Confronted by another (Obviously) legal beagle asking all kinds of detailed questions about the protest and my case, and I am now carrying the following 2-page flier because I'm sick and tired of all the stupid questions:
Mortgage lenders frequently foreclose on mortgagees although payment terms have been met by the borrower. They do this to siphon off the equity. The foreclosure is fabricated by the lender by posting payments late, adding phantom charges to the account without the borrower’s knowledge, refusing payments and then reporting them “missed”, force-placing insurance even though the borrower has insurance, changing the terms of the loan without the borrower’s knowledge and many more ways.
Purpose of Manufactured Foreclosure
Mortgage loans are “Front-loaded”, meaning that in the early years of the loan, the payments are completely or mostly interest. Somewhere between the 7th and 12th years, the interest is fully collected and payments become applied to principal. Interest is income to the lender, principal is not. It is at this point, advantageous for the lender to either dump the loan, refinance it, or fabricate a foreclosure. The third option is, by far the most profitable. The bank forecloses, sells the property at auction and the profit is absorbed with “fees” and understates the selling price so that the mortgagee receives little or none of the equity back.
Why they get away with it
Judges always assume the bank is right. If a mortgagee has been harmed by a mortgage lender, he/she has little to no recourse. A lawsuit is unaffordable for 90% of the victims, and for the other 10% who are savvy enough to understand what has happened to them and can afford about $40,000 to take a case to court, the victim will always lose.
Judges accept false documents from the lenders, are not schooled in mortgage servicing fraud and are always put out with the victim for tying up their fiefdom with a baseless action, always assuming that the victim is an opportunist trying to take advantage of the poor, innocent bank. After all, has a judge ever been falsely foreclosed? Not likely. The lenders have a plethora of attorneys who take the judges aside, paint the victim as a deadbeat who was offered every opportunity to cure their evil ways but refused. Judges buy it every time.
Consumers have no defense against predatory mortgage lenders because:
-Judges are incompetent
-Judges are criminally negligent (job for life, why make waves with a bank)
-Judges are criminally complicit in the scam for monetary gain