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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i'm not the smartest person in the world but i've never seen so many dummys on 1 Website!!! Cyrus R. got caught deleting evidence in a LAWSUIT!!!!!! (highly illegal fellony!!!!) i read up on it!!! his mom and dad has already paid ORIX over $10M to bail out this kid!!!!!!! plus he disgraced his name and his family's NAME!! now all his websites say "Not Found"

how does that make the rest of us look??????????????? does anybody know what Obama can do to help those who have been foreclosed on?????"

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Stephen

Nothing.  He works for the banks.

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   The answer is Mr. Obama wants you to go to your local law library and
read up on "adverse possession" because despite his best efforts, the banks
are dragging their feet on modifying loans or allowing people to assume the
loans of others who are about to go into foreclosure because of a job loss.
   Here's an example, I have an FHA assumable loan of $111,000 with pay-ments of $670/mo +$200 taxes and insurance. I find a buyer who is paying rent of $1,000/mo who is a first time buyer and wants to assume my mortgage with 3% down, which he gets from the Obama tax credit of $8,000
    He grosses $36,000/yr and has tax returns for the last two years to prove it. Three years ago he got behind $200 on his credit card, which is now com-pletely paid off, but as a result, his credit score is 597 and he needs 600 to
assume an FHA loan. Meanwhile, I get laid off and really need to sell the house. So what do you think WEllsFargo does? You got it. THEY DENY the loan assumption because his credit score is below 600. The house was worth
$140 in 12/07 but is now only worth $70. It is certain to go up in the future
its a 30 yr loan with 28 to go. Apparently Wells Fargo likes "JINGLE MAIL" so
they can let it sit for a year, and sell it to someone for $70.000. REAL SMART!
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mike 17 mos ago a home was worth $140,000 but now its only worth $70,000??????????????? what state are you in??????????

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answer: Florida!

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mike i know FL was one of the state hit hardist but 50% in the last 17 days seems very high!!!!!!!!!!
were the more expsinsive homes hit that hard????????

also WHY was FL hit so hard???????
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FL NoValue
I have a waterfront home in FL that was built 5 years ago.  My dad paid $279,000  then did an addition.  He died and I put it on the market.  The value of it now is only $189,000.  I will be doing good to get $125,000 and that is if it even sells.

The area this home is in was hit hard with foreclosures.  There are entire neighborhoods that used to be really nice.  Now they are just empty ghettos.  You can see many homes and condos that were started and just walked away from.

It is very depressing!
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    The main reason Florida got hit so hard with foreclosures and deflation of
prices is that lending standards were very loose and mortgage fraud was rampant. Brokers could get appraisers to give them any value they wanted
and encouraged borrowers to inflate their incomes to qualify. Everyone involved thought prices would keep rising forever. The whole situation was
a repeat of the Savings & Loan scandal of the early 90's.
    When the bubble finally burst in early 2008, entire neighborhoods of expensive new houses were left with no buyers. Tax increases also aggravated the problem, and now Florida, like California is facing a massive
budget deficit.
     Greed prevents a fall-back to the lower prices and taxes of ten years
ago when the problem first began, so Florida is looking at some really difficult
decisions in the near future.
     Banks are not helping the situation because they are not lending and not
allowing new buyers to take over mortgages unless they have a 600 or better
credit score, which for many is impossible to achieve.
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Mike H
if homes are being lost in FL does that mean FL  apartments are booming?????   where else can people go???
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    To answer your question, many people are moving in with friends and
relatives, some are pitching tents in the woods, and many others are just
living on the streets! Luckily Florida is warm, so they won't freeze to death.
     It seems as though there is a "panhandler" on every corner and the jails
are full to capacity. Homeless shelters like "Metropolitan Ministries" where
I did my probation , are turning people away. (It was a sales tax dispute!
not a bank robbery!)
     So it looks like things are moving in the direction of "Grapes of Wrath".
Unfortunately, when people become homeless, they often drown their
sorrows in "booze" and drugs, so they miss the opportunities for "adverse
possession" which are all around them.
     In our "debt-usury" system, new money only comes into existence when
someone takes out a loan. If the banks aren't lending, and no one can qualify
for a loan, the money supply contracts, causing further deflation and defaulting on loans. Deflation, once it gets under way, is extremely difficult
to halt. FDR did it by issuing "red label" US Notes directly to the people for
infrastructure and "CCC" work, thus bipassing the banks completely, and their
interest bearing "Federal Reserve Notes". Mr. Obama, are you listening?
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Stephen

I don't know how the current administration is going to stave off a civil uprising.

