There is this madness that is burning all across the State of Florida, across the country. The madness is that millions of taxpayer dollars are being spent on a court system that works to return properties in foreclosure to “The Banks”. But it’s not really “The Banks” that will take back the properties. Even though “Bank of America” or “Wells Fargo” or “Citi” may “win” the auction….these nominal plaintiffs don’t take anything….they aren’t the real party in interest in these proceedings…..these plaintiffs are straw parties, place holders….the bag men of the debt collecting/foreclosure world. The real party in interest…the real entity that owns the notes and mortgages are hiding behind the scenes. Fannie or Freddie or any of the other shadowy and concealed aggregate debt owners who themselves don’t actually own the debt they are pimping.
But the real issue isn’t who is or isn’t the straw party plaintiff over the course of years that these parties have been swearing to the court that the named straw party owns and holds or has the right to enforce the obligation…no, the real machinations start either right around the time the foreclosure auction is about to occur or sometime thereafter. That’s when the Assignments of Right To Bid for Plaintiff or Assignment of Judgment or Motion to Substitute Party Plaintiff occurs…or after the auction when the title to the property is transferred to some other entity. So much black magic and shape shifting and moon walking away from the crime spree operating right in front of our faces.
And while all that is shadowy, one thing is certain…..
THE PLAINTIFF (WHOEVER THAT IS) TAKES THESE PROPERTIES BACK IN THE VAST MAJORITY OF CASES!
Does anyone stop to consider what this means? And one thing that’ s certain….it’s not because there is not a healthy and active third party market out there of investors and flippers who are dying to pay a price that is most often going to be greater than what they will ultimately net when the property is dumped sometime long after the fact. So what exactly are we doing in this Foreclosure Purge? This really is the question.