How does your state currently handle foreclosures? Is your state currently trying to change how foreclosures are handled?
At the moment, Florida is trying to make foreclosures a nonjudicial effort, while Oregon is moving towards judicial foreclosures.
KNOW THE DIFFERENCE
Original method: Around since the 1800s.
More costly: Court filing and attorney fees increase the costs for the lender and possibly the borrower.
Court oversight: Borrowers get a hearing before a judge where they could challenge the foreclosure.
Sheriff’s involvement: Local sheriff actually sells property after the court rules.
Right of redemption: Up to 180 days after sheriff’s sale, borrower has right to reclaim the property by matching the winning bid.
Length: Entire process could take close to a year.
Newer: Available since 1959.
Less costly: No requirement to go before a judge or hire a lawyer.
Quicker: Set up to take 120 days, though it rarely does.
Public recording: The trust deed, any assignments of trust and any appointment of a successor trustee must be recorded in county recorder’s office
where property is located. Several courts in Oregon say lenders have failed to meet this requirement.
Proper notice: Notice of default must be filed in county recorder’s office and sent to borrower by certified mail. Notice of sale must be given to
both borrower and tenants at least 120 days before a foreclosure sale. It also must be published in a newspaper of general circulation once a week for
4 weeks, at least 20 days before sale.
Right to cure: Borrower has right to pay all missed payments and lenders’ fees up to five days before sale to cancel foreclosure.
Auction sale: Trustee auctions off property on courthouse steps to highest bidder.
It's no secret that Florida is one of the states that is facing the most foreclosures in the country, so regulators wanting to switch to nonjudicial
foreclosures makes sense -- in the banksters' favor. Having to take all these fraudulent foreclosures to court really creates a bottleneck that is
causing the banks to lose money. If foreclosures don't have to be heard by a judge, more fraud is going to get swept under the rug. Florida's Attorney
General, Pam Bondi, is currently under investigation for firing her investigators when they blew the top off of robosigning. I wouldn't doubt if Ms.
Bondi supports nonjudicial foreclosures. Bondi is obviously corrupt, so it would only make sense that she is supporting the banksters instead of the
homeowners. Bondi is a disgrace to Florida and should be viewed as a traitor in the eyes of Americans. She has been bought and paid for by the "Too
Big to Fail" bunch.
Oregon on the other hand is moving towards judicial foreclosures. I applaud this.
At least Oregon homeowners will have their day in court so they can prove how the banksters are using shady methods to put them in the streets.
In my opinion, foreclosures should always be heard within a court of law. MERS (Mortgage Electronic Registration Systems, Inc.) is illegal and
violates the law stating that the bank/lender must be able to produce the wet ink note to a judge. Once foreclosures are no longer being held in
courtrooms, the bank no longer has to prove that they hold the wet ink note and MERS will continue to debauch the housing market.
Here's some information on MERS for those who are interested in learning more about this computerized beast:
www.mersinc.org (direct website)
Here is a US Bankruptcy Judge's opinion on MERS:
“By MERS account, it took no part in the assignment of the Note in this case, but merely provided a database which allowed its members to
electronically self-report transfers of the Note,” wrote Judge Grossman. “[T]here is nothing in the record to prove that the Note in this case was
transferred according to the process described above other than MERS’s representation that its computer database reflects that the Note was
transferred to U.S. Bank.”
The judge also concluded that MERS didn’t have authority to assign the mortgage to U.S. Bank without having “specific written directions” from
the party that initially assigned the loan to MERS, which was First Franklin.
“The documentation provided to the Court in this case…is stunningly inconsistent with what the parties define as the fact of this case,” Judge
Grossman wrote. The theory that MERS “can act as a ‘common agent’ for undisclosed principals is not support [sic] by the law.”
And here is an article by the NY Times
That world largely collapsed under the weight of its improbabilities in 2008.
But a piece of that world survives on Library Street in Reston, Va., where an obscure business, the MERS Corporation, claims to hold title to roughly
half of all the home mortgages in the nation — an astonishing 60 million loans.
Never heard of MERS? That’s fine with the mortgage banking industry—as MERS is starting to overheat and sputter. If its many detractors are
correct, this private corporation, with a full-time staff of fewer than 50 employees, could turn out to be a very public problem for the mortgage
So, in conclusion of all the evidence, if your state is moving towards performing nonjudicial foreclosures, they are in league with the banksters and
their beastly pet MERS. If this continues, homeowners will be left without any rights and can be kicked out of their homes regardless of the fact that
the wet ink note was eaten by MERS. This is a very sad state of affairs.
At least Oregon is moving in the right direction and giving the homeowners a fair chance.
The simple fact that MERS is registered as a corporation should be sounding alarm bells.
Let's see a show of hands for who believes this company has paid any taxes since Fannie and Freddie
gave birth to it?
In my opinion, Fannie and Freddie
needs to dismantle MERS, stop begging for more tax dollars, and have their CEOs arrested for grand theft and
fraudulent business practices.
(I won't hold my breath though.)
edit on 30-8-2011 by Afterthought because: (no reason given)