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Sara
Mike: You (and others) speak of adverse possession.  But, is this actually a safe housing option?  There are a lot of homeowners who are in areas with high foreclosures who are now afraid to live in there own neighborhoods due to the increase in crime.

Stephen: A civil uprising might just be what this country really needs!

S
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mike is it just the lower and middle class getting hurt are do the rich people in FL also get hurt????????

also arent FL apartments lowering rates?????????to help the homeless ??
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Sara
OOTS:

The foreclosures in FL are across the board now.  But the majority of the forclosures are considered Sub Prime consisting of lower income families with an income of less than 50,000 per year.

You have to remember that in FL, not only are these people dealing with interest rates that have skyrocketed, and the deflated values of their homes They are also dealing with high property taxes and even higher insurance rates. 

S  
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tired and tattered

It is really sad that many of us going through this mess have no place to go. My husband and I are going through a very rough time trying to find a place to live. We are in Illinois and anyone that has any clue to the problems we have had in this state. Our governers seem to always be on the run. The Department of Revenue is a joke, and there is absolutely no help for those of us going through these foreclosures. We are in chap13 BK and we decided to surrender our home and let them have it. We have no money to fight this and there is absolutely no help in the judicial system in Illinois. We are not able to rent due to our credit. We can not buy due to our credit. We are probably going to have to move to Missouri. There are places over there that we can buy a nice mobile home and they will owner finance. We do not have a lot of options. I know that there many others going through the same problem. My husband and I neither one have parents that are living and our other relatives have no room for us. My husband makes decent money and I just got a decent part time job making pretty good money, but it is not going to help our credit. We are really having a hard time finding anyone that will give us a chance.

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   Adverse possession is a perfectly legal solution to the unfolding deflationary depression overtaking the USA. Right now, local governments
are being overwhelmed by the decrease in tax revenues caused by all the
foreclosures. Also, the sale of tax certificates is bound to be a real bust.
Even the US government is having trouble selling its bonds so tax certificates
are sure to have trouble selling. This means local governments which depend
on property taxes are going to go bust.
   Adverse possession helps solve the revenue problem because the "squatter" is supposed to pay the property taxes for seven years in order
to gain title to the property. Also the "squatters" will want to maintain the
property because they will have an interest in the property. People who are
merely "tresspassers" will probably get the "bums rush" by the police, but
those who study it and do it legally will benefit not only themselves, but the
community as well.
    The best strategy is to look for properties where the taxes are not being
paid. Check to see if a bankrupt bank owns the property. If so, you have a
good candidate for "adverse po", Next, turn on the utilities and get your ID
transferred to the property. Then move in and do some improvements, say
hello to your new neighbors. Enjoy your new home! It's as easy as that!
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Knows About Obama

Anyone who thinks that President Obama might be a friend of the homeowner or at all interested in the plight of those facing foreclosure hasn't looked at his campaign finance reports!  Despite being a Democrat, President Obama collected record amounts from Wall Street, far more than President Bush ever dreamed was even possible.  If it appears that Obama is slow to embrace real reform in the mortgage area, it is because he was long ago bought and paid for!

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Sara
Mike,  I didn't realize that there were groups actually helping the homeless and victims of foreclosure to get off the streets and back into a home.  I think this is wonderful!  And from what I read, even the law enforcement agencies are looking the other way.  They see the benefits to allowing people to "squat" in homes that would otherwise sit empty or be distroyed by vandals.

Take Back the Streets is one group that has gone public in this effort.  There are many others that operate under the radar of the media though.

Thank you for informing me and others on this subject.  I new it was going on but not to the extent that it actually is. 

Sara
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