Posts Tagged ‘Rocket Docket procedures’
Who’s To Blame When Mortgages Aren’t Modified or Short Sales Are Not Approved? Noone Knows?
Author: Matthew D. Weidner, Esq.
In far too many cases, homeowners are refused reasonable modifications and short sales are not approved…and nonone really knows why….or who is making the decisions. The article attached here and first published on loansafe.org should have everyone thinking.
Why are we allowing billions of dollars in property and capital be transferred by judicial process to corporations that cannot be identified and who engaged in fraud and potentially criminal acts?
One thing we all need to be far more educated about is the fact that the named plaintiff in foreclosure cases is often times just that, a plaintiff in name only. We know from depositions and the shifty maneuvering of lenders and their affiliates that the real parties pulling the strings are operating in the shadows. We only begin to understand and appreciate that the Plaintiff doesn’t have real interest in the outcome of the case when their courthouse maneuvering is brought to the attention of judges…and this is often met with a shrug of the judicial shoulders.
How many ex-parte Motions to Substitute Party Plaintiff, Assignments of Bids or Post-Judgment Change in Certificate of Title Orders have been entered in courtrooms all across this state and across the country? (The answer is probably tens of thousands, but because no-one is watching, who knows?)
How many Assignments of Mortgage or Endorsement of Note were entered when the authority and veracity of these important documents was questionable at best. (The answer is definitely in the hundreds of thousands.)
How many foreclosure cases have been filed where the capacity of the plaintiff seeking to invoke the court’s power has been properly pled? (By my estimation the number is fewer than 10% of the cases filed in this circuit and I doubt whether this is number is higher in any other circuit.)
I get back to those key questions that continue to perplex me…..
Why are we allowing billions of dollars in property and capital be transferred by judicial process to corporations that cannot be identified and who engaged in fraud and potentially criminal acts?
Why are our circuit courts just ignoring basic elements of rules and law just so they can plow through these foreclosure cases?
Why the big rush to conclude these foreclosure cases? What’s going to happen to all the foreclosure inventory? Who can afford to purchase all the foreclosed REO homes?
For more on that last question, read another article that appeared on loansafe.org that reports lenders taking back more than 4,000 properties per month in South Florida. This number will only accelerate as courts adopt the new Rocket Docket procedures, but what in the world are the lenders going to do with these properties once they get them….I’m thinking it will be a big case of, “Be careful what you wish for, because you might not like what you get……”
The Banks Win, We All Give Up, You Can Have The Keys To The Courthouse.
Author: Matthew D. Weidner, Esq.
We’re all acutely aware that there is a foreclosure crisis across this country and in the State of Florida in particular. It has been widely reported that there are 33,000 active foreclosure cases pending in Pinellas County, Florida. I actually think the number of foreclosures that could be filed would be closer to double or triple that number if the banks and lenders filed foreclosures on all the homes in Pinellas County that were sixty or ninety days behind in payment…but suffice it to say the 33,000 number far understates the magnitude of the economic troubles in Pinellas County alone…and the troubles are even greater elsewhere.
So what if every lawyer and homeowner and advocate that was fighting cases in Pinellas County just gave up. Threw in the towel and said to the banks….YOU CAN HAVE THIS STINKING HOME. I can’t afford the insurance, taxes, repairs. I’ve lost my job so I couldn’t even really pay half the mortgage that currently exists on the property. If the AC goes or the roof blows off, I don’t have the money to pay it, so I tell you what…I can rent a comparable house or apartment for much less that the best and most unheard of modification would ever provide.
Forget about who really owns the mortgage or who has a right to foreclose or who is owed the debt or what non-registered trust or foreign corporation claims the right to own the home….anyone come and get it…What would become of the 33,000 homes that have now reverted back to the shadowy entities that are now trying to take the homes? Who would purchase them? Who could qualify for the mortgage? Who would move in and take care of the grass and fix the problems?
The answer to the question is, there are not 33,000 people in Pinellas County that could step in and purchase these properties….there’s probably not even half that. It will be very interesting to see what becomes of all the properties that are reverting back to banks in the new Rocket Docket procedures that have now been implemented. If there are 300 summary judgment hearings held a week in Pinellas County….well even if every one of them isn’t granted that’s still hundreds of homes reverting back to the lenders when the foreclosure sales start happening 30-90 days from now.
Forget about the abuse of court process, the fraud, the mistakes the faulty titles that this mess of a foreclosure crisis has dumped in our courtrooms….just think about the very real and practical impact of all this faulty inventory flooding the real estate marketplace….
WHAT’S THE POINT OF ALL THIS FAST FOOD FORECLOSURE ANYWAY?
