Are homeowners demanding to see proper title before continuing to pay mortgages, and if banks can't show title, taking title?

[mooncliff]

Jim Willie said:
The banks have a dirty secret of hundreds of thousands of home loans operating in strategic default, whether the homeowners refuse to pay anything more on their mortgages, often demanding to see the proper title on the property. The news media will not cover this story. In every court challenge, the banks have lost the cases, resulting in the homeowners taking clear title with the loan fully forgiven.

http://news.goldseek.com/GoldenJackass/1314216000.php

Is this true? If you know of any specific examples, that would sure be interesting!

[mesyn191]

Re: Are homeowners demanding to see proper title before continuing to pay mortgages, and if banks can't show title, taking title?

The only people who know the real numbers are the banks and they aren't giving the details. This story has popped up a few times starting around the middle or early this year or so but not much has come of it AFAIK. Certainly no one I know has done this.

[Thailandnotes]

Re: Are homeowners demanding to see proper title before continuing to pay mortgages, and if banks can't show title, taking title?

How does this dovetail with Eric Schneiderman dismissal?

"You might have been following the latest developments related to the national settlement of the mortgage probe, including this story in today's Huffington Post about our tough fight for a comprehensive resolution to this crisis.

"Let me tell you directly: I am deeply committed to pursuing a full investigation into the misconduct that led to the collapse of America's housing market, and to seeking a resolution that gives homeowners meaningful relief, allows the housing market to begin to recover, and gets our economy moving again.

"Our ongoing investigation into the housing crisis cannot be shut down to accommodate efforts to settle quickly and give banks and others broad immunity from further legal action. If you have any thoughts or concerns about this critical issue, please contact me at 1-800-771-7755, or send a message via Facebook or Twitter."

Eric Schneiderman

[Chris Coles]

Re: Are homeowners demanding to see proper title before continuing to pay mortgages, and if banks can't show title, taking title?

The very first thing anyone should do when presented with any demand, is to request discovery of the underlying paperwork.

With all the desperate moves made to cover up their mess, it is not beyond belief that much of the detail has been lost.

[dbarberic]

Re: Are homeowners demanding to see proper title before continuing to pay mortgages, and if banks can't show title, taking title?

Has anyone heard of a homeowner requesting discovery of their underlying morgage/title paperwork even if they are not in default?

Couldn't a case be made that one should validate their morgage/title paperwork because they may not even be paying the rightful owner of the mortgage? It sure would be aweful to pay your mortgage for 30 years only to find out that the payment credit was going to an entity that did not have ownership of the underlying mortgage and could not issue a title free and clear of the lien.

[don]

Re: Are homeowners demanding to see proper title before continuing to pay mortgages, and if banks can't show title, taking title?

Katherine Austin Fitts and others have suggested mortgages were duplicated for multi-MBS/derivatives. Unwinding those would seem to be a problem. Stalling and backroom dealing being the way of choice to cut through this Gordian Knot.