Mass. Court Ruling Could Undo 1,000s of Foreclosures

Massachusetts Land Court Reaffirms Controversial Ibanez Ruling Invalidating Thousands Of Foreclosures

by Richard D. Vetstein, Esq. on October 14, 2009
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Today, Massachusetts Land Court Judge Keith Long reaffirmed his controversial ruling made back in March 2009 that invalidated foreclosure proceedings involving two Springfield homes because the lenders did not hold clear titles to the properties at the time of sale. A copy of the decision can be found here.

As I outlined in my prior post on this case, the problem the Land Court dealt with in this case is what happens when modern securitized mortgage lending practices meets outdated foreclosure laws. When mortgages are packaged to Wall Street investors, the ownership of a mortgage loan may be divided and freely transferred numerous times on the lenders’ books. But the mortgage loan documentation actually on file at the Registry of Deeds often lags far behind.

The Ruling

http://www.massrealestatelawblog.com/massachusetts-land-cour...

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have filed our freedom paperwork through Tim Turner's process and are in the middle of starting a potential negative averment against Wells Fargo if they cannot produce the original note along with a couple other things. If there is an area were activism will make all the difference. This would be it!

The judges ruling was correct. Do the research about what is really going on here and you will see the massive frauds that are being perpetrated. During the housing boom, lenders passed around mortgages as if they were whiskey bottles at a frat party. Notes were lost, destroyed, sold into multiple pools. Mortgages were not recorded and exorbitant fees were collected by the big firms on Wall Street.

Now that the bubble has burst, “lenders” are trying to collect on loans they do not own, in most cases never lent a dime on the transaction, have no right to, or were paid 30 times over in bailouts, insurance, credit default swaps, etc. They are doing this because they can. They are steamrolling the courts rocket dockets because hardly anyone is contesting their foreclosures. Think about it. If you could go into a court and file thousands of foreclosures a week, and only a mere 10% challenged the authority of the foreclosing entity, what would you do if you were the greedy bankster?

The crises is even worse in non judicial states...

In almost every case these pretender lenders do not and did not own the loan. Almost all loans during the boom were securitized and it was investors that put up the money. Not the banks. Now these "pretender lenders" are trying to steal the homes by filing fraudulent assignments, by the thousands, if not millions, to process the foreclosures.

4closureFraud

Don't believe me?

See for you yourself...

http://bit.ly/4closureFraud

http://market-ticker.denninger.net/archives/1513-A-Birdie-On...

"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI

WELLS FARGO has a practice of DELIBERATELY engaging an enormous amount of non-valid foreclosures! Judge Long’s ruling against Wells Fargo is yet ANOTHER flag that proves authorities need to swiftly and thoroughly investigate foreclosure frauds that cause people to FALSELY lose ownership of their properties and be evicted. Particularly, I CAN PROVE that Wells Fargo hires debt collector attorneys who deliberately file judicial foreclosures under names of defunct mortgage companies, or companies which do not own the promissory notes; and charge fees far beyond "Acceleration Clauses," thereby making it impossible for borrowers to recover their properties or bring current the mortgage arrears. (There are other things I can prove about Wells Fargo when the times comes.)

In some instances, through use of a false mortgage holder’s name, the collection lawyer actually is the disguised foreclosing plaintiff who wounds up with ownership of foreclosed property. Both colluding lawyers and mortgage companies benefit from this kind fraud as the collector lawyer acquires and FLIPS the property, companies like Wells Fargo go ahead and file false IRS false form 1099-A’s to receive tax credits. Those lawyers also file falsified Bankruptcy Court “Lift Stay” motions; and carry out SIMULATED AUCTIONS. For unscrupulous law firms, borrowers who become delinquent on payments are gold mines! Too often rather than the agenda being repayment from the borrower, the goal is to rake in mega bucks from corporations that pay those legal tabs. And worse, if a debtor protests unfair collection tactics, blacklisting from employment and incredible invasion of privacy, are among the consequences. *READ about Wells Fargo frauds and foreclosures:

Illegal Foreclosures & Evictions, Appalling Lender / Lawyer Abuses, Impediments to Justice posted at: http://newsblaze.com/story/20091011141440lawg.nb/topstory.html

“Crisis, Lender Deceptions, Biased Courtrooms, Consumer Responsibility and Disadvantages”
http://www.oprah.com/community/blogs/lawgrace/2009/10/13/for...

