February 25, 2009
Want to live in your house rent-free, maybe for years? Just say "Produce the Note"
F*ck the banks. Bring down the world financial system. Cause millions to lose their jobs. Put taxpayers on the hook for trillions.
Who cares! You get to live rent free, maybe for a year or even more!
America, 2009.
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53 comments:
Oh, C’mon!
Bought for 39K and re-fi'ed up to a hundred and a half. I supposed she was taken advantage of every step of the way and needed that money for basic necessities.
Another loser who used her sh*tbox as an ATM, and is now trying to game the system.
I'm guessing the reason the banks don't work with these people is that the bank knows that ultimate failure is a done deal. They are never going to get ALL their money back, even is they lowered the note to ZERO percent. Might as well seize the hovel and get what they can.
No sympathy here.
Note to pathetic b*tch:
You can't afford it! At one time maybe, but not now, AND IT'S YOUR ENTIRE FAULT!
I remember that story about Deutsche Bank.
"...loans are being held by the originating lenders after the alleged “sale” to the trust despite what it says per the pooling and servicing agreements...
...many of the trusts try to argue equitable assignment that predates the filing of the foreclosure..."
There is considerable opinion that MASSIVE collateral fraud is contained in these pools; the same property mortgaged multiple times.
"...a further 40 or 50 foreclosures have since been thrown out and at least some of these are claimed/held by other investors..."
"...When you get a copy of the foreclosure suit, many lenders now automatically include a count to re-establish the note. It often reads like this: “…the Mortgage note has either been lost or destroyed and the Plaintiff is unable to state the manner in which this occurred.” In other words, they are admitting they don’t have the note that proves they have a right to foreclose.
If the lender is allowed to proceed without that proof, there is a possibility another institution, which may have bought your note along the way, will also try to collect the same debt from you again.
A Tennessee borrower recently had precisely that happen to her. Her lender, Ameriquest, foreclosed on her in July of 2007. About three months later, another bank sent her a default notice for the mortgage on the house she just lost..."
************************
A Nation Of Laws that doesn't follow them; the little guy twigs to the fact and takes it to heart.
MILLIONS of mortgage fraud felons roam the streets; not a policeman nor prosecutor in sight.
We pay BUTTLOADS of taxes to have our laws enforced, and YOU THUMBED YOUR NOSES at us, didn't you?
These people make me sick.
These people make me sick.
"Bought for 39K and re-fi'ed up to a hundred and a half." A typical Realtor.
She borrowed the money. Pay it back you jerk.
Great, now ABC News is advocating people not abide by their promise to pay.
I once worked on a temporary project for the Housing Department of a state which I won't name. My job was to locate the actual original signed notes and deeds of trust which represented hundreds of loans made by the state to low-income borrowers for homes and to developers for low-income apartment complexes. The state, in many cases, had no idea where they were keeping those notes or even if they HAD them on the premises. My job included searching through filing cabinets, desk drawers, etc. in an attempt to secure those documents which proved the state had a loan on those properties. Many of those loans were going to be forgiven anyway, but for some reason, the powers that be wanted those documents located and accounted for at that specific time. Must have been an audit or something. The point is, lenders in many cases cannot put their hands on those documents. And, without an original signed note, they really can't prove the loan exists.
Hope they run out of soup right before this persons turn in line .
Moral hazard.
Don't pay your taxes.
Mike
I have land 4 sale in AZ. LOL
Any buyers?
"Great, now ABC News is advocating people not abide by their promise to pay."
they have been advocating class warfare for years...why would anyone expect anything different.
I like to look at USA Today once in a while to see what they're feeding the sheep. I think most of us here were marvaling about this two years ago. How the easy money loans were still available even as the crash was proceding.
http://www.usatoday.com/money/economy/housing/2009-02-24-bigloans_N.htm
Anyhow, now you know that the sheep know it. Don't be surprised when one wants to give you some special counciling and regurgitates this in your lap.
oh yea, she will get what is coming to her. some day that note will show up. imagine the late fees then.
Haven't watched the video yet... but what the heck.
In alot of cases, the mortgages were resold multiple times. If the bank can't prove that it actually owns the mortgage note, by what right do they have to foreclose on it?
