I have been doing a lot of research on the wide spread, in fact epidemic, mortgage fraud being perpetrated against the American people by Wall Street and banks who are trying to foreclose on homes that they cannot prove they in fact own. And in most cases did not following proper procedures in transferring the notes etc. Can anyone local to Springfield, Missouri speak to this issue and if ther is local help with this?
It's true that there's a lot of blame to go around regarding the mortgage crash. