ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Do You Still Own Your Home After The Foreclosure Sale?

Updated on June 27, 2013

The issues of the required missing documents the banks need in order to prove ownership and foreclose have clouded the title of millions of properties in this country. Clear title and uncontested ownership rights are fundamental to property ownership in this country.

Being conservative, there are more than SIXTY FIVE MILLION HOMES that have clouded property titles throughout the country. A company called MERS, which stands for Mortgage Electronic Registration Systems, is a large "player" in these issues. MERS was created by the Banks as an electronic "database" to keep track of the mortgage transfers, without having to follow the requirements to record these transfers in the County Recorders Offices.

The laws are VERY specific and require that the note and mortgage must travel together at ALL TIMES. This never happened. If the note and mortgage do not travel together, they become what is called "bifurcated" and the mortgage obligation becomes "unsecured" permanently and can NEVER be joined together again!! The note is used as an "IOU" where the homeowner promises to pay X amount of dollars for X amount of years at X interest rate. The mortgage is used as collateral for the obligation of the note and “perfects” or secures the lien. If the mortgage is unsecured, the bank can sue the homeowner to collect a judgment, but they cannot foreclose and take the house as collateral. The homeowner also has the possibility to discharge the unsecured obligation through bankruptcy.

Furthermore, it is now widely known that the mortgage notes were not properly transferred into the securitized trust, and instead were pledged as collateral simultaneously to multiple pools, like children trading baseball cards on the playground.

If a judge allows a foreclosure to proceed based on false documentation, at any time the REAL HOLDER OF THE NOTE AND MORTGAGE could show up at ANY TIME and demand payment and foreclose on the property.

THE HOMEOWNER WOULD BE HELD LIABLE FOR THE DEBT ALL OVER AGAIN!!

***More importantly, when banks use false documents to wrongfully foreclose on homeowners and subsequently evict the homeowner, they are still the rightful owners of their houses, and can take legal action to regain title to their house and kick out the new “owner”. ***

A scenario of this exact situation is currently playing out in Massachusetts. In January 2011, the Massachusetts Supreme Court issued a ruling in the case US Bank Nat’l Association vs. Ibanez. The Supreme Court ruled that a bank cannot foreclose on a property until the bank is in possession of BOTH the note and mortgage, perfecting the chain of title AT THE TIME THE NOTICE OF DEFAULT IS FILED. When the paperwork was not recorded at the county recorder’s office, then the chain of title was not perfected, and it CANNOT be created after the fact. Many banks will issue a “blank assignment” to be filled in later if/when it is needed to foreclose. The Supreme Court also said that using a blank assignment is problematic. This case deals with a non suspecting homeowner who purchased a foreclosed property. The bank used fabricated documents to foreclose on the property, and the new homeowner purchased the house from the bank. When a bank uses forged documents to steal someone’s house, it cannot sell what it does not rightfully own to a new buyer. The house still belongs to the homeowner who was wrongfully foreclosed. The new homeowner will be left “high and dry”.

ARE YOU MAD YET?!

Homeowners should be more than angry. The banks have relied on each of us (lawyers and judges too) to be uninformed and ignorant about what has been happening. Banks are using fabricated documents to literally steal homes that they are not legally entitled to EVERY SINGLE DAY and getting paid several times over for doing so.

If a homeowner marched into a bank and demanded to cash a check that was made out to someone else, THEY WOULD BE PROMPTLY BROUGHT FOR A PERMANENT STAY AT THE GRAY BAR HOTEL…FOR A VERY LONG TIME.

YET THERE HAVE BEEN NO BANKERS JAILED FOR COMMITTING THESE ACTS OF F-R-A-U-D.

It is becoming more apparent with each day that passes, that there are two sets of rules and laws in this country, one for the banks and one for the rest of us.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)