Don’t worry, it’s just a technicality…
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“It was typical closing, flawless,” said Van Zalen. “Title company was there, bank was there, realtor was there.”
BUT
“Standing in line at the rental place, phone rang,” said Van Zalen. “Realtor said ‘don’t move in there, there is a problem.’”
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Foreclosure mess puts homeowners in limbo
MICHIGAN (NEWSCHANNEL 3) – A foreclosure mess is putting people’s status as homeowners in question.
It has to do with a recent Michigan Appeals Court ruling that calls into question thousands of foreclosures.
The court says a company called Mortgage Electronic Registration Systems didn’t have the right to initiate foreclosures. That company keeps mortgage records.
Now, some people who bought foreclosed homes, or homes in the process of foreclosure, are finding themselves in limbo.
“It’s hard to find a replacement for the perfect house,” said Bob Van Zalen.
Van Zalen says he’d found the perfect home, a foreclosed home near Three Rivers. Van Zalen closed on it a few weeks ago.
Then his nightmare began…
You can check out the report with video here…
So let’s hurry up the foreclosure and get those “deadbeats” out so we can sell these homes to suckers “productive people” that can move right in…
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This just keeps getting better and better. I hope they get sued and the house goes back to the original family and Mr Van Zalen can go elsewhere and prey on somebody else’s misfortune. I would feel guilty about moving in to a house that somebody lost.
it’s like dancing on someone’s grave. isn’t it?
Still blows my mind with all the info about MERS and illegal foreclosures, people still are surprised to find that the foreclosed home they bought has a problem. That home is not a perfect home because a family who used to live in that home is probablly now homeless. When will people get it, a foreclosed home is not a perfect home, it has bad karma all around it.
This why a foreclosure moratorium is need it, and full investigation, ad clean on clouded titles Banks can not foreclose until they clean up their mess, other wise the next wave will be that the consumer will not be willing to buy a house, (at any price) and when that happens property values will plumb even more and homes will be worthless
this is the bottom line —
title has been broken on the home that were illegally foreclosed.
they cannot be sold. they cannot get title insurance.
if a home has been fraudently foreclosed and has been has sold and someone moves in, they have no real title because the previous owners are the real owners.
what a freaking mess!
something must be done to clear the decks on this whole ponzi scheme:
full restitution for the drefrauded,
penalties and jail for the perps of this Great Swindle.
So what is the answer? People bought houses, now they can’t afford them if they ever could. Many of these people are glad to have the short sale or foreclosure go through so they can get on with their lives. The borrowers went to the Bank and got cash to pay the builder, now they can’t or won’t pay the bank back, like they promised. So we burn the house down and the bank is out their collateral and no one else can buy the house? Is that the answer? You people do understand when you get Title Insureance it it protects the new buyer? The buyer may not get the house, but they get their money back. I read all these comments, it is amazing how uninformed people are, and they don’t even know it.
Dennisr, Ok, BANK TROLL, YOU CAN GO AWAY NOW. WE CAN SPOT YOU FROM A MILE AWAY…… No one believes your LIES And BTW, THE HOMEBUYERS DID NOT GO TO THE BANK AND GET ANY CASH TO PAY THE BUILDER. THE ENTIRE TRANSACTION WAS BUILT ON PURE SPECULATION OF A BUYERS ABILITY TO PAY OR NOT PAY. BTW, THE TITLE INSURANCE ALSO PROTECTS THE OWNER, THE HOMEOWNER AGAINST FRAUD ON THE TITLE TO THE HOME WHICH I HAVE UNCOVERED FRAUD BY THE HOME BUILDER AND THE TITLE COMPANY. THE WHOLE “LOAN” TRANSACTION WAS NEVER A “LOAN” IT WAS AN IN-HO– USE MORTGAGE FRAUD PONZI SCHEME WITH TREASURIES. THESE CROOKS HAVE SCREWED OVER AND SWINDLED MILLIONS UPON MILLIONS OF PEOPLE WITH THEIR MORTGAGE FRAUD PONZI SCHEME SWINDLE AND HEIST AND THE CROOKS NEVER SECURED THEIR OWNERS COLLATERAL LIEN AT ORIGINATION SO OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE OF THEIR MASSIVE MORTGAGE FRAUD PONZI SCHEME…THE CROOKS MADE HUNDREDS OF TRILLIONS AND NOW IT IS _GAME OVER_ FOR THE CROOKS AND BTW……….. GOD BLESS AMERICA!!!!!!!!!!
this is the bottom line —
title has been broken on the home that were illegally foreclosed.
they cannot be sold. they cannot get title insurance.
if a home has been fraudently foreclosed and has been has sold and someone moves in, they have no real title because the previous owners are the ture owners.
what a freaking mess!
something must be done to clear the decs on this whole ponzi scheme:
full restitution for the drefrauded,
penalties and jail for the perps of this Great Swindle.
