which it was dead and could not be sold is limited.
2009-09-22 09:31:01
Permalink | |||
|
Scooperman Posts: 2 Incept: 2009-08-18 Florida
|
maybe a dumb question. 20 years ago I got a mortgage with bank X. A year later I got a letter from bank Y, hello we own your loan now, send checks to us. A couple years later I got a letter from bank Z, hello we own your loan now, send checks to us. I forget how many times this happened. Anyhoo, I still send checks to a bank. I assumed they do indeed have my loan paper. How would Joe Homeowner even know if his mortgage was bundled and sold and now was one of these MERSages, would JH have been sending checks to MERS, or sending payments to some faraway bank like I do? Every year lots and lots of JHs paid that wonderful last payment on their mortgages, if those mortgages were MERSed and the real signed original documents have gone poof, what paperwork/proof have all the JHs been getting at mortgage payoff? Are they getting real legal proof of ownership at payoff, if the entity they have been paying does not have the original or legally transferred documents?
2009-09-22 09:38:44
Permalink | |||
|
Phev Posts: 116 Incept: 2009-05-17
|
It could be for lawyers "the backed security full employment act"
2009-09-22 09:47:47
Permalink | |||
|
Lordhumongous Posts: 1972 Incept: 2008-09-29
USA
|
Quote:You can also take the property by adverse possession after a certain number of years living in it openly and notoriously. Varies with state. So the period in which it was dead and could not be sold is limited. Stupid question here. Assume that MERS cannot prove that they have the note, etc. What about all of the property taxes that were paid out of an escrow account funded by all of the checks that were sent to the mortgage servicing company? Wouldn't the fact that MERS was paying the taxes imply that THEY can acquire adverse possession? Aren't home-"owners" acknowledging MERS' title by sending them money, including the property tax due? ---------- Freedom. Is there anything it can't do?
2009-09-22 10:01:53
Permalink | |||
|
Daveincsa Posts: 133 Incept: 2009-01-25 In the South
|
I think we've already seen that what's lawful when it comes to the economy doesn't mean a damn thing. So I wouldn't stop paying your mortgage yet. I'm sure CONgress, with the threat of tanks in the street, can pass some law exempting the banks from having to produce any paperwork regarding your mortgage. Now if you find yourself in a house that's lost 1/2 it's so called value and your paying your mortgage. Then I would be thinking about this.
2009-09-22 10:02:37
Permalink | |||
|
Mortgageguymn Posts: 182 Incept: 2009-03-09
North Coast
|
I expect it to end up in SCOTUS, with SCOTUS defending MERS' standing to foreclose. It seems that sometimes even with the justices most attached to rule-of-law, the ends occasionally justify the means. When the alternative outcome is unthinkable (whether it's denying MERS standing or requiring an original long-form birth certificate from Hawaii), the fix is in.
---------- "Neither a borrower nor a lender be." - Harold Hecuba
2009-09-22 10:21:01
Permalink | |||
|
Climberguy Posts: 3 Incept: 2009-03-05
|
What Scooperman said. Seems to me that it's idiotic to continue making payments on your mortgage after this decision. If they can't prove they own the mortgage, you can't prove that the payments you're making are actually to someone who is applying those payments to your mortgage. Why would you do that?
2009-09-22 10:24:37
Permalink | |||
|
Steelhead23 Posts: 388 Incept: 2008-09-09 Portland OR
|
Title limbo? What about title insurance they make borrowers pay for at closing? Shouldn't those bloodsuckers (e.g. TransAmerica) have an interest in this decision? Couldn't they end up on the hook? Hey, I wanna screw the banksters as much as anybody, but financial chaos I could do without. This sounds like chaos to me.
---------- short em all - let God sort em out!
2009-09-22 10:49:50
Permalink | |||
|
Colester Posts: 15 Incept: 2007-12-10
|
As for adverse possession, if you pay the property tax it usually requires a less amount of time (of adverse possession). In Alabama, for instance, it goes from 20 years (without having paid the property tax) down to 10. BYW, whether your taxes are paid out of escrow, it's still YOU that are paying the tax.
2009-09-22 10:59:43
Permalink | |||
|
Lkruvant Posts: 4438 Incept: 2008-03-13
DC - VA Online
|
Quote:Stupid question here. Assume that MERS cannot prove that they have the note, etc. What about all of the property taxes that were paid out of an escrow account funded by all of the checks that were sent to the mortgage servicing company?Not stupid at all. No, merely paying taxes doesn't establish Adverse. you have to occupy "openly and notoriously", and possibly build/improve. Quote:Wouldn't the fact that MERS was paying the taxes imply that THEY can acquire adverse possession? Aren't home-"owners" acknowledging MERS' title by sending them money, including the property tax due?good point, so as usual, the most irresponsible parties have the best claim. the "best" thing to do would be to 'buy' and never pay even one bill, or even acknowledge. Our entire system is seeminglly built on making sure EVERY incentive is perverse Last modified:
2009-09-22 11:07:56 by lkruvant
| |||
| Top | Forum Top | Login | Control Panel | Logout |
| Showing Page 1 of 3 | First | 1 | 2 | 3 | Last |