US Rep. Kaptur of Ohio: Foreclosed Owners Should Squat In Their Own Homes.

US Rep. Kaptur of Ohio: Foreclosed Owners Should Squat In Their Own Homes.

rawstory.com

Kaptur advocates fighting foreclosures by using the key phrase: "Produce the note."

By telling a bank to "produce the note," a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt.

During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up.

In their rush to make more money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage.

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Related News Links:
www.consumerwarningnetwork.com

www.consumerwarningnetork.com : How To: Produce The Note
This could become the sweeping method of anyone who is being foreclosed upon.

Many people may even see a 'once in a lifetime' financial opportunity and stop making payments if they think their mortgage was caught up in the "hard to trace" paperwork category.

The home could potentially be not-owned by anyone and I believe that it would then become property of the persons living there by default. I could be wrong. I am not a real estate lawyer.

If there are any reading this who could give some legalistic input to our discussion please?

This could potentially rock the already unstable housing market to its core by basically making the market collapse if millions of people ended up doing this. Imagine millions of homes and the money wrapped up around them in the markets suddenly a total loss because the paperwork is untraceable.

I doubt this will be the case; in fact most likely the best you can hope for is a delay prior to eviction. But hey, I bet some people will be lucky with this.

Anyone ever use the "Produce the note" before in a foreclosure situation?

rawstory.com
(visit the link for the full news article)

Very interesting, since this is a conspiracy board, I offer this:

Are the fires of unrest being fanned, with those in the higher-ups encouraging people to squat in their homes?

Has anyone seen those adverts in which real estate gurus (thieves) are offering houses for hundreds or 1-2 thousands of dollars? Some guy buys a cheapie house, but surprise- former homeowners who had left their homes to the banks now decide to come back and squat in their former homes only to find some robber baron has sold their house from under them.

What do they do? Do they quietly take it and go away, or will they call shenanigans?

Cue Martial Law.

The government could easily slap the banks down and completely readjust mortgages/ forgive a certain percentage of a person's debts- BUT NO.

They are instead telling people to squat and cause trouble, maybe even shoot the police when they come to kick them out?




[edit on 31-1-2009 by star in a jar]

[edit on 31-1-2009 by star in a jar]

Good. It's about time someone turned these predators' tactics against them. Didn't Gerald Celente predict squater revolts?

Here it comes kids. It's just the beginning.

The banks, lending institutions, credit unions etc. all work the loop holes to maximize their profits at the expense of the home owner. This is going to finally give the home owner a little leverage against the money grubbing scumbags.

It's not squatting until repossession papers have been finalized.

Rep. Kaptur!

And if enough people begin doing this. Imagine soon if 10% of US homes were being "squatted" in.

If enough people are doing it, an amnesty or decriminalization may take place.

It does feel abnormally fair to see the loop-holes working for the common man for once; instead padding the wallets of large corporations and government who have thousands of loop-hole people working their loop-hole jobs to find more loop-holes for them to use and further perpetuate the greed and procrastinate the failure and judgement.

reply to post by AllSeeingI


Actually, there are people who have also won in court - and have gotten their house completely FREE, when banks were going to foreclose on them.

Mortgage, papers have this clause it basically says "both parties enter into an agreement, and both have to give "consideration" by entering into the agreement".

The banks consideration, is suppose to be the money.... right?

Wrong--- people win in court, when they show, banks make the money out of the air for the mortgage, it is NOT money they had in their bank.

That is where cos. like AIG came in "insured".

So the reality is, everyone could "if the judge actually listens and not in a bank's pocket" get their house for free.

Sorry to rain on the parade but I have something that I have to point out.

People could just pay the money they own, like responsible citizens.

That is all.

Originally posted by Boston Tea Party
Sorry to rain on the parade but I have something that I have to point out.

People could just pay the money they own, like responsible citizens.

That is all.

Yes because ALL of the problem is based on the individual..

It's not like they took a bunch of sub-prime MBS(Mortgage Backed Securities) Bundled them together and printed 'AAA' on a 'BBB' credit investment. It's not like the Fed forced lenders to make credit so easy to get that someone with a $10 an hour job was duped into thinking he/she could afford a $300,000 dollar house that was over priced to begin with. It's not like the banks purposefully made these bad loans knowing the outcome and purposefully leveraged themselves hundreds of times their actually value and passed the saving on to the US taxpayer.

Nope. It's Mom and Pops fault for thinking the American Dream existed anywhere other than a pipe.

this is interesting.

that 40% figure seems extremely high. could it really be that bad? well, i guess it obviously is.. but i feel it might be skewed toward certain areas, mortgage types, or regions more than others. Detroit comes to mind. Out there the average home price is just $14,000, and the rest of the country is .. well I don't know whats its down to but it used to be a little under 200k IRC.

