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……”
