Florida foreclosure Bill looks like it will go through.

The state Senate version of the Florida Fair Foreclosure Act, which proponents say protects homeowners passed the Senate Judiciary Committee on Monday and appears to be on a fast track to the Legislature floor.

The bill contains a provision of finality of judgment, which means that once a home is foreclosed upon and sold in a short sale to a new owner, that new owner holds clear title to the property even if it turns out that the home was foreclosed upon fraudulently by the lender. The original homeowner can’t get his home back, but he can sue the lender for damages.

The legislation is good for inspectors in that it provides homebuyers of foreclosed properties with the assurance that they’ll acquire clear title.

What is the bill number?

No it won’t.
Fraud is fraud. This law should never make it through as it violates basic land law. If somehow, it does go through, all of those people who were fraudulently foreclosed on, will be entitled to the full amount of the loan plus damages as well as attorneys fees.

Not sure I understand (I think I stated before). I buy home that I know I cant afford, I dont pay for home, it is fraud when bank forecloses on the home I dont pay for. Now who committed fraud? The person fraudulently stating their income or the bank?

You are correct, you don’t understand!:mrgreen:

A majority of individuals, upwards of 90% qualified for the mortgages. You can’t blame them, when due to the illegal actions of others, the market falls apart and then, the mortgage broker who told them their home wold keep appreciating and when the 1% rate adjusted out to 7%, they would still be able to afford their home and if necessary, refinance.

Unfortunately, the exact opposite happened and now, those individuals wouldn’t have qualified for the loan, of course now, it is too late and they will eventually lose their home.

Of course what they don’t know, is that the entity that files the foreclosure suit, probably never had anything to do with their loan and certainly can;t prove they own it.

I have an individual who is being foreclosed on by US Bank as trustee for the trust xxx-2006B.
Well guess what, there is no such trust so there can’t be a trustee of something that doesn’t even exist. The original mortgage was sold from Countrywide to Lehman brothers who then went bankrupt and sold their assets to a trust, which then was dissolved.

Of course, there are no assignments of mortgage to document any of these transactions, but hey, the homeowner should just roll over and hand the keys over to anyone who shows up, right?

The above is true and after viewing the complaint, it is quite clear that fraud on the court has happened as well a violation of the verification law for filing foreclosure cases. US Bank thinks the individual won’t or can’t respond.
In a month, they will find out differently and then well…we will just have to see…

The loss of value in the home has nothing to do with if you can afford it or not. Being a squatter does nothing for the economic problem and is sure not fair to the true entity that owns the home. Again, the market value of the home has nothing to do with your obligation to pay your monthly bill. No one was forced to take loans they could not afford. If you lied on your application to allow you to qualify I see no one responsible but yourself. If you make $70k a year and buy a $500k house, guess what, you can’t afford it. Why would you state your income as $150k?

If you did any of the research, and that is what I do for someone who does foreclosure defense, you would know that your scenario is very rare. I have currently, over 50 cases where fraud has occurred on the court and all of these homes are in “limbo”. Did you ever wonder why these foreclosure cases are stalled out?

Squatting, as you put it does do something very positive for the economy. It will force the banks to make an agreement or lose all of their investments. The recent settlement is a farce and this law is as well.

The banks, mortgage brokers and everyone else connected with this scam is banking on the American public’s lack of knowledge as it pertains to their rights when it comes to their homes. They had better hope that more homeowners keep their heads in the sand.

And just to show you how badly the homeowner gets it in the rear:
http://4closurefraud.org/2012/02/21/neil-barofsky-on-u-s-foreclosure-fraud-settlement-video/

MERS Scheme is Unlawful

The case I speak of is not rare. It is almost all of them. Look around you.

Letting people live in these homes for free hurts all of us

You have no clue what you are talking about.
What hurts us is widespread fraud committed by the banks that then, had the audacity to use taxpayer money to keep their business afloat while simultaneously stealing from those individuals that bailed them out.

Do a little research Preston. Start with this: MERS Fraud, assignment fraud, robo-signing, foreclosure mill,…for starters.

One other thing…people who live in glass houses shouldn’t throw stones…

Pay your mortgage or get out and pay rent. Nothing pisses me off more than people living in their home for free when I am paying my mortgage. If you agree to the loan pay it or get out and move on.

They I am sure you are pissed off at the wealthy as they are the leaders at “strategic default”.:cool:

This may be of interest to you:

Express Capitol Lending

Funny thing Eric is I know exactly what im talking about.

:cool:

One other thing, if your lender is incorporated in Delaware, that is usually the first clue something has gone wrong.

Just some free advice for others looking in,
Go here MERS look up and type in the 18 digit number found on your mortgage that starts with MIN. Go to the second screen to see who the investor is. If that entity isn’t the same as on your mortgage, you probably have a title problem about to happen.

You may also want to send a “Qualified Written Request” to your servicer. What you get back from them may surprise you.

All of the above is the reason the wording below is in the bill. To make the title problems go away at least temporarily. The banks and law makers know that the average homeowner who, perhaps had a messy divorce, got into credit card debt, had judgements against him, and no credit to speak of, will not have the knowledge or funding to sue the bank for the money they stole.

Eric. This would only work with Fanny or Freddie loans correct?

That is a contradictory statement.

A short sale is used PRIOR to foreclosure, and usually only with a FULL RELEASE granted to the homeowner.

No, it is for any loan that is in the MERS database.

Here is where you can look to see if Fannie Mae owns your loan: Fannie Mae Look up

Here is Freddie Macs look up tool: Freddie Mac

That is correct. The foreclosure portion of that is added pressure applied by the entity claiming to own your loan, to force you to take anything they have to offer.

As most foreclosures use fabricated assignments to make it appear as though a servicer has the legal right to foreclose, in reality, the original lender still has the right to foreclose even after the home has been sold. That scenario has already happened.

I agree with Eric a mortgage company should have to prove ownership to foreclose or even request payment. How do you as the mortgagee know the demand is legit without proper documentation. In fact, I have some friends whose Mortgage company that went under and the assets were acquired by others and as a result they received payment requests/demands from multiple mortagage companies. They have had to hire an attorney to get this mess sorted out. They have never veen late or missed a payment until this happened and now find themselves in quite a pickle, Just because someone says they have ownership doesn’t mean they do.

The passage of this bill, and it looks as though it will, will do nothing for HI’s. Most of these new foreclosures will be scooped up by investors who will not hire a HI. They are bought as is and no negotiation based on condition. They will do the normal minimal fix, rent them and package multiple units for resale. This whole Obama program to Rent To The Masses will go down as the worst ever decision in housing.

I can’t believe Nick is trying to sell this as opportunity to HI’s - must be trying to recruit thousand of new inspectors. Good for his business but not for mine.