About a week ago, I stumbled across some information.  That started me thinking (could everyone from CA see the smoke from FL?) and got my curiosity up.  And to all those that know me, when I'm curious, I ask everyone here on AR, and I do a bit of research as well.

Here goes - topic: FORECLOSURE

Do you know why the Mortgage Note is so very important to the banks?  I didn't, but I do now, but what are your thoughts about their importance? Do you know about the importance of recording the assignment of the note to other banks that purchase that note?  This is when Bank A sells the note to Bank B, then to Bank C, etc.  Which doing that is common practice, and certainly accepted and legal.  But it must be documented!  Then when it is with Bank F, suddenly, for what ever your reason (lose job, bad market, economy, hurt on job, whatever the case) you stop making your mortgage payment.  And Bank F starts foreclosure because of your lack of payments.  OK, seems pretty fair so far, correct?  I knew I saw several articles here on AR about the importance of fighting a foreclosure, and the need for the bank to produce the note.  That is a big way homeowners are fighting the banks - and successfully fighting a lot of them!  Do you see where I am heading with this yet?  Let me tell you some information I have found out about some cases, while I am in FL, the second worst state for foreclosures, a lot of my information actually lead me to OH! 

1st) Six years ago, a man stopped making payments on his $1.5 million home.  Pretty interesting, six years and no mortgage payment, and he has been served foreclosure papers by two different banks!  Even more interesting I thought!  In both cases, the man said, "produce the mortgage note" to prove I owe you the money for the home.  They could not.  In one of the articles I read about this case, there was commentary from an angry reader, stating this man is stealing from the banks, not sure who, or which bank, but he was stealing, and the man is a scumbag (his words by the way).  OK, at first, (this was early in my research) I thought, yes, he is right, the man is stealing from the banks!  I continued with my research.  Think about that yourself for a little bit.  2nd) I then saw a Federal District Court Judge in OH who threw out a bunch of foreclosures that were brought to him (17 out of 18 if my memory serves me correctly).  But that is an interesting case as well, actually cases to be correct.  The judge originally threw out the foreclosures, without prejudice, which to all us non-lawyers means, they needed to fix the paperwork (which was FIND the lost mortgage note) and then they could re-file the foreclosure proceedings.  Simple enough, wouldn't you think?  The banks reply was amazing.  While I am using my own words here, but what it amounted to was this - honestly judge, we own the note, trust us, and believe our word, we own the note, these people are behind in their payments, so just get on with the foreclosure proceedings.  Can you imagine being that condescending to a Federal District Judge.  WOW!  Needless to say, that judge was NOT a happy camper and threw out the cases that they could not document - and he wrote a scathing response to their paperwork that was filed, as I'm sure you can imagine!  3rd) A man was fighting foreclosure for eleven years in OH, and was recently kicked out of the home, but is fighting back still, citing the US district Judges ruling.

Now back to my first case.  Did you notice a couple things.  First, more than one bank has sued him in foreclosure!  How can more than one bank own the note?  Getting back to the commenter who called the guy a thief and scumbag.  If I owe your neighbor money, lets say $1,000, and I stop making payments to your neighbor.  Certainly your neighbor has a case against me, but how or WHY in the world would YOU have a case against me for me not paying your neighbor?  When the bank cannot produce the note, OR show proper chain of the note and who is owed the money, even THEY do not know who the money is owed to!  So after thinking about that some more, I now disagree with the commenter, the guy is asking who he owes the money to, and they can't even tell him.  Sloppy and pathetic I would say.  These are multi-million dollar corporations, and they can't even keep their paperwork straight about who owes them money?!?!  I know who owes me money, and I keep track of it!  Why do these banks think that is acceptable?  They took these shortcuts for one reason only - cut corners and SAVE MONEY!

GREED. 

So back to my original question, "has GREED gone to far in America?"  Your thoughts?

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