Can you imagine ten banks coming and foreclosing on you? For the same property? So you end up owing them ten times as much?
No note - no ownership! Bug off and fix your paperwork.
From the individual's point - they're doing the right thing for the wrong reasons... but it will save them many lawsuits down the road.
what a tool.she should be arrested and forced to service other beavers somewhere in hell on earth known as nevada.She could be scrubbing toilets in forclosed homes.
This is america folks.Blame other people when shit hits the fan.
"Bought for 39K and re-fi'ed up to a hundred and a half."
Did you see her Escalade behind her as she was making this statement? Showing that wasn't an accident. Either the reporter, cameraman, or most likely the producer on the scene set up the shot that way.
The MSM loves to depict irony, as it's stimulating...
"...I have land 4 sale in AZ. LOL
Any buyers?"
Is it near a golf course? Do any Pro football players live near by? How is the weather?
Swann says it is really nice out there.
-Snow
>Did you see her Escalade behind her...
Of course technically it isn't 'her' Escalade.
"...searching through filing cabinets, desk drawers, etc. in an attempt to secure those documents..."
Loved the "class warfare" theme.
As if America, nay, the world's societies were formulaic juvenile novels that followed the adventures of bootblacks, newsboys, peddlers, buskers, and other impoverished children in their rise from humble backgrounds to lives of respectable middle-class security and comfort..."
Where's the note on the Escalade?
If the banks didn't have a lien on the home why were these 'homeowners' sending mortgage payments to the bank?
The two women in this video look like angry, petty, mean-spirited harpies who only had their jobs because the molten hot economy needed all the warm (or semi-warm) bodies they could find to fill jobs. Now that the excess jobs have gone away, the nasty beeyotches get canned. Tuff cookies, ladies.
I bought at the worst possible time in one of the worst markets (Vegas), and will walk away well ahead after a year rent free.
Others sold at the peak or will break even.
I have to admit, the only people that seemed to lose in all this are renters.
But unlike this piece of crap, I admit my mistake and will leave the house when asked.
If this tactic is adopted by all the folks who are being foreclosed upon, there will be an even faster and widespread meltdown of our economy. In fact, it will sink into oblivion since banks won't lend money anymore out of fear of not getting paid back at all and not being able to get the house in a foreclosure proceeding.
I've had it said...
If this tactic is adopted by all the folks who are being foreclosed upon, there will be an even faster and widespread meltdown of our economy.
In fact, it will sink into oblivion since banks won't lend money anymore out of fear of not getting paid back at all and not being able to get the house in a foreclosure proceeding.
-------------------------
Granite installers, new car salesman, and cruise line companies should do well as these people live for free indefinitely on the bank's Ponzi Securitization Scheme.
Banks should already have the message that they aren't going to get paid back. The credit card companies are figuring it out real quick. Those that refuse to get it need to fall hard
How can they prove it?
Umm, because you just admitted it on camera.
Get the fuck out!
This is the second article I've seen about out-of-work realtors. Are we supposed to feel sympathetic towards these people? Because the only thing I'm feeling for them is the opposite.
So why doesn't the bank ask the lady to "produce the deed" and prove her ownership?
I have mine in my possession, but a lot of people don't. My sister went to get hers and found the title company had vanished. She got one reassembled for a few hundred bucks.
Bought for $39K and ran it into $145K and WANTS TO PAY IT?
God damn, Americans ARE Stupid.
Honey, Hump the mailman and get on down the road.
DIE
i wonder if there is an opportunity here for hired guns to track down notes.
Hey everyone out there in the 45 states that did not have a bubble party, go to RealtyTrac
http://tinyurl.com/b27age
Run the map up and down I-15.
Take a look at all those Foreclosed and pre-forclosure and auction homes. Then wait six months and check back again. Same houses will be listed. Wait a year and most will still be there.
All these people are living completely free in houses that would make your jaw drop. And here is the best part Obama and Arnold are going to tack that cost (million$ per month) onto your future taxes. These bubble-nuts enjoyed a great party with granite and jet skis and now they live free in stucco-mansions and you get to pay for it all.
Santelli needs to have his tea party here. The 45 states need to make the bubble states nervous, not comfortable.
GT Charlie
Keith,
NAR reports today that while homes sales were down inventory dropped also. As usual they have to throw in a lie.
