It’s not really “fraud.” It’s crappy paperwork and members of my profession ginning up lawsuits because the doctors have run out of money.
No one really doubts the money is owed and mortgagors are behind.
What is happening is the "i"s are not dotted and "t"s not crossed because the system wasn’t built to actually handle more than 1% or less foreclosures — it’s now handling 20% or so.
But, hey, the rules are strick. The burden of proof is on the mortgage company to prove it.[/quote]
It seems that in a lot of cases they cant because they did not transfer the title properly_
And it wonâ??t matter if a particular caseâ??or even most casesâ??were on the up-and-up: It wonâ??t matter if most of the foreclosures and evictions were truly because the homeowner failed to pay his mortgage. The fraud committed by the foreclosure mills casts enough doubt that now, all foreclosures come into question. Not only that, all mortgages come into question.
People still havenâ??t figured out what this all meansâ??but Iâ??ll tell you: If enough mortgage-paying homeowners realize that they may be able to get out of their mortgage loan and keep their house, scott-free? Shit, thatâ??s basically a license to halt payments right the fuck now. Thatâ??s basically a license to tell the banks to fuck off.
The House and the Senat voted to repair this and fuck all homeowners retroactively, but Obama does not sign it, at least not untill the election.