I hypothesize that those lost papers are mostly clustered either by price of mortgage or by credit risk level. Heck, maybe they lost the higher priced/lower risk ones more than the bad debt ones. I don't know, but I doubt its just random.

That British lady seemed like a rich-on-paper type. One those people who are high risk yet had good credit at some point. She came up with $8,000 when time really came to pay up, most poor people dont have $8,000 saved or able to be liquefied. Maybe its more the higher priced homes. I'm just wondering along these lines because I come across people in foreclosure all the time being in the real estate business myself. I can't picture myself giving people this advice yet tho, sounds risky or urban legend-y.

Hoping for more research. Anyone here a lawyer? Is this good responsible advice to give people? Does it work as a defense for real? Can you really get the house for free if you do win?

Originally posted by projectvxn

Originally posted by Boston Tea Party
Sorry to rain on the parade but I have something that I have to point out.

People could just pay the money they own, like responsible citizens.

That is all.

Yes because ALL of the problem is based on the individual..

It's not like they took a bunch of sub-prime MBS(Mortgage Backed Securities) Bundled them together and printed 'AAA' on a 'BBB' credit investment. It's not like the Fed forced lenders to make credit so easy to get that someone with a $10 an hour job was duped into thinking he/she could afford a $300,000 dollar house that was over priced to begin with. It's not like the banks purposefully made these bad loans knowing the outcome and purposefully leveraged themselves hundreds of times their actually value and passed the saving on to the US taxpayer.

Nope. It's Mom and Pops fault for thinking the American Dream existed anywhere other than a pipe.

Im sorry but if you have a 10$ an hour job and take a $300,000 mortgage thinking you can pay for it then you have worse problems then forclosure. I dont see why people feel bad for the ones who knowingly went ahead and agreed to make may payments they knew they could not keep up with. As for the legitimate mortgage owners who may have lost their jobs, or business dried up and they are unable to make payments, that I am sympathetic to and understand. It can happen to anybody. But, the latter does not deserve the same consideration. Sure, I would love to own a 6 bedroom house on a beautiful lake, but I only make $45,000 a year. I still live with my parents because I know that until I find someone to split the cost of living with, I am unable to afford it. Doesn't take a high school education to figure that one out. So I say to the ones who lost their job, my deepest sympathy and I would love to see the government lend a sympathetic hand to your situation. To the idiots, plain and simple, sorry but you knew you couldn't afford it, yet still just had to have it instead of living within your means. It was inevitable. I also believe the banks should be held accountable because the ones doing the loan processing are educated enough to do the math as well.

Also, I was always under the impression that a mortgage cannot exceed 50% of your household annual income? Unless I had been misinformed.

People just want a peace of the pie. And sure alot of it was irresponsible there's no denying that. But they sweeten the deal. And if the bank is WILLING to make the loan knowing the conditions by which they make them rather than refusing such an irresponsible condition then it is the banks fault by 50% at least. Lets not even get into the deceptive practices. Sub-prime, in many cases can exceed your income by 100%. Meaning, people with no income were given these loans as well. That is the banks fault flat out. You don't loan money to broke people who you KNOW won't pay you back.

[edit on 31-1-2009 by projectvxn]

This could potentially rock the already unstable housing market to its core by basically making the market collapse if millions of people ended up doing this. Imagine millions of homes and the money wrapped up around them in the markets suddenly a total loss because the paperwork is untraceable.

I doubt this will be the case; in fact most likely the best you can hope for is a delay prior to eviction. But hey, I bet some people will be lucky with this.

Well it would be great. It would be a great depression for those who tried to rob people of everything they had.

Home prices would even go lower, but at this point, it wouldn't be that bad... but it would hit really hard the construction business... but IMO better that than putting millions on the streets.

Yea this is crazy and could def impact the whole country.
I still live at home with the family and luckily my parents just finished paying off our house last month. So it is officailly 100% theirs.

#ty thing is my dad just got laid off from LEAR so we got lucky that the house was paid off because no even if we go super poor we always have a shelter to protect us atleast.

I live in Michigan and just watching what is happening and the lay offs that are happening is a real eye-opener.

Thing that was #ty is my dad saw this coming kind of. Lear's biggest customer is GM and when GM laid off the thousands and thousands of people it did and with the state of the AUTO industry he saw it coming. ( previously made it though 5 lay-offs within past 4-5 months )
They are even starting to get rid of the higher ups just to save a buck.


It's shatty when our Gov gives out 700 billion as quick as posible, but Michigan can hardly get any help.

