Quote:
Originally Posted by sebastian_dangerfield
6. Unemployment's going nowhere.
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I am a stupid troll, i admit that. but months ago I posted that the banks were fucked in this foreclosure mess becuase many loans will not be fixable. there will be gaps in the chain of title they cannot fix and thus the deadbeats will be left in their homes.
I based this theory on this: Judges were telling banks to bring in their proof of ownership, and the lawyers didn't bring anything. I do not know anything about bank law (actually I know more than most posters here, but not enough to claim i know anything (hi GGG!)). I am however a lawyer. i know if a judge tells me to bring proof to his chmabers next tuesday, I will be there with 1) my evidence, if it exists, or 2) a new assignment to fix any gap, if such a new assignment could be obtained.
since lawyers were showing up w/o proof, I hypothesized that the entity that would have to sign the new document no longer existed and i saw no way for the deadbeat not to be left in the home.
the mob here called me ignorant, with the more polite assuring me there would be no problem.
Well, guess what, the deadbeats are being left. The bank that own the notes are not being challenged by anyone in the chain, the entity challenging ownership is the one that everyone must agree has no equity- the occupant.
I got a call from a family friend, the guy has a PhD, he was asking me how to prove a document is an original- he was in the middle of foreclosure as he had not paid a mortgage payment in a year. BUT the loan owner has a sloppy chain of title. the crazy thing is the friend thought the bank was evil and he was the good guy.
this has got to be a major hit that is still coming at the banks. unless congress somehow passes a "fuck the home occupant" law millions of people are going to suddenly own a home- no rent- they won't be able to sell it I suppose, but maybe can transfer their squatters rights?