None should be laughing. Anything that constitutes a contract should verify and then re-verify that all
is transparent, legal and complete. We’ve all who post here have failed in the past allowing ourselves to
scammed, stolen from, and believe we could trust those who portrayed themselves as honest.
We’ve learned if money or power are involved none can be trusted.
No way would I have ever considered a so called pre approved loan if I had done my homework. It’s like the folks who are rushing out to buy into those reverse mortgages learning too late what they’ve done. That is more of the predatory loaning.
There is no choice but to fight back even when in a losing status. There is no way out, we’re all going to ride the train to no where right along with those who started this train wreck. Even those who think they are not involved will discover belated they too are a part of it. Some are witnessing this now through the devaluation of their homes they invested in. We are ALL on the same sinking ship.
If you try and capitalize on other peoples mis-fortune then let the buyer beware. Should have done his homework. Bob Van Zalen claims it was the “perfect” home, WELL Bob, I’m sure the previous homeowner thought the same thing. The good news is if buyers of foreclosures wake up and realize that the Banks are stealing and selling stolen property perhaps sales will drop like a rock.
“I tell you what I would do if I were Bob” I would sue the Bank (MERS) and make them prove they were the “NOTE HOLDER” at the time they foreclosed; I would also list every party that was involved in the foreclosure and the sale of the property.
you all speak my words thank you. i wish everyone in the untied stated would just stop paying their mortgage at one time ike july 4th!!! that should be the last day. what would happen they cant foreclose on the hole country i know that wont happen so what is our next step folks this has got to stop. foreclosed homes sales have to stop. fraudclosures have to stop.
To be fair, most people buying homes are naive. I know I was the first and even second time around. Just not enough experience doing it. I didn’t really even know what MERS or securitization was until last year and I know for a fact a lot of people out there have no idea what MERS or Ponzi scheme securitization is. Also, a lot of the naive think they are going to get a great bargain and think if they have title insurance that will cover everything. That’s what title insurance is for? Right? Wrong. Usually only covers lender. The banksters are slipping clauses to hold them harmless on REO title problems. Wonder if that will hold up in court? That is an adhesion/unilateral contract and banksters are FULLY AWARE of the title problems & deceptively pawn them off on the unsuspecting.
These buyers also have a dream to own a house and they believe the mainstream media lies that all people being foreclosed are just deadbeats and that the banksters only had some “technical glitches” and “sloppy paperwork,” rather than BLATANT and WILLFUL FRAUD from the origination forward. I do sort of feel a little sorry for them, the ones who are naive and not just greedy, because in the end they are victims of the diabolical banksters too!
NO WAY would I go near a foreclosed home in these times.
Imagine that MERS finally gets its ass handed to it in some federal court that calls it what it is….an electronic storage (albeit sloppy) center, and nothing more.
MERS doesn’t own the note, or mortgage, or anything.
Its just a building with computers with lots of big storage drives in their PC’s.
Agree totally with Carolina,.
You take advantage of somebody else’s misery, you deserve to share in it.
No sympathy for the buyer,NONE!
Seems like a nice enough guy, should have done his homework.
It’s not like the well read or versed in the mortgage industry couldn’t see this one coming even with blinders on!!! Now you have innocent people{HAHA} that are caught up in this cesspool.Whereas I hate to see anyone boondoggled you would have thought in lieu of the situation this gentleman would have been a bit more careful in his planning and buying.Guess maybe he thought he was going to be the exception to the rule.Love MERS comment on there should be no problem,when oh by the way thier certainly is a problem.Gotta love old MERS they just keep trying!!!
You got that right. And MERS has been around doing its dirty deeds for a lot longer than people realize — long before the financial crisis really hit in full force. My mom, who is now 76, used to be a realtor in the 1980s during the insane building boom here in Florida at that time (look at the construction dates of most condos and many houses in FL), and she remembers MERS from at least the late 1980s.
They just didn’t step up their fraudulent schemes until the mid-2000s, and you can easily find hundreds and hundreds of fraudulent foreclosures from the heavily hit states, like Florida and Ohio, dating back to the mid-2000s.
In fact, one point Lisa Meyes got wrong in her reporting on NBC on Dylan Ratigan’s show was when she said, “Five or six years ago you never heard of fraudulent foreclosures like what’s happening today.”
Oh yes we did…those of us who were paying attention and affected were certainly aware.
In these fraudulent times, you would have to be a complete idiot to purchase a foreclosed home without knowing if there is in fact a clear title to it.
I have no sympathy what so ever for anyone that makes such a purchase, and can’t move in.
Just rewards, for making a purchase off the backs of a person that was swindled out of their rightful property.