Does our gov not realize what the Auto industry means for our country. Business's make money because of transportation and such. The more you can transport, the more people you can transport to work to make money, and the more you can ship more....


Sorry to OP diddn't mean to hijack thread.


I Can't wait to see what happens next though.

Did people sign for loans for houses that they knew they could not afford?? Yes, they did, but where were the safe guards that where in place for nearly 200 years that would have stopped the banks and mortgage companies from even considering those loans? The didn't exist because of intimidation from a certain party and continued into Bush's terms that forced banks into these deals or they could no longer function as a bank. This is Clintons originaly and Obama and the Democrats debacle and now that they are in charge its up to them to fix it, not bankrupt the citizenry and our kids and grandkids to pay off loans to everyone but the people who's money it realy is. OURS not the G*ddamned congress and senate's!

Zindo



[edit on 1/31/2009 by ZindoDoone]

Originally posted by Boston Tea Party
Sorry to rain on the parade but I have something that I have to point out.

People could just pay the money they own, like responsible citizens.

That is all.

Also don't forget that millions were/are losing jobs and before that millions had to fight a wage war against illegal immigrants just for a damn job. I'm very responsible and proffesional in my field but refuse to work like a dog for all my knowledge and physical labor, for a wage that won't even put gas in my truck.

I'm not the one who doesn't uphold the laws I put in place and it's not my job. It's the job of the elected officials who are corrupt and created a mostrosity of our economic system which jeapordized the entire world.They should be put to death for treason.

I'm still just amazed that heads aren't literally rolling. What does it take for American's, who've been raped and robbed of their rights,property and above all, dignity, to finally do something? Do you have to watch them physically kill your loved ones before you act?

Get up and protest in MASS numbers or just succumb and shut your talk holes.The time is ripe and it is only get worse. EVERYONE will be affected whether you believe it or not. Including you MR./Mrs. Responsibility

reply to post by star in a jar


just showed on CNN that police were serving foreclosure notice , the owner shot windshield out of cop car , guess what , owner dead now. I think this was in Wisconsin , not sure though.

The guy (thats dead) said he won't let them take his house alive. I guess he got what he asked for.

Originally posted by Texcin
reply to post by star in a jar

 

just showed on CNN that police were serving foreclosure notice , the owner shot windshield out of cop car , guess what , owner dead now. I think this was in Wisconsin , not sure though.

The guy (thats dead) said he won't let them take his house alive. I guess he got what he asked for.

Opps it was New mexico this happened.

I have no pity.

The majority of people affected by the suprime implosion were uneducated real estate prospectors trying to make an easy buck. The rest were uneducated people trying to live beyond their means.

Nobody twisted their arm and made them buy a house they couldn't afford, using a loan they couldn't understand.

Buyer beware - it's a fundamental, inescapable truth of business and consumer culture.

All that said, I'm in complete agreement that people should stay in their homes and force the foreclosing entity to produce legal proof of ownership. If no such proof can be found, then the person occupying the home is the owner, end of story.

The real estate market has been grossly engorged for a long time now, and it's not the fault of the banks, it's the fault of the people. We're the ones paying 300k for a 100k house, in the hopes the bubble would just keep growing and make the house worth 400-500k in the future.

Predatory lending practices? Damn straight. What do you think these banks are in business to do - extend charity loans? It's not a freakin' activist profession, it's a money-making profession.

Place the blame squarely where it belongs, on the people too dumb or too greedy to read the fine print, and those who thought they could make a quick buck by exploiting inflated home prices.

I don't see how anyone can blame the banks. If I offer someone a loan with 50 points of interest a week, it's not like I'm the bad guy. Who's the schmuck that took me up on my offer?

Loan sharks only have customers because they make loans to degenerate gamblers and hopeless addicts. What's the excuse of the people buying these ridiculously priced homes? Are they unable to control their desire to live in the suburbs?

reply to post by WyrdeOne


Maybe so, but what about the people who honestly bought a home that they could afford, only to have the economic downturn put them out of a job? When the forecasted million or so people get laid off, how are they expected to pay for the homes that they were able to afford a year ago? Now what, they are expected to take their families and live on the streets?

There always has to be exceptions to the rule. Yea, those who jumped into the real estate market as a get rich quick plan, should either pay up, or get out. The people who bought $300k houses that they shouldn't be able to afford, well, they could negotiate with the banks to get into a home that they can afford. For how many open houses there are out there, that's a good plan. A town 45 minutes west of me has houses for sale starting at $10k. Let me spell that out better: $10,000.00. Anything is possible, and prefered to putting people on the streets.