USA Today ran an article on foreclosure statistics. It seems that we have recently set two records. The first is that for the first time ever 10% of all home owners (according to the article) missed a mortgage payment during a quarter. The second is that now some 4.6% of all home owners are in foreclosure. Gee, two records, one article.
What I find difficult to believe about this is that it says both of these percentages are of all home owners — not all home owners with mortgages. I would believe those numbers if they are all home owners with mortgages, but considering the number of paid for properties around, it would be seriously staggering if those numbers are actually true.
The biggest problem is that the banks are allowed to foreclose on properties they don’t even own! All of the mortgages made within the last 7+ years were paid off by TARP. These mortgages were paid off by the government when they bailed out AIG and all the rest of them. The Mortgages were paid off AGAIN through the insurance on the pools that the mortgages were in. Now, the Mortgage Servicers are assigning these mortgages to themselves, with the help of the “big banks” acting as so called trustees for these pools (that have already been paid) and they are filing foreclosure suits and getting these houses FREE and CLEAR!! Homes that none of these banks or mortgage servicing companies have any interest in. They did not contribute one cent to any of these loans. They are truly the BOTTOM FEEDERS of our SOCIETY. My mortgage loan was funded by an investment pool but had a different lender name on my Note, and my Real Estate Mortgage shows MERS as the Mortgagee. Now, I have Carrington Mortgage saying they are the new servicer and Wells Fargo as the creditor and the Trustee (how is that possible) for Stanwich Mortgage Loan Trust, which incidently is owned by the owner of the mortgage servicing co!! Isn’t that called Rackettering??
Yes, And I too am a victim of this scheme. Let’s put a stop to this abuse! I have proof and a smoking gun.