Sick Of Paying Your Mortgage? You May Not Have To Pay!

reply to post by mnemeth1


That is wishful thinking on the part of dishonest people who borrowed and now don't want to pay the money back.

That paperwork is still out there. It was not destroyed. The prediction I saw was it will take them about two years to get it all together, but when that happens, you don't think they will go after the borrowers and take the houses? All this is doing is putting off the inevitable for a couple of years and doing more harm to our country as whole by stagnating the housing market.

You don't really think they threw the documents away do you?

What is this bizarre mentality people have that they can borrow huge sums of money, not pay and keep what they bought with it?

The sooner the banks foreclose on those who can't pay their obligations, the sooner the housing market can recover.

Originally posted by jefwane
If they had the note they would not be getting various companies and law firms to produce fraudulent documents. If they had the notes and they were properly recorded there would not be an issue with foreclosures. The reasons that they are missing so many notes is that there was major fraud agains the GSEs and the MBS buyers. They destoryed them in attempt to hide the evidence of that.

The proper way to do this is with the aid of a competent attorney. It's going to involve requesting who ever services your mortgage to show the actual note. Then you pay your mortgage into a court escrow until they can prove whoever holds the note. If they can prove it the money from the escrow goes to get you back current if not then you take the escrow and file for quiet title. The process would probably vary wildly from state to state so competent, legal aid is a necessity.

I care not if a miniscule amount of people walk away with free houses. I just want to finally see some prosecutions of the banksters with at least a few of them ending up in orange jumpsuits.

Again DO NOT follow this path without legal advice. You're just asking to be foreclosed on. Especially in a fast (non-judicial) foreclosure state like Georgia.

That is exactly right.

I edited my OP to reflect this.

I just determined the same thing on my own by reading some additional information in regards to this.

@ Kashmir God Help me, I love it that they are entangled in their own web. Sadly, I doubt that any lesson will be learned (psychopaths)

Be that as it may, real bad idea to join to cheating party. This is seiu.org. NOT "good guys" See the comments at the link for zerohedge.
I believe that (thanks to you, OK, Blaine & all!) those urging caution are offering good advice. I would agree that they may actually find or "find" (by fraudulently cobbling Humpty Dumpty back together again) the necessary paperwork. Our loan was/ is a AAA that was originally with Countrywide & sold (bought by/ absorbed/ whatever) to BofA. In the process of trying to re-fi at the new low rates...well, it got pretty interesting. We started in February...excuses, excuses, excuses all spring/ summer, & in late August (about the time things started getting dicey), suddenly the guy's pants were on fire to close on the loan. They hounded us for a few weeks via email & phone & eventually implied that they had gone ahead & finalized the loan without our signatures? We are in the process of choosing a different credit union or USAA to do it all over- BofA's turn to wait.
The moral to this story is get an attorney or see if you can go through the attorney general in your state. If you have no issues that would call attention to your mortgage, tipping them off could potentially lead to a bigger mess than now due to them trying to cover their "assets".
A local credit union is a much better option, if you can qualify. Mileage varies as far as closing costs, application fees, etc. In the long haul, I think it would be worth it.




ETA to Blaine (dishonest) or fearful/ desperate to be fair

Originally posted by SpaDe_

This is great! I just sent in my information and will respond back here if I do in fact find out that my bank does not hold my mortgage. I hope this really makes the banks own up to the mess that they had a huge part in creating.

Keep us posted! Not to use you as a lab rat, but I am a little nervous putting my information on a site like that.. so tell us if your bank gets back to you.. or if another bank calls asking for a payment on a trip to the Caribbean you certainly don't remember taking.

reply to post by OutKast Searcher


It's a grey area that has never been explained.. technically, if a bank cannot prove it holds the note, then it doesn't own the debt.. and it cannot legally collect payment on a debt in which it does not own..

