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Foreclosures… who is taking the worst beating?

As America’s foreclosure crisis continues to rise with over 6,000 foreclosure filings per day homeowners are still not getting the urgency of the situation. As I recruit homeowners across the Nation to become a part of A Hundred Thousand Homeowners- voices of hope & change I am concerned about the response that I am getting from homeowners. Not from homeowners that are facing foreclosure but those that are not. I get replies like “I am sorry to hear about your situation”. That concerns me! The fact is that Home Owner Revolution was created to not only unite homeowners that are facing foreclosure as a result of the bank’s unethical practices but also to unite homeowners that are losing equity in their homes as a result of the bank’s unethical practices. What people are not getting is the fact that those not in foreclosure are in worse shape than those that are. Your probably scratching your head right now saying “how?”. Let me explain… homeowners that are currently in foreclosure are not paying a mortgage payment every month. Paying a mortgage payment will not help the homeowner unless the homeowner pays all of the arrears on the loan that they owe. Therefore homeowners are able to save the money they would normally be paying the bank. Sometimes a foreclosure can be drug out for 2 to 3 years, if the payment is $2,000 a month the homeowner saves over $60,000. Wow!!! Talk about pulling equity out of your home. Now let’s look at the homeowner who is not in foreclosure but is faithfully paying their mortgage payment every month. Now let’s look at the fact that every time a foreclosure hits their neighborhood their house value goes down. Some homes have fallen to %50 of value depending on the amount of foreclosures that have hit an area. So a homeowner that has a mortgage balance of lets say $200,000 now has a house worth $100,000. They have just lost $100,000 in equity. If foreclosures do not stop hitting their neighborhood they will continue to lose more money. These homeowners will not be getting any equity out of their home for a long time. These homeowners can not sell their homes right now because they owe more than it is worth, they may never see that equity again for years to come. some are actually walking out of their homes allowing it to foreclose because they have lost so much equity. This is the future of the foreclosure crisis. It will no longer become homeowners who cannot afford their mortgage payments that drives up foreclosures but those that are walking out of of their homes before they lose even more money. This is the future of America unless something is done! If you ask me homeowners in foreclosure should be the ones that are giving replies like “sorry to hear about your situation”. Since they are obviously in a better position. Yes they may lose their homes eventually to the ruthless banks but they are taking equity with them. Are You??? This is why it is so important for all homeowners to unite for change. This is why every homeowner in America should be banging on the doors of congress and rattling the cages of the Government demanding that something is done. Demanding that unnecessary foreclosures be stopped! Demanding that the Government put a STOP to foreclosures by making the banks accountable for what they are doing with trillions of tax payer dollars that they received in the bailout to help homeowners! It is time for America to speak up and demand change! Read more about this topic… The Wall Street Journal, The New American Dream American Dream 2: Default then Rent The Wall Street Journal, The Debtor’s Dilemma Pay The Mortgage or Walk Away? SHARETHIS.addEntry({ title: "Foreclosures… who is taking the worst beating?", url: "http://homeownerrevolution.com/?p=55" });

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One West is Foreclosing on loans they DON’T own… Imagine that!!!

Posted by admin | Posted in Uncategorized | Posted on 15-07-2010

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One West Bank, formerly Indymac, is foreclosing on thousands of homeowners across the Country and they don’t even own the notes. In a Country that appears to have such a strong Judicial system one must wonder how the hell this is happening. I mean seriously how are thousands of homeowners being thrown to homeless and the bank that is foreclosing on them has NO legal standing to do so? The Judges are granting thousands of foreclosures daily in America without even checking to see if the plaintiff in fact owns the note and has the legal right to foreclose.

If you are a homeowner in foreclosure and One West is the Plaintiff, the one that is foreclosing on you, and you have applied for a Loan Modification chances are that you received a letter from One West that states…

In reviewing your loan for a possible modification, we have determined that your loan does not qualify for HAMP due to our contractual agreement with the owner of your loan.

Daaaaa… they are admitting they don’t own your loan. Also if you check out the “Contract” that they are referring to “The Pooling and Servicing Agreement” It clearly states that the owner is DEUTSCHE BANK NATIONAL TRUST COMPANY and that Indymack/ One West is actually listed as the Seller and Master Servicer. Oh and go ahead and check out the assignment for your mortgage, you know the one that says that your loan was assigned to Indymac FSB from Indymac Bank.. Go ahead I’ll wait…. Now find the one that says that your mortgage was assigned to the truthful owner DEUTSCHE BANK NATIONAL TRUST COMPANY. What’s that you don’t have that one? EXACTLY my point. Can someone say FRAUD!!!!

One West CANNOT legally foreclose since they are not the owner yet they are getting away with it by the thousands.

It’s like this…

If I give you a check and you endorse it and make a copy of it. Then you give the check to someone else and go to cash the copy you will not get very far will you? The bank will NOT cash the copy!! Why will they not cash the copy? Because lets say they do and 30 days later your friend cashes the check well.. you just had your account debited 2x for the same check.

That is the exact thing that can happen if the Judge grants a foreclosure to the person who is NOT the owner of the original note. Years down the line the person that holds the original can come collect from you again. They have the original with your signature of endorsement ( just like the check) so they have every legal right to collect on their note and BOOM you have a judgment on you for the amount of the note even though the Judge just so kindly gave your home away to the one who had the copy.

I suggest that every homeowner that is facing foreclosure with One West check your paperwork and DEMAND that they produce the original note in court. The one with your blue ink signature. Only the one who owns that ORIGINAL note has the right to foreclose on you. Demand it!!! Fight for it!!!

Carol Stinson

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Comments (1)

@boi212 said on 16-07-2010

POWERFUL!!!..i'll do my best to be a voice..

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