By Dave Krieger
There may have been a halt to the foreclosure actions in 23 states by Ally Financial (formerly GMAC), JP Morgan Chase Bank and Bank of America but it ís not the end of the line.
Those 23 states customarily represent the judicial states, where most of the dirty laundry gets aired with the pleadings that are filed against foreclosed homeowners by their lenders but I am sure you are asking yourself, what about the non-judicial states? Unfortunately for them, it is business as usual. Homeowners in those states get a notice in the mail; and in the 90-day window prior to the trustees sale, they will generally see a complete slander of the titles to their properties in some way, shape or form. However, they remain ignorant by choice because they are convinced that all of this mess is their fault. They are so focused on the debt … they can’t see the forest for the trees.
The book CLOUDED TITLES, explains how that happens. Itís rare that you ever get to see any of these slanderous documents unless you actually take a trip to the courthouse or access the courthouse records over the Internet. Up until that point, it is panic as usual.
Of late, as you will see in one of the posted articles, the start of the filing of the quiet title actions in Seattle is starting to take shape. Matthew Hale and Jill Smith, both practicing attorneys that specialize in foreclosure defense, now see this type of methodology as a way to get the lenders attention through his trustee. In the most recent instance, Ms. Smith received a letter from one of the trustee she is suing and they of course, now recognize their mistakes. Unfortunately, the damage has already been done. Any time a trustee makes an admission like that, you can bet the borrowers attorney is going to find it useful. What is going to be more of a challenge is the power of attorneys that were issued between the lenders and their trustees. There are some serious legal questions about the construction of these documents, says Hale.
The court systems in this country are going to be in for a rude awakening in the near future when homeowners start showing up with verified and valid prima facie proof that their titles are clouded. The book explains that in full detail. Let the games begin!