News alert for the day is that lenders are getting nervous that homeowners are committing short sale fraud on their foreclosure proceedings with their homes. It seems that the latest news on the Housing Wire is that homeowners are reported to be selling their homes to someone they know and then buying back the house from that one party. Here’s the deal: homeowners want to keep their homes. Here’s the question: why on earth would they short sale a house to someone they know and then buy or rent the home back?
ANSWER: Because they want the paperwork straight.
Here’s the long and short of it. With so many foreclosures in today’s economic climate, big banks hope to recover their losses by forcing foreclosure on many homeowners. As I am working my everyday job of reviewing homeowners records and working for attorneys fighting fraud by the lenders, I see so many mortgages with screwed up paperwork and clouds on the chain of titles because lenders are not doing their due diligence. However, up to this point many (and I say many but definitely not all) of the foreclosure cases are being thrown out of court, lenders or plaintiff’s are taken to task by judges and forced to produce the original documents, that lenders are now trying a new tactic to ruin people’s lives for the sake of greed.
I have been to a few sheriff’s sales to observe these foreclosure auctions for my own education. Here’s what the deal is: the Big Banks, Lenders or Mortgage companies that have forced foreclosure on many American families, are sending “straw buyers” or someone from their “camp” to purchase back the property. Isn’t this the same as calling the kettle black when they are accusing homeowners of purchasing their homes back and the lenders are doing the same exact thing but they are now calling these poor homeowners “fraudulent?” Excuse me, you (meaning the BIG BANKS and friends) foreclose on millions of properties, many of which are illegal, and you want the homeowners to take the blame? What freaking school did you go to? And what church did you go to? How do you sleep at night knowing full well that you committed fraud on your books and ousted an innocent family from their home? You cause the greatest American economic meltdown and you are accusing the American people of fraud?
Is there a dictionary in the house? Better yet, these greedy wall street fat cats needs some serious psychotherapy and a few good years in the big house.
I’m just sayin’ read the article and you be the decider.
I do know from my work that there are scammers out there that may lead the average person down the wrong path in search of a remedy for their foreclosure. Folks, I have said this many times, take the time to interview several attorneys, go to the links on my site here, and get yourself some representation.
My experience is that Lenders or Plaintiff’s will not do any loan modification or remedy with you. They say they will and then they don’t. Protect yourself with a licensed attorney and make sure that attorney knows his stuff in foreclosure defense before you spend your hard earned money on him or her. If they are not a licensed attorney, I would strongly encourage you not to engage with anyone that isn’t a legal service or licensed attorney in your state. There are people out there that will take advantage of you so they can make money. Including the lenders themselves, which they have already done and now are basking in the sunlight of legal greed.
Can’t buy me love but you can buy my house in a short sale. How twisted is that?