Your suggestion is great- everyone in the foreclosure nightmare turns it into a beautiful dream.
I do not believe anyone will receive a “new mortgage” unless they can refi with another Bank or Mortgage Co. Not many fols qualify to refi-especially those underwater.
My County Property Appraiser HAS done “current appraisals” for Tax year 2011.
Property values are now reflecting the “true value” hahhahhaha less than I purchased 10 yrs. ago.
No where near my Refi-price that was DOUBLE the orginal price I paid. 2006-
yes I was bullied to REFI-Subprime -told I would be stupid not to take advantage of the boom
My taxes will be much less for 2011.
These re-appraisals will have a huge effect on people/realtors doing neighborhood comps too.
My Tax Assessment value decreased $15,000., (whoopie -lower tax bill)
and Market Value decreased by 60 PERCENT !
MORE UNDERWATER if I wanted to sell but I intend to be here for the rest of my life.

thank you pamela , you said what we all think. the problem is we know there is a problem but for thebanks its business as usuall. i still have wells fargo calling me. there should be a call for a mortitorium on all home mods and foreclsoures until we find out what is goingto happen. so what are they goignto do now fast track us into home mods at the frauduleny price , or foreclose on us illegally. hope someone can get through to them. even with all this controversy i sent my paper work financials to wells fargo fed ex, htey called me a few days ago to aske where the paper ork was, exucse me?????

Waiting on help is a mistake. Bottom line is they will take care of each other and say or print whatever keeps you satisfied and quiet until they can get all their paperwork in order, then look out!

Hit back with more balls than they have.

First, find out if their mortgages or deeds to secure debt were “securitized.”

My understanding of Securties Laws tells me that any “investor” puts his or her principal at risk when hoping for the “gain” associated with owning the “security.” That means the insitutional investors had responsibility to untertake “due diligence” before putting their principal at risk by “investing” in the “securites instrument.”

I don’t think that the definintion of a “secuirity” sold by Wall Street stipulates that the “equity invested is ‘secure’.”
In fact, salespeople are instructed to inform investors that the “investment” offers no guarantees.

That said, the investors should be required to “eat the losses.” If they were duped by others, it was not the mortgagor… who most likely was also duped at the closing table. If the investors are to recover anything, it should be after they have instituted and succeeded in suits against the “sellers of the securities.”

The “investor” at the closing table, is supposedly the original lender. If that lender colluded with MERS, Wall Street, and other “investors.” They should be held liable for misleading mortgagors, and suitable civil and criminal penalties (including imprisonment) should be assessed by an honest judicial system.

Mortgages or Security Deeds created at the closing table for “Re-Fi”s should be required to honor the “satisfaction of debt letters” issued by earlier “non-MERS” lenders.

Any party that is complicit with this massive fraud should not be able to “claw back” “good title” and monies paid by the original (honest) lender. Such is the cost and risk of doing business as a provider of financial services or as any other entrepreneurial venture.

Above all, if clear, unclouded title to property existed prior to closing, the mortgagor’s title interests should be rightly restored in such a manner that Title Insurance companies can once again issue “gurarantees.”

Yep!

Have every County Assessors re assess every single home in their counties…then the banks are forced to write new mortgages, at 2% interest, for 10 years…

That’s where I would like to see this mess go…OR…all house with MERS are FREE!!!

It could happen but I doubt it 🙂 WIshful thinking…
Elyse