Friday, March 18, 2011
This is absolutely amazing. The Missouri Attorney General knows fraud has been committed yet he is essentially refusing to do anything about it because it would take too much work. WTF?!!!!
There's no doubt that some people should be foreclosed upon. But there's also no doubt that the bank or loan servicer that wants to foreclose should have to produce the paperwork to prove that they have a claim on the property they want to foreclose on. That means an unbroken chain of wet signatures each and every time the loan was sold. That means that all taxes and fees should be paid to the county recorder each time a mortgage is sold and that the sale should be recorded in the county courthouse.
Your loan is current? This doesn't affect you? Well, let's think this through. If the banks that are foreclosing on property can't produce a valid note that fulfills all the legal requirements to prove they have the right to foreclose what makes you think that after you pay off your mortgage the piece of paper they give you is valid? How can you be sure that you actually have the title to your property? In Florida banks have foreclosed on property that is owned free and clear because of paperwork problems. And they don't say sorry and just walk away when they get questioned. Homeowners are forced to go to court to defend against these predators.
Just because you pay off the mortgage to the loan servicer how can you be sure that someone else can't still make a claim? In some states title insurers are refusing to insure titles because they can't untangle the web created by MERS.
Our Attorneys General need to do their jobs and fix this problem regardless of how difficult it is. Oh, and regardless of how much money the banks funnel into the political system, too.