However, they WILL find the note, somewhere somehow.. they are never tossed out.. so yes, eventually you will have to pay, but whether you'd be legally bound to pay back interest and so forth is a matter for the courts to decide. And sadly, they'd probably settle with the bank. But who knows. I've heard it going both ways.

reply to post by mnemeth1


When I worked in the banking industry I ran into this problem twice, where someone calls up having no idea another bank bought their mortgage and we now held their escrow accounts hostage. It took a little more than 2 weeks both times to find the original contracts which are scanned into a system and then presented to the home owner.. but, that was back before the crisis began in full. I imagine with the bank shuffle that's occurred and the number of lenders that have gone belly up, that things were lost in limbo. I wouldn't be surprised if it took a few weeks to locate and produce, but not years.

Guaranteed this will catch up to you in the end, and the short version is that you will probably end up losing your home, just like anyone else who stops paying their mortgage or rent. Don't do this just because you "read it on the internet".

If everyone stopped paying their mortgages, the banking system (and by extension the economy) will collapse almost immediately as no cash will be coming in, and the Government will never allow this to happen.

There is no way that the Government will allow the banks to lose TRILLIONS of dollars in outstanding mortgages - they will come up with something pdq to stop this from happening.

I am not a lawyer but I have used a few books and website in my upcoming fight...

My understanding is that you can ask for a temptorary injunction against paying (remember I think the additional terms are penalty and interest free) I think you might be able to include if they find it, word the injunction to cover this a return to the status quoa and no issues...

I think it is a suspension of the contract temporarily until they find the paperwork.

The Premise is if they do not have your note who does. After all am I paying the right people?A few months if not years of missed payments is enough to justify the wait to resume normal payments. Not any back ones just a return to the status quo...

Check with a real estate attorney. If they can not immediately produce it say six months you do have cause for bad faith on their part. This has been my understanding...

Talk to a lawyer to deal with it. He might smile and let you pay him say 3 to 5 g's versus say paying 10 g's...

reply to post by Rockpuck


Yeah, this problem did not become systemic until the mortgages started to be securitized.

This is what caused the loss of the notes.

It is now highly unlikely the bank will be able to produce the note if the mortgage was securitized improperly, which most of them were.

reply to post by OutKast Searcher


Why in the world should the consumer have to be responsible, when the lenders banks and our government is so irresponsible? What is theereto gain from being responsible anymore, with financial situations? If the bank is so irresponsible to have lost my note, and is in the news for freezing foreclosures, why am I being held to the high level of responsibility?

I will show as much fiscal responsibility as my government and the banks do.

reply to post by OutKast Searcher


With 24 grand, today I know places here in KY I could get a nice size piece of land and home. Sometimes people dont need "lots" of money they just neede enough to be free.

Originally posted by hotbakedtater
reply to post by OutKast Searcher

 

Why in the world should the consumer have to be responsible, when the lenders banks and our government is so irresponsible? What is theereto gain from being responsible anymore, with financial situations? If the bank is so irresponsible to have lost my note, and is in the news for freezing foreclosures, why am I being held to the high level of responsibility?

I will show as much fiscal responsibility as my government and the banks do.

Stick it to them my man, before they stick it to you.

The banks have stolen trillions in public money through their fraudulent bailouts.

It's time for the public to get some payback.

Not only will it catch up to you eventually.
I don't trust anything the SEIU is involved with.

Originally posted by queenofsheba
I'm so weary of cheaters and quitters.

Me too, especially the banks and our government.

reply to post by mnemeth1


BTW I forgot good find... I hope those brave souls will post results....

s and F

reply to post by Rockpuck


Yeah I will keep you posted on the results. And for clarification I am not looking to defraud anyone here. What I am willing to do however is use the same rules that the bank uses to keep them honest. If I do find out there is no note found for my mortgage I will immediately seek legal advice.

Originally posted by hotbakedtater
reply to post by OutKast Searcher

 

Why in the world should the consumer have to be responsible, when the lenders banks and our government is so irresponsible? What is theereto gain from being responsible anymore, with financial situations? If the bank is so irresponsible to have lost my note, and is in the news for freezing foreclosures, why am I being held to the high level of responsibility?

