How many homes were foreclosed on ill...

How many homes were foreclosed on illegally?

There are 61 comments on the DispatchPolitics story from Oct 14, 2010, titled How many homes were foreclosed on illegally?. In it, DispatchPolitics reports that:

A padlock is wrapped around the doorknob of a foreclosed home on the West Side. FILE PHOTO Ohio Attorney General Richard Cordray joined attorneys general from all 50 states yesterday in announcing a joint investigation into allegations that lenders improperly or illegally filed foreclosure documents.

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Mark

United States

#1 Oct 14, 2010
That's not a padlock. That is a device that holds a key so that the realtor who listed the house can tell another realtor the combination, giving them access to a key that opens the door. The homeowner can still use their key to access the building.
Go into the world and learn things before you start to write.
Indian Laker

West Portsmouth, OH

#2 Oct 14, 2010
"Employees of some lenders have acknowledged in depositions that they signed off on foreclosure documents without reading them."

Really - This is the basis for these investigations.

Let's take a vote, all you of you that didn't read every clause of every contract they ever signed, i.e. "ROBO SIGNING", including mortgages and credit card applications, send me a dollar. Then I'll send a dollar to everyone that has. Be honest now....

Something tells me I'll be a millionaire in a matter of days.
geubux

Chattanooga, TN

#3 Oct 14, 2010
Sounds like a paperwork issue.

The real Question: HOW MANY HOMES WERE FORECLOSED BECAUSE THE STUPID OWNERS QUIT MAKING PAYMENTS?

These are the same people that couldn't figure out how to pay rent each month, but now dey be home owners.

Since: Jun 10

United States

#4 Oct 14, 2010
Am I the only one that wonders why our courts allow this paperwork to go through in the first place? This issue would not be a problem if we did not have judges in this county and even state that just rubber stamp anything the comes across their desks. If the courts did their jobs this would be handled, if the company was shady, no foreclosure and if the homeowner did pay, no home. Pretty simple really.
Izzy Done

Columbus, OH

#5 Oct 14, 2010
TODAY'S HEADLINE: Cordray Attempts "Hail Mary."

IN OTHER NEWS: Grass Grows.
Just Me

Norwich, OH

#6 Oct 14, 2010
Mark wrote:
That's not a padlock. That is a device that holds a key so that the realtor who listed the house can tell another realtor the combination, giving them access to a key that opens the door. The homeowner can still use their key to access the building.
Go into the world and learn things before you start to write.
Speaking of learning things before you write. The device shown is called a "lock box" or "Key box" in the industry. Did you ever consider that the lock was changed before the box was put in place. That is what typically happens in a foreclosure situation.

Go into the world and learn things before you start to write or to put it in terms that you may find more easily to understand: Be sure brain is in gear before putting mouth into motion.
Jack Shirt

Hilliard, OH

#7 Oct 14, 2010
This clown waste our time & money on this garbage but he won't join the states in booting out yobama care when the majority of us does not want it? Who does this Bozo think he works for?
Oh, that's right. Uncle Teddy.
Parasite Government

Columbus, OH

#8 Oct 14, 2010
Politicians want to use legal technicalities to keep deadbeats in homes they no longer own?

Will any lender ever carry mortgages with this kind of political grandstanding?

There is a reason every mortgage written is sold to Fannie or Freddie - way too much risk carrying the paper today with the government requirements to give everyone a mortgage.

Fannie and Freddie just get more taxpayer bailouts.
JPA8

Columbus, OH

#9 Oct 14, 2010
Just Me wrote:
<quoted text>
Speaking of learning things before you write. The device shown is called a "lock box" or "Key box" in the industry. Did you ever consider that the lock was changed before the box was put in place. That is what typically happens in a foreclosure situation.
Go into the world and learn things before you start to write or to put it in terms that you may find more easily to understand: Be sure brain is in gear before putting mouth into motion.
Or at least know the difference between a lockbox and a padlock when you pull a file photo to use in the piece.

The robo signers are just the tip of the iceberg.
The real estate market is slammed for some time to come.
The only person that will do good now is someone selling their house with no mortgage or loan on it and a clear title.
Getting title insurance and subsequently new financing on a to be purchased, or sold property with an existing mortgage might be difficult...With all the bundling and securitisation for market that has gone on with mortgages in the past, the title may be hard to find. Who is MERS?
What are foreclosing banks going to do when they see that they can't find the title and have to write the asset/loan value down to $0?

Oh well...Next year may be even a better time to buy a house in Florida. Ohio is a horribly expensive state to die in...Another subject.
Hornet77

North Weymouth, MA

#10 Oct 14, 2010
There is only one group that can save the democrats this election cycle. WOMEN. Women and their children will be the most effected by this election. Repealing the paitient bill of rights law could mean loss of health insurance for many women and their children. Women will lose ground in their fight for equal pay. Cuts in education will make college unaffordable for many women and children and mean job losses in an industry dominated by women. Since a greater number of women work minimum wage jobs, freezing the minimum wage means they and their children will be disproportionately impacted. Lastly, it will be a cold day in hell before Republicans elect a woman speaker of the house. Clearly Republican men have a very conservative view of a woman's role and want to control what they can and can't do. Senator Demint has already stated he does not believe single women should be teaching kids and those who get pregnant should be fired. Most gains made by women have come when Democrats controlled the house and senate. SO WOMEN NEED TO GET OUT AND VOTE DEMOCRAT TO MAINTAIN THE TREMENDOUS GAINS THEY HAVE MADE.
rockettraveller

Ravenna, OH

#11 Oct 14, 2010
Under Stricklands watch. Besides all the jobs, now he helped the banks take over peoples houses who ran into trouble. What else are we going to uncover before the election on his watch?

