One of the surprising things to me is that it is only now becoming apparent to the outside world that the lenders that are foreclosing on a loan are not the "owner" of the loan. Most loans are sold with in two years of inception and this seems to have been forgotten. What is also forgotten is that government backed programs are the owners of a lot of this debt. This convenient truth is being exposed because lenders are frequently stating that the "investor" (the government) does not participate in the government modification program. WHAT?? sounds like Congress originally passing Obamacare when they would not have that coverage for themselves!! LOL The government is allowed to be hypocritical.
I am seeing a shift in policy of many major lenders (or rather the government). The government, through its servicing lenders, are implementing new strategies and developing new plans for homes in distress. In my opinion, it is because they are afraid of fall out from the media when it eventually begins to responsibly report the truth - that the government is foreclosing on a lot of homes. The current administration (and I am not intending to be political, but this needs to be stated) granted TARP money to lenders and told them that they had to modify loans and help distressed home owners as a condition of receiving the money. This has not happened, by and large.
Attorneys such as myself are beginning to get cases thrown out of court as we prove that the Plaintiff in a case is not the real party in interest because they do not have the original Note or have sold the debt. Eventually the media will pick up on this and expose the truth...the government is foreclosing on its people...
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