I will show as much fiscal responsibility as my government and the banks do.

You should be responsible because it is your neck on the line. Don't come crying back here about the Evil Bankers when you stop paying your mortgage and 2 years down the road they find the note and demand back payment.

YOU signed on the dotted line...so be a responsible person and stick to your word.

Or...if you decided to try to skip out on your own responsibilities...then you have no right to complain that the government and/or banks do it to. And they have more money than you...and they will win in court. And when that happens...don't come crying.

I'm really sick of people who can't take responsibility for their own actions.

reply to post by Blaine91555


No this is not merely a paperwork issue. I have seen people get their debt overturned by the court due to the banks inadequacy to furnish the proper paperwork proving the debt is owed. A prime example was a man in texas who walked away with his house free and clear. Now I don't care who you are, but if you can walk away with your home and owe nothing you would definitely look into it and that is all I am doing at this point.

My first issue with most of the replies has to do with the fact of posters replying and saying you should take reponsibility for your morgtage. I dont understand how anyone could even possibly begin to have any respect for ANY financial institution in this country. Every single one of them has in some way or another participated in the robbing and destruction of this countries economy, so we dont owe them a damn thing. They all got our money from the government and rewarded their practices handsomely even at the apex of this downturn, so who cares if they lose a few bucks, lets not forget they are the bigger crooks. (Remember, at the very least, these banks are participating all the way from the top using the federal reserve which in and of itself is a huge scam)

Secondly, how can you still lose your house if like the OP said, you set up an escrow account and make payments to that to bring your account back current after the legal proceedings. Now, if the judge awards in your favor, how then can thebanks go back years down the road, produce the original note, and demand payment thus forcing foreclosure. The courts already settled the case, and surely they most have some sort of timeframe to produce said original note to begin with.

Just a few thoughts on the subject. Also, this is one of my first posts, even though I have been lurkin this site for a little better than 4 years

reply to post by mnemeth1


amidst of celebrating abit in one corner of my mind, i can't help but think this is a viral message spread by lawyers involved or wanting to be involved with such litigation. lets think about it: there are several copies of the original note. and yes, they are scanned in into some type of database. in fact, it wouldn't surprise me if lien holders keep several copies, to protect their number position on the debt. what we want to believe and what is actually permitted in a court of law are two different things. and in the end, only lawyers make money off of such pursuits. i should know.

reply to post by phishfriar47

My first issue with most of the replies has to do with the fact of posters replying and saying you should take reponsibility for your morgtage. I dont understand how anyone could even possibly begin to have any respect for ANY financial institution in this country.

Because anyone with a mortgage VOLUNTARILY walked into a bank...ASKED them for some money...and AGREED to their terms. Now I don't agree with a lot of bank practices...but buyer beware.

Its simple...take responsibility for your own actions.


As far as the escrow account...the OP was edited and that was slid in there after a full page of discussion. He didn't even give the member who stated that credit in the OP. If you can get a court to order an escrow account like that...more power too you...but good luck with that. The OP's original advice was, write a letter, if they don't produce the note, stop paying your mortgage...which is what I and other disagreed with.

This is not a matter of personal responsibility. This is a legal issue.
If the banks cannot produce the documentation, they don't have them. The biggest problem i see if they cannot produce the docs, is the title issue. How can you obtain a clear title?
Can you imagine the nightmare of paying your mortgage off, and not being able to get a clear title? Potentially, some other institution could step in and claim that you have been paying money to the wrong institution, that you did not do your due diligence in making sure you were sending the payments to the proper entity.
By all means, get verification in the form of copies of the original paperwork with your signature. This should probably be sought by you from any financial institution that the note is sold to, as soon as it happens.
If they cannot produce the docs, consult with a good attorney, and be prepared to state YOUR reasons why you are concerned. The attorney will assist you in resolving those concerns, whether it ultimately means you pay the mortgage or not. Not paying could be a viable option, but it may not be.