Here is the thing, the President of RealtyTrac says 70% of bank REOs are not listed in the MLS. NAR knows this and they know inventory is not dropping (its growing), only the inventory they and the banks collude to release onto the market is dropping.
We need some class action law suits. People who bought (caught knives) one year ago, six months ago or even two months ago are already way underwater. I bet lots of them would not have bought if they had known the true nature of the housing inventory.
I want to see the NAR get a class action up the b@tt.
GT Charlie
I love this shit! So how do you Fucked Savers who are still renting feel now?
This ponzi economy is finished.
Unfortunately our government employees will continue to print up devaluated currency and throw it at failing businesses, instead of investing that money in the remaining businesses that are still viable.
Private industry will be wiped out in order to salvage our bloated and failing public service institutions - but it won't work this time around, because there is no real wealth being generated in this country any longer.
We'll have alot of empty office space around the country, so we should consider setting up soup kitchens and rest stops and shelters for the millions more that will be pushed out into the streets in the coming years ahead.
Guberville Smack said:...But unlike this piece of crap, I admit my mistake and will leave the house when asked.
You agreed to a purchase price and a mortgage. Your obligation is to pay off that mortgage and take any loss that may occur if you overpaid on the price. Your living rent free for a year and walking away from the loan you owe makes you a theif and a "piece of crap" as well. Being slightly more polite about it doesn't absolve you in the least.
I will be running credit checks on all future employees. Those with foreclosures on their records for 2007 thru 2012 will not be hired. Theiving scum.
"As if America, nay, the world's societies were formulaic juvenile novels that followed the adventures of bootblacks, newsboys, peddlers, buskers, and other impoverished children in their rise from humble backgrounds to lives of respectable middle-class security and comfort..."
Yeah, like Abe Lincoln and Barack Obama, just to name two young American guys who did pretty well with humble beginnings..
---THANKS TO MISCH-----
IGNORE AT YOOUR OWN PERIL
Bernanke Admits Fed Is Clueless and Banks are Zombified
Inquiring minds are asking "To what extent is the Fed is in the dark?"
Amazingly Bernanke answered that question today in Congress with complete candor. All you need to know is how to translate his statements. Please consider Bernanke tells Congress Fed knows what it is doing.
Federal Reserve Board chairman Ben Bernanke tried to assure Congress and investors that federal regulators are not grasping at straws in the response to the financial crisis.
"We're not making it up," Bernanke told the House Financial Services panel.
"We're working along a program that has been applied in various contexts."
"We're not completely in the dark."
My Translation:
"We're making it up as we go along"
"We have no idea what we are doing so the program changes every day"
"We are completely in the dark"
Bernanke is trying to reinforce his message to Congress that the Fed and the Obama administration now have at least the outlines of a bank rescue plan in place that will show results over time and that banks are not on an out-of-control course to nationalization.
My Comment: The only reason banks are not on an "out-of-control course to nationalization" is Bernanke is on an "out-of-control" mission to rescue banks regardless of what it costs taxpayers.
Bernanke assurance Tuesday to the Senate Banking Committee that the federal government doesn't want to nationalize the nation's largest banks was cited as a major factor in the stock market's rebound. Bernanke said regulators would ensure than banks did not turn into zombie banks.
My Comment: Now Bernanke wants to take credit for a one day relief rally as if correlation was causation. Furthermore, it's impossible for banks to turn into Zombie banks. They are already Zombie Banks, kept alive by the blood of taxpayers as explained in Bernanke's Hide and Seek Delaying Tactics.
Bernanke said that the government was prepared to inject capital to fix holes in the banks caused to the sudden sharp drop in their assets. But the size of the holes remains an open question.
My Comment: If the size of the holes is "an open question" then so is the amount of taxpayer blood needed to rescue them.
Rep. Barney Frank, the Massachusetts Democrat and chairman of the House panel, told members to curb their anger for the cost of the bailout. He said that it was impossible to send all culprits in the crisis to the gallows.
My Comment: For starters we should send the Fed, Geithner, and Barney Frank to the gallows.
Another interesting point from the first day of the hearing was that the idea that the Fed was planning to buy long-term Treasurys has moved to the back-burner.