Take a look at Huntington Bank. They have the largest law firm pounding out average people
and taking their property. Add Huntington Bank to this list....
fight_back

United States

#12 Oct 14, 2010
If they try to foreclose on your house, go to court and demand to see the papers that prove that they made the loan. Inspect them, and if they are forged, insist "that isn't my signature" and stick to your guns. Know the date you signed - the faked document from the bank will probably have the wrong date on it.

Once they bundled the mortgages and rebundled them, all the paperwork was lost, and on nearly 100% of the foreclosures they are "recreating" the paperwork along with forged or scanned signatures. You can easily prove that they don't have standing. At that point, you will be able to stay in your home indefinately without making payments, although you will probably be unable to sell it.
Dissatisfied Voter

Columbus, OH

#13 Oct 14, 2010
Good timing Cordray with elections less than 30 days away. You're using paperwork issues in attempts to bolster your political campaign.

Don't get me wrong, I believe that these issues need to be addressed and corrected, however, I don't believe that the homeowners who are not paying their mortgages should be rewarded as a result.

The majority of us homeowners have and are making our mortgage payments. A moratorium on foreclosures would delay the sales of these often vacant foreclosure homes further eroding our (paying homeowner's) property values and delaying our economy's recovery.

While you're at it Richard can you hold my mortgage lender hostage too and secure me a principal reduction, reduced interest rate, and lower monthly payment on my property that I am current on? Or are we only rewarding those that fail?
Mike

Cambridge, OH

#14 Oct 14, 2010
A couple making $80K annually with 2 car payments (totaling $80K), 2 kids,$10K home theater system, 2-3 vacations annually, dinner out 4-5 times weekly, latest & greatest gadgets, clothes, etc can get approved for $400K mortgage. What's the problem?

Or, a single mom on welfare with 6 kids gets approved for $150K mortgage. Again, what's the problem?
Jason

Columbus, OH

#15 Oct 14, 2010
Hey all you Lefty's out there! It's your favorite girl and guy, Fannie and Freddie!! From the WSJ "Raising questions for the first time about the role of Fannie Mae and Freddie Mac in the unfolding mortgage-foreclosure crisis, the two government-owned giants are reviewing the work of a Florida law firm they recommended to process foreclosures. Last Friday, Freddie told mortgage servicers to stop sending cases to the Law Offices of David J. Stern, of Plantation, Fla. Fannie followed suit on Monday. The law firm has been at the center of recent allegations by the Florida attorney general's office, which released a deposition of a former law-firm employee. In the deposition, the employee alleged the firm routinely forged notarized documents amid closed-door screaming matches that broke out because files weren't moved fast enough."

If you can read, check this out: http://online.wsj.com/article/SB1000142405274...

Since: Jun 10

Canal Winchester, OH

#16 Oct 14, 2010
The problem with the real estate and financial industris are the blinders they are all wearing. They focus directly on the subject at hand, without considering related influences.
This all includes the progression of the entire securities debacle. Inaccurate mortgage applications, incomplete mortgages, back-up securities, mal-assisting those that trusted them to do the right thing, and now at the end -- the forclosure debacle.
The troubles they ignored were obvious. They cheated on everything. Their actions border on complete negligence.
Warning: This won't be the end. There will be homes with incomplete ownership documentation, where true ownership will be difficult to prove. Liens unpaid, titles not properly recorded, etc.
There needs to be some high-level jail terms to encourage the rest of the industry to go back and fix the history.

Since: Jun 10

Canal Winchester, OH

#17 Oct 14, 2010
Sapper wrote:
Am I the only one that wonders why our courts allow this paperwork to go through in the first place? This issue would not be a problem if we did not have judges in this county and even state that just rubber stamp anything the comes across their desks. If the courts did their jobs this would be handled, if the company was shady, no foreclosure and if the homeowner did pay, no home. Pretty simple really.
.
ROBO-JUDGES?
Interesting concept. Don't let this get out! It might undermine the court system in the country if people were to realize the courts don't adequately review all the cases that come before them. The court system is based on trust and "letting the other guy do it." One failure in the chain brings down the whole house of cards.
This is where smart lawyers win cases...
Sheenie Kikeman

Carlsbad, CA

#18 Oct 14, 2010
Riiiiiiiight. Although I'm all for getting back at the banks, it's also true that most of these jerks bought the houses they could not afford and missed their payments. Nobody here is innocent.
JPA8

Columbus, OH

#19 Oct 14, 2010
fight_back wrote:
If they try to foreclose on your house, go to court and demand to see the papers that prove that they made the loan. Inspect them, and if they are forged, insist "that isn't my signature" and stick to your guns. Know the date you signed - the faked document from the bank will probably have the wrong date on it.
Once they bundled the mortgages and rebundled them, all the paperwork was lost, and on nearly 100% of the foreclosures they are "recreating" the paperwork along with forged or scanned signatures. You can easily prove that they don't have standing. At that point, you will be able to stay in your home indefinately without making payments, although you will probably be unable to sell it.
It would have been better for the buyer was to have read and understand the "paperwork" before he obligated himself for more than he could afford...not after he defaulted on the loan and the "horses are out of the barn".
Sheenie Kikeman

Carlsbad, CA

#20 Oct 14, 2010
Back in the day my wife and I bought a modest used home and qualified the legitimate way, and made a good down payment with money we had SAVED (ever hear of that?), and lived there for years, even though we could have moved up to a mcmansion had we desired to show off.

Most of these jerks were not qualified in the first place.

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