So lenders can’t foreclose anymore.
There’s been a lot of activity and discussion about what the recent Ohio foreclosure decisions mean. The controversy appears to have started with a post on the I am facing foreclosure blog. You can read it here. While the presented interpretation sounds pretty dramatic, Calculated Risk had a totally different take on it here.
The short version of the issue boils down to whether a lender can foreclose if they can’t prove they own the note. The Ohio judge pretty much said lenders need to follow the legal procedures. That means the lender needs to be able to prove they are owed the money, then prove payments aren’t being made, then they’ll be allowed to foreclose.
Does this transform the world as we know it? Hardly. Is it another example of media misinterpretation and publishing for the sake of drama? That’s my guess.
October 23rd, 2008 at 10:41 am
My mother is 85 years old and a victim of predatory lending from a May 14, 1990 situation that I have been questioning, questioning, questioning for 18 years. We have been victimized by my former husband and the agent with Carolina Farm Credit. I finally after 9 years was able to divorce my then husband to free up my mother’s formerly owned 100% debt free property that was defintiely targeted for the unjust enrichment of Carolina Farm Credit. That loan was plumped up with forged loan documents that kept all potential of it ever being paid off at bay. The origninal loan was $345,000. That was May 14, 1990…thirteen years later the loan was in excess of $400,000.00 … That being said, Carolina Farm Credit received by direct deposit 100% of the money produced by the poultry house contracts for more than 14 years…..yet the debt was not reduced. A comment came to my notice: “Donnie Ireland’s got that farm all wrapped up with a bow on it.” The comment was from my former son-in-law who committed suicide on October 8, 2004. The deal had been bragged about. My mother is now stuck with $650,000.00 in mortgage debt. An agent from American Family Legal Plan, Google Them in MN, PA and NC, home base CA. the most insidious perpetrations against the elderly. A securities and investment swindle; he, Daniel Dowling used my mother’s property as the collateral for these loans. Wachovia bank transferred against their own rules of procedures $180,000.00 of borrowed loan funds from Union Planter, now Regions Bank…across state lines to Harris Bank…from Wachovia Elkin. The money was in my mother’s account only time enough to count as a deposit. The Power of Attorney was recorded only 7 minutes prior to the deposit of $361,000.00. He showed his true colors in spring of 2006 when he sought to destroy my mother’s stellar credit…Today we neither one have credit, a $650,000.00 mortgage debt that now includes my mother’s home with a SunTrust Morgage to get in front of 2006 possible foreclosures because of Dowling. The FBI looks the other way…with the comment from David Gardner; Greensboro White Collar Crime Investigator: May 14, 2007; “I don’t care what you show me, there is not going to be a cariminal investigatioin. We do not have the RESOURCES to take on a case of “THAT MAGNITUDE.” He continued to state the “It would take too many attorneys and would take too long.” What else does the FBI have to do other than INVESTIGATE? That is their purpose. Like my mother and I can stand any more of this most expensive predatory lending scheme of 1990. My mother did not request, or need any product or service from Carolina FARM Credit….We gave them an opportunity to produce original loan documentation…they did not. What was my mother’s property doing in their control for more than 14 years if she never benefitted or sought a loan? Who stops this fraud fiasco that the FBI dominates and controls with their assistance to the perpetrator. MY mother’s home is in foreclosure, my former home is now a bed and breakfast that has been beat to hell…our signs have been stolen, the Freon drained the swimming pool stabbed, and no money can be earned for battling this situation. Three homes, three businesses, a coffee shous shade shop showroom, and 70 acres os land in North Carolina wine country with more vineyards near us than any other bed and breakfast faciliity in the state so we are told by guests. I am working on a MARCH for RACHEL on Nobvember 4, ELECTION Day in Yadkinville, North CArolina, to begin assembling at 9:30 to last for all day to collect signatures to get this foreclosure nightmare ended…I am riding the Boyko ruling adn the Rose ruling to end this hoffic situation. My mothe is 85 years old and a living record with only 8″ of small bowel intestine…and weights between 85 and 90 pounds…she is a special circumstance who is also a breast cancer survivor and a surivor of an automobile accident only 39 days after my dad died. She was never expected to live to see a hospital…79 days most of it on life support and she came home to this? My mother never had debt and never requested a loan…we have been murdered in place while we are allowed to only pay taxes. I have been made a laughing stock of by the locals who think I am crazy for continuing to battle. What would they do if they had an 85 years old mother who built her home in 1947 and never ever had a loan until this creep Daniel Dowling decided to swindle the property into another predatory scheme. He is the sold producer of this Regions Mortgage loan…and his association with another securities fraud convicted felon has gone right by the wayside like the assessment of this being a matter of HomeLand Security. THIS man has figured out how to sever the connections between the funds taken and the original owner of the funds. Wachovia owes my mother a lot of money. Right now it is pay day for Carolina Farm Credit in the amount of$6,101,000.00 by November 7. late payment goes to $10,241,000.00 and possible lein of their bond if possible. I am not going to live like this in the United States of America while we have soldiers dying for others to know what we have in this country. What exactly is it that we have now that the fools in Congress are in charge?