How long before that idea is back on the front burner? No one knows because the Fed is making up the rules of the game day-by-day.
As Bernanke clearly said... "We have no idea what we are doing. We're completely in the dark, making things up as we go along."
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
My Comment:
Bernanke and Greenspan:
Why not take off their thumbs with a bone knife if they are wrong?
I dunno. I used to think flipping off someone you owed money to was irresponsible and reprehensible. But now that we know the lenders haven't and don't plan to ever play by the rules, why should we? Really? They will just use our money to plan a lavish party in Vegas for their pimp clients and those ambitious employees who gave the bosses blow jobs. Am I wrong? Isn't that how it works? So, I say "SHOW ME THE NOTE, F-ER!"
I have no sympathy for these two but I have less sympathy for the banksters who have schemed and scammed themselves into a corner by moving the notes around for profit and now who can't prove that they own the property they are trying to foreclose on. What a ship of fools!!!
The whole thing is a marriage made in hell...housing losers vs bank parasites!!!
"You agreed to a purchase price and a mortgage. Your obligation is to pay off that mortgage and take any loss that may occur if you overpaid on the price. Your living rent free for a year and walking away from the loan you owe makes you a theif and a "piece of crap" as well. Being slightly more polite about it doesn't absolve you in the least."
WRONG AGAIN.
I have the right to foreclose, I have the right to file bankruptcy.
IT IS PART OF THE CONTRACT!!!
Yes, a foreclosure will absolve me of it, being polite has nothing to do with it.
DOPES!!!!
If the house as collateral is not enough, TAKE 20% DOWN NEXT TIME!!
Maybe I am a piece of crap, but at least I know the rules of the game. You are an idiot!!!
"Those with foreclosures on their records for 2007 thru 2012 will not be hired. Theiving scum."
Lol.
Do your own shit work.
You couldn't afford me anyway, scuzbucket.
I love all those "foreclosure forgiveness" programs apartments and condos are offering.
LOL. They do not let their emotions cloud their judgements on wise business decisions.
Anybody who uses the "Produce the Note" defense should be audited by the IRS. Every single penny made over their entire life should be scrutinized. And if it doesn't add up, LWOP sentence for embezzlement and wire fraud. No ifs, no ands, no buts. They wanted a house for free. They should get a CELL instead.
Anyone else notice that the woman in Miami who couldn't afford electricity was lighting up a row of unstable candles right next to a nice roll of paper towel?
This idiot is going to burn the building to the ground and then blame it on the fact that she didn't have money for electricity. Which will in turn be blamed on the lender or the condo association or the neighbour's cat.
No personal responsibility.
As I recently read on a different post:
"Jail's looking like a pretty good option right now."
Isn't money going to be worthless soon anyway? What's all the fuss about?
Anonymous Anonymous said...
Guberville Smack said:...But unlike this piece of crap, I admit my mistake and will leave the house when asked.
You agreed to a purchase price and a mortgage. Your obligation is to pay off that mortgage and take any loss that may occur if you overpaid on the price. Your living rent free for a year and walking away from the loan you owe makes you a theif and a "piece of crap" as well. Being slightly more polite about it doesn't absolve you in the least.
I will be running credit checks on all future employees. Those with foreclosures on their records for 2007 thru 2012 will not be hired. Theiving scum.
February 25, 2009 7:06 PM
NOT SO FAST MY FRIEND! The contract gives me the right to walk away and the bank can have their real property/collateral back. It's not my fault that they kept giving me a heloc loan right after a heloc loan. It's not my fault they didn't require 20% down, hell they gave it to me with 0% down and they gave me cash before I got my keys because the value went straight up! Isn't America just plain awesome?
I don't have to pay shit back. I had one hell of a time and they won't see one thin dime! If they want, I am willing to settle for 10 to 25 cents on the dollar!
What will happen when it is time for 80% of the option Arm borrowers to recast their loan.
http://www.madisonrecord.com
/news/217513-home-owners-
file-class-action-against-
wachovia-over-option-arms
In option ARM mortgages, borrowers can choose to make mortgage payments one of four ways - to make a minimum payment amount, an interest-only payment, a payment based on a 30-year amortization or a payment based on a 15-year amortization.
