Homeowner Going After the Bank

[flip_it_fast]

This is pretty interesting and may get more interesting. I don't pretend to understand all of the legal mumbo jumbo but here we go.

A woman who is on the verge of foreclosure has gotten herself a lawyer to fight it. Their claim is that thew electronic filing system used to track the selling of mortgages from one financial party to another produces faulty documentation and therefore cannot be legally binding.

Basically what has happened in her case is citibank is trying to foreclose on her home when in fact Fannie Mae bought her mortgage.

"This is an improper assignment of mortgage that's meant to shortcut the system," claims Tirelli. "It's less about the truth and more about how fast can we get this property foreclosed on."
D'Amelio is determined to defend her home. "Outside of my children and my family, there is nothing more important," she says.

But if lawyers for homeowners -- like Replique D'Amelio -- can successfully challenge MERS' procedures then the recent foreclosure suspensions could turn into a far broader freeze.

Read More Here

[flippinout]

I had just read an article stating that all 50 states are going to be investigating the foreclosures from the past to see that they were properly done.

It was said that flawed documents were used to foreclose on hundreds of thousands of homeowners.

So it looks like a lot of looking into the foreclosure situation will be going on, and some banks may even have to pay financial penalities and in addition may even have to pay some people whose foreclosures were not handled properly.

Hopefully this woman will not lose her home.

[homealone]

We all depend on electronic's more and more every single day for doing this and that. We depend on them so much that when something goes wrong we don't know how to deal with it.

Hopefully this woman won't lose her home and that the problems with the electronic filing system are quickly fixed.

This whole ordeal has been a huge mess that has effected businesses, families, banks, and the country.

It sure would be nice to have things back in order so that we all can enjoy life a little bit again.

[House on the Prairie]

You know what they say, "Guns don't kill people. People kill people." We can blame an electronic filing system all we want, but someone had to write the program, someone had to sign off on all the documents, and someone had to give written approval for each and every foreclosure. People at the banks were responsible for pushing loan sales rather than than helping people make wise decisions about a home purchase. I understand we're a capitalistic society (well, at least the last time I checked), but it's one thing to pull yourself up by your bootstraps and make an honest living by providing a better product than your competitor. It's another to swindle starry-eyed potential home-buyers into a loan you know they eventually won't be able to afford. And yet another to kick those same folks out for not being able to make those payments when they are upside down on their house and unemployed. And yet ANOTHER for not doing the appropriate due diligence during the foreclosure process just because you know these customers don't know their rights, the law, or their options.

Allegedly. Whatever. I've lost my faith in the banking industry, mostly because I used to think banks were less of a business and more of a resource. If it didn't get so cold here in the winter and if I didn't have so many curious squirrels in the summer, I'd be burying my cash in the ground for safe keeping.

[Eyeofngt]

I here ya House, and I agree with you all the way!! I could not have said it better myself..LOL

The banks, credit card companies and all the other finacial companies call and write begging you to get a loan for this or that. They do not care if you can afford them or not. This has to end someplace! This country has got to the dogs in a handbasket and seems no one in office cares one little bit.

We voted these people in and now we need to get them out before things this even worse, and November is the time to do it!