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View Diary: Yves Smith: "The Top Twelve Reasons Why You Should Hate the Mortgage Settlement" (156 comments)

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  •  lost the notes, heh (2+ / 0-)
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    shaharazade, semiot

    like zombie debt never happens, some paperwork continues, other just disappaer as if by magic.

    Those notes exist, and I wonder what will happen when people find those notes (buying them from whoever digs them out) and start trying to possess, foreclose, collect rents, evict, and resell homes that have been sold from the faulty foreclosure process.

      Would somebody actually do that? Dam f'n right they will. And you will settle to get them out of your hair, if you can afford it, balanced against the legal costs of fighting it in court and the months of uncertainty.

    If you have a mortgage that is..if you have some version of a current title, it's yours if you can defend it and pay for that. How much would that cost, really.

    There are those who think that judges always do the right thing and would never allow that to happen.

    So you bought a foreclosed house, and there was special papers you had to sign (look at real estate ads, sometimes these SPECIAL PAPERS is the first thing on the MLS) that I think will mean you believed what the bank/seller tells you about the title, and you won't hold them liable for any subsequent title problems...because if they can bullshit you into signing rights away, they will)
      Maybe that wouldn't happen, maybe you would successfully defend your title, maybe you have title insurance (not all do) that will cover potential losses.

    Do you really need that trouble and terror and expense?

    If anyone thinks people shopping for houses are now safer...we will see, but the cynicism only increases after this I will bet.

    And if this starts happening out in the real world, conflicting titles after new occupancy, that stock of foreclosed homes will be harder to sell...but maybe that's just what Mitt and his landlord buddies are hoping for.

    From those who live like leeches on the people's lives, We must take back our land again, America!...Langston Hughes

    by KenBee on Thu Feb 09, 2012 at 04:17:38 PM PST

    [ Parent ]

    •  true that (6+ / 0-)

      it carries it forward. I got out of a dicey mortgage by the skin of my teeth in 20O8. Thanks to the on line people like Jerome a Paris, atrios and bobswern.

      How I got into it was IRS debt that was impossible to litigate and boiled down to a computer glitch that kept refiling an old state employment tax (CA) that would/could not be stopped and had to be paid off or else.

      So we refinanced our abode with plenty of equity and the results of that 'deal' was a mortgage from hell. They diced it sliced it and sold it. Then they gambled on it. How did I end up with Countrywide owning my house for a couple of years.

      Where did it my mortgage go after that? I cannot fathom how your mortgage signed as a contract can end up as a piece of tradeable bits in a bundle. Glass Steagall comes floating up. What a con, that offers up peoples homes as a way of getting money at the expense of peoples need for an anchor.

      My story is not unique it's the same one with different circumstances played out in the millions. When my CU went through our dicey mortgage they were amazed that the title still was there and traceable. The slicing dicing and trading of your title is not something that should be legal.

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