Staring out with the good news here...based on a recent court order by Muskegon County judges, foreclosures in Muskegon County have dropped from about 75 per week to about 2 per week.
Early last month (May 2011) the Michigan Appellate Court ruled that the Mortgage Electronic Registration System (MERS) was a bunch of asshat jerks who needed to get their butts kicked soundly and sent to bed without their billion dollar bonuses.
Also they ruled that MERS could no longer foreclose on peoples' homes by publishing the foreclosure in the papers. Oh no...not MERS. No More. Now they need to actually show up in court and prove they have the authority to foreclose on a house.
That's a problem for MERS because they generally can't. It's a problem of their own making. Some clever scheme to buy and sell and divvy up mortgages and bank notes to make a lot of extra money by selling air. Wait. No. That's not quite right...by selling the concept of air.
Muskegon County Judges, however, have taken it a step further. They're now halting ALL foreclosures from ALL entities by advertisement, requiring everybody actually show up in court and present the bank note. They actually want a foreclosing party to prove they have the right to foreclose. I know, what a drag, right?
In the spirit of Father's day, and because I think it's somewhat true I'd like to credit this at least in part to my pop who has spent the past few months talking to and writing letters to Muskegon County judges to educate them about the massive outbreak of mortgage fraud.
Foreclosures in Muskegon County have dropped from about 75 per week to about 2 per week.
Here is the language of the court order that followed quickly upon a correspondence my father, a well known local lawyer for 35 years, had with the Chief Judge:
All pending summary cases involving a foreclosure by publication will not be allowed to proceed unless the Plaintiff provides the Court with proof (assignment) that the foreclosing party had an interest in the indebtedness upon which the mortgage was secured or was acting as an agent (not nominee) of the party owning the debt.
Boom.
Translation: No note? Piss off.
Again, it bears repeating that after this court order Home Foreclosures dropped from 75 per week to about 2 per week.
Why?
Because banks CANNOT prove in a court of law that they hold an interest in the debt.
Let me say that again...banks CANNOT PROVE in a COURT OF LAW that they hold an interest in the debt.
Think about that for a moment. The moment the courts simply require that a bank prove it has an interest in the indebtedness of the property it's foreclosing on, 97% of the foreclosures stop.
Banks are the victim of their own shenanigans.
They weren't satisfied with the honest dollar they got lending money for mortgages, and started to play stupid games. And now, nobody....NOBODY...NOBODY knows who holds the actual interest in your house.
This isn't some crackpot theory. It's becoming glaringly obvious. Banks cannot prove in a court of law that they hold an interest in your property. And it's their own fault.
My friends, this isn't the end. This is just the beginning.