Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Stephen

Banks don't pay taxes on foreclosed properties < WildHairdo > 01/03 08:12:12

Rhode Island:

"Tax revenues have plunged because banks that foreclose on delinquent borrowers don’t have to pay taxes on the foreclosed property until it is sold to another buyer, Finance Director Ronald L. Wunschel said in an interview.

By state law, Wunschel said, banks are exempt from paying property taxes until a deed is recorded indicating that the foreclosed property has been sold."

http://ml-implode.com/staticnews/2008-01-02_Pawtuckethurtbyforeclosures.html

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Joe B


     Does anyone know if this is standard practice nationwide, or is it just RI? This seems odd to me that anyone (other than nonprofits, governmental agencies, disabled, some elderly, etc.) can avoid property tax like this.

     However, it could be a major reason why the banks do not record their REO properties in some states: to avoid the property taxes! Hmmmm

Anyone?

JB
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Without even reading the article I know this is so very true.
 
Then the company who loses these homes to back taxes even have the audacity to try to collect from someone who filed bankruptcy and walked away because of the foreclosure.
 
But because a foreclosure/bankruptcy happens when it's not sold and the bank takes it back it doesn't transfer into their name to pay taxes. 
 
Then they let it get taken for back taxes and don't go to the county to collect their money for what property was sold for above the amount due for back taxes to where they could recoup some of the money. In states there's laws about redeeming such lost funds. And they only have a certain amount of time to do such. And corporations probably because of not having a guaranteed income from the property because the homeowner filed bankruptcy lets them just sit.
 
Possibly because of laws? When a home goes to foreclosure they say its the bank attempting to foreclose. However, whats really true is it's the state. Because the bank never loans its own assets. The bank can only issue money for a loan because of someone putting their John Hancock on the line. This means in fact the borrower is loaning the bank money not the bank loaning the homeowner money. The bank only extends CREDIT created by homeowner. The USA has operated this way for a long time. The USA is indeed bankrupt itself. Doesn't tell you this but they are. 
 
 Hence if a borrower files bankruptcy the bankruptcy court operates in the most superior way. And could stand up for consumer rights but doesn't. This is why at every expense your told to find an attorney to help you. When someone files bankruptcy or hires an attorney their saying to the court that they don't know their rights. And attorneys and judges make it this way. When in fact someone can do things themself if they were edcuated in the LAW enough to protect themself.
 
Each foreclsoure is an individual case all on its own. When a homeowner files bankruptcy the consumer usually not educated enough finds a bankruptcy attorney to represent them. This attorneys (usually) only intent is to line his own pockets by saying he's representing you. When in fact he's not he took an oath to protect the court in which they operate.

Think I'm lying? Go to bankruptcy court some day. If an attorney is hired to represent someone and that someone doesn't have the money or show their face in court their case can be automatically dismissed by the banko judge. But people miss the chance to stand up for themselves because they don't show for court. Why would they do this? Because they feel if they have no money then they more than likely are disgraced enough to not show. Thinking their about to lose everything because of not having money.
 
God didn't create you with money when you were born. Some people may be born into it because of peers. However, most work hard to obtain their money. Money that isn't even given in full value for their hard intensive labor.

If someone is fighting some of these tactics with the MSFRAUD issues they have a better chance of winning by knowing the value of the AMERICAN DOLLAR.

 http://72.14.253.104/search?sourceid=navclient&ie=UTF-8&rls=GGLD,GGLD:2005-15,GGLD:en&q=cache:http%3A%2F%2Fwww.suijuris.net%2Fforum%2Fbanks-collectors-cras%2F13572-banking-muggles-101-par-value-dollar.html

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HUH?

WHAT????

 

Is there a salient point in there somewhere?

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Moose
HUH? wrote:

WHAT????

 

Is there a salient point in there somewhere?


In a word, no.

Moose.
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Stephen

No.

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