posted on Oct, 8 2009 @ 10:53 AM
reply to post by DaddyBare
Anyone who is getting foreclosed and doesn't fight it under several points is an idiot. 75% of the mortgages in the US cannot be legally foreclosed
if the homeowner chooses to fight it. Things to insist upon if you are getting foreclosed:
1. The original loan document. Most owners of your mortgage do not have these documents. At the very least you can delay things several months by
insisting upon the original. The banks will try to submit an affadavit that they have these documents. You can contest this and the courts legally
cannot allow it. Make them provide originals.
2. Next is proving that the folks foreclosing on you, are actually who you owe the money to. The majority of US mortgages were placed in MERS. The
Mortgage Electronic Registration System. The ones that weren't, were likely sold outside of this system, making ownership even murkier. MERS then
took thousands of mortgages, bundled them together and then sold pieces to hundreds of investors. They did this over and over. A Kansas Supreme Court
decision said that MERS is not the legal owner and that they don't have the right to foreclose. The hundreds of investors would all have to file the
action which is improbable and immensly complicated. Thus they really can't foreclose on you. In this case you can stay in your house until you die
without making a payment.
These are two easy ways to prevent foreclosure. The judge will not be your advocate so you will need to put up this fight or you WILL be foreclosed
upon. You should also retain competent legal counsel. Keep looking until you find someone who will pursue this angle. Many lawyers won't. At worst
you can use this as leverage to renegotiate your loan to reasonable levels. Especially if you are upside down.
One other option is to argue the whole creation of money angle. The banks virtually created the loan money out of thin air. It is basically illegal
under most states statues to create money and then loan it out. Some folks have won with this defense but it is much more complicated and would mean
much higher legal expenses to fight it in this matter.
If you are overwhelmed with credit card debt file Chapter 13. Obviously if you cannot pay back your debt you don't deserve any more debt, so use the
next 7 years to put yourself in better position.
Some folks have moral dilemna's when it comes to fighting debt. I think you actually owe it to America to fight your debt. The sooner you can be on
your road to contributing to the economy again, the better off the rest of us will be. The banks will also be better off, they can start moving toward
a future of higher prosperity with increasing profits. As more people fight, ultimately it will cause better business practices. This will help us all
down the road. Sometimes two wrongs do make a right. It certainly isn't worth ruining the rest of your life in order to repay what were actually
fraudulent loans, and also consider all the actions which contributed to you no longer being abe to pay.
Individual jubilees for everyone.