Ugh! it is a night mare. I would hate to be in that position.

Remember, many of these people bought houses they "believed" they could afford. Who told them that whopper?

Also, when they bought, many probably still had good paying jobs because their industries hadn't yet been shipped overseas. Who was responsible for that?

Yes, they probably drank the consumer Kool-Aid and lived paycheck to paycheck, due to Madison Ave. psychological conditioning that has been going on most of their lives. I guess they weren't quite able to throw out their TVs to save their lives and their sanity.

The little people will never ever be able to "steal" back the vast amount of wealth that has been stolen from them.

Besides, the game plan is for the rest of us to follow them to destitution ... through mal-investments, bad health, or plain old tax-em-to-death schemes. Let's hope for a few more loopholes.

Let's see if you legally, in good faith, purchased a house that has been foreclosed upon any time in the last 20 yrs:

do you even know how to find out if it was?

there is little or no market so your property is essentially worthless.

you are stuck paying taxes and probably a mortgage on a property you may not own.

how will your property be assessed for tax purposes? Do you even owe taxes on property that is not yours?

can the bank that holds your mortgage demand immediate payment if you obtained it on property that may not belong to you?

should you even keep paying your mortgage?

will this bankrupt every title insurance company?

costs associated with buying or selling all property will soar when and if you can sell it.

you will be forced obtain counsel and to pay all matter of attorney's fees.

since the whole issue is that the banks who foreclosed could not actually prove they had the right to do so, they will now claim that they were not responsible for any foreclosures, leaving the current owner(and maybe even previous owners) as the only viable targets for those who had their property taken.

and all of this dependent on 20 yr. old, pre-computer records in some dusty, moldy county basement warehouse. Good luck with that.

Kafka pales in comparison.

‘Toxic Titles’ Make Mortgage Foreclosures a Lot More Complex

Posted Oct 9, 2009, 03:27 pm CDT
By Martha Neil

Already dealing with a deluge of mortgage foreclosures, courts in Massachusetts now have a new problem. And, although litigation over the issue is farther along there than in a number of other states, it's a growing concern that is also affecting other properties throughout the country.

So-called toxic titles created by the packaging of multiple mortgages into securitized bundles for resale to multiple investors have raised legal questions about who actually owns homes in foreclosure and what procedure is required to transfer title to the mortgage lender, according to the Boston Globe.

In Massachusetts, a decision in March by Justice Keith Long of Massachusetts Land Court put banks on the defensive and offered new hope to struggling homeowners as he held that defective proof of ownership could derail a foreclosure, the newspaper reports. That has put the ownership rights of some who have already purchased foreclosed homes in limbo, and slowed down the litigation process for those still in the pipeline as lenders scramble to document ownership.

A motion for reconsideration was filed and a new decision from Long on the issue is expected shortly, the newspaper reports.

“The fundamental problem is the paperwork was really shoddy,’’ says Kathleen Engel, a law professor at Suffolk University. “The mess was created by Wall Street.’’

Related coverage:

ABAJournal.com:

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But if you can't pay back a loan or fulfill the terms of a mortgage then you shouldn't get one in the first place. If MA lets this happen, it will be a sledgehammer to the economy of that state. Good banks and bad banks will both end up taking the fall, and in the end the people of the state will wind up hurt.

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If you make a loan and can't keep track of who the debt is assigned to, you have no business telling people they are in default. It's silly to think these companies are not registering the legal paperwork required to do so, but expect the law to come to their aid when they want something.

So basically the lawyers decided 20 yrs after the fact to take the"right" of the banks to abuse and ignore the law and gave themselves a huge windfall. Lord, the ambulance chasers will be on that state like locusts.

Really who is sleazier, the bankers or the lawyers?

Regular folks just being completely abused by two special interest groups designing new ways to loot and pillage.

The Liberty a society retains is inversely proportional to the number of Lawyers in the Government.