Originally Published: November 4, 2010 9:58 p.m.
Foreclosures on homes are heartbreaking, especially with the corrupt lending practices that have led to families becoming homeless.
There is one bit of news that might help. The bank must present the original note when foreclosing on properties. Several reports state that in some parts of the country as many as 40 percent of lending institutions cannot find the original note.
If your lending institution does not have the original signed note, hire an attorney and take them to court. It is your last hope, for judges have been ruling in favor of the homeowner when the original note cannot be produced. Many loans were upgraded, packaged up and sold to other institutions, and sometimes, actually sold to more than one institution. Now banks don't even know where the original notes are.
President Obama also gave money to banks for modification of loans so that homeowners could make reasonable payments. Do you know anyone who has been granted this?
The banks tell the applicants to stop paying on their mortgages during the consideration period. After months have passed - with the homeowners jumping through hoops and providing the same documentation requested over and over again - the homeowner is told he or she does not qualify for the modification after all.
The lender then demands that the homeowners come up with the back mortgage payments in one lump sum of thousands of dollars, including all the penalties imposed for not making their mortgage payments on time.
What happened to these funds? Have the banks kept the modification funds provided by the government? Are the lending entities now using the funds for their own profit?
So let us rethink this. The lending institution gave individuals loans to buy homes, took all their savings for a down payment, took their monthly mortgage payments, and then fraudulently foreclosed against them, thereby also getting their home.
Is something wrong here? Yes, and you can hire an attorney to represent you.
Dorothy Cora Moore