tag:blogger.com,1999:blog-1114913315450007912.post6961662568044809197..comments2023-10-22T07:06:46.528-04:00Comments on Hello Michigan: Fraud Upon The Court in Mortgage ForeclosureRosehttp://www.blogger.com/profile/06590050296137331759noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1114913315450007912.post-20601446451131824822010-09-18T17:52:28.150-04:002010-09-18T17:52:28.150-04:00This is not new-nor is it surprising. This scam of...This is not new-nor is it surprising. This scam of 'Servicing' companies, often an offshoot of the actual lending bank (developed for the sole purpose of billing extra charges to the mortgagee-and causing default), continue to represent themselves as the mortgage holders. Nearly always, they do NOT hold the mortgage-and have NEVER held the mortgage. Because of the practice of bundling and selling mortgages, there is no actual recorded holder of the mortgage, the lending bank having already been paid for the note. Often the actual mortgages have been split, sold and resold several times without notification to the property owner-in violation of the law. Discerning the actual owner is impossible as the mortgage becomes a part of several bank's fund offerings, often overseas. Existing law gives no way to resolve a default situation as only the true mortgage holder can sue for foreclosure-and the true mortgage holder cannot be determined. These large mortgage banks have invented paper trails out of whole cloth, involving forged signatures, 'second mortgages', etc-all in-house without the knowledge of the buyer. A judge in Cleveland actually called this behavior by Wells Fargo a RICO scheme designed to destroy the property values of entire neighborhoods. Under these circumstances, which involve likely the majority of mortgages ostensibly held by the big mortgage banks,any honest judge should do exactly what this judge did: there is no real mortgage holder and therefore no legal basis for foreclosure. If judges were to continually refuse to find judgment for these 'servicing' companies, this scam would clean itself up! And homeowners would stay in their homes, regardless of ability to pay. The true losers would be foreign investment firms who were dumb enough to buy into these REIT funds. The resulting losses would force the banking/investing industry to clean up their act.truckingalhttps://www.blogger.com/profile/08373437496280140367noreply@blogger.com