Up to 80 percent of borrowers, like the Brunkhorsts, make only the minimum payment each month, the suit claims. However, the minimum payment does not pay off any of the principal balance and only pays a portion of the interest that accrues on a monthly basis.
Perhaps the illegal immigrants who brought fake iD can now live rent free by telling the lenders to "Produce the NOTE"
http://abclocal.go.com
/wls/story?section=news/local&
id=6678419&rss=rss-wls-article-
6678419
Nineteen people, including two former Illinois secretary of state employees, have been indicted in connection with a phony ID ring in the Chinatown neighborhood.
The U.S. attorney is not speculating how those who got the fake i-d's used them. But they paid up to $3,500 for the documents. And investigators say it creates a hole in our national security.
"Whether it ranges from people who might do crimes and hide behind a fake identity or to engage in financial fraud, stealing from credit card companies or engaging in mortgage fraud," said Patrick Fitzgerald, U.S. attorney.
Obama says we are a nation of principles and we will do the right thing.
OK so mortage fraud is a felony- it used to prosecuted as a crime.
First the prosecuters didn't charge people with a crime.
Then, the gov't declared that the Fuc*ked borrower wouldn't get a 1099 on the loss the bank would have to take against the morgage.
And now, Obama & Bernanke dare say that the taxpayer needs to bail these people out because of the greater good.
Folks, that's like negotiating with terrorists to get a hostage back. We don't do that on principle, right?
So how about 10% of the people stop paying income taxes (for people who owe big money, not the welfarites who don't pay anyway). And more people don't pay taxes. IRS receipts plummet. The response would be akin to granting amnesty to the people who didn't pay while borrowing from the future and raising taxes on everyone later.
Folks, it doesn't add up.
For someone who claims to put principles and country first, the Obama administration is choosing to ignore that because of the possibility that bailing out the bad players could be better for the greater good.
So Obama doesn't mind compromising his principles for a solution that may not well produce any beneficial result?
He and his administration need to be held accountable. Now! Protest this. March in the streets. Go to Washington DC. Go to Chicago. I know I am.
-Mike
Keith,
After following you for years your comment, "Want to live in your house rent-free, maybe for years? Just say 'Produce the Not'".
This is the dumbest suggestion that I have ever heard of.
FIRST, all 'notes' are recorded with the county recorder's office. Many counties throughout the USA offer on-line lookup and you can search for and view your own and your neighbor's 'notes'.
In my neighborhood of mostly upper middle class professionals, as soon as any property is sold... just about everyone knows who bought it, for how much, and under what terms; before we even meet our new neighbors face to face.
However, what I do see happening is more SOCIALISM and REAL WEALTH TRANSFER TO MINORITIES in the form of discrimatory forclosures.
That's where the welfare class who did the liar loans, did cash out re-fi's all the way to the crash... in the end get to keep their house for FREE. Because they won't be making any mortgage payment (and by extension, won't be paying any real-estate taxes); and the new adminstration whose policies have DECLARED CLASS WARFARE will block forclosures for the favored 'class'; while pushing through foreclosureds on the unfavored 'class'.
The riots will start when J6P wakes up homeless on the street and realizes that he just got financially killed in this CLASS WARFARE.
None of this behavior will change unless there're real consequences for deadbeats. I am thinking along the lines of forced labor camps. If you can't make your payments then the government will make them for you (already happening anyway) while your sorry ass is working 12 hour days 365 days a year in a chain gang until the debt is paid off.
Of course if there're no or very little consequences of running up huge debt and defaulting then you get exactly the results we're seeing now.
None of this behavior will change unless there're real consequences for deadbeats. I am thinking along the lines of forced labor camps. If you can't make your payments then the government will make them for you (already happening anyway) while your sorry ass is working 12 hour days 365 days a year in a chain gang until the debt is paid off.
Of course if there're no or very little consequences of running up huge debt and defaulting then you get exactly the results we're seeing now.
February 26, 2009 8:33 AM
Bitch, Bammy has just sold your ass into debt for the rest of your life. You will be at hard labor giving 80 percent of your money to Bammy so he can hand it to the dead beats. In the early 80s a man with a 4 year degree couldn't get a job flippen burgers. You have no idea whats coming. I do however agree with you. You may, however not be doing that sit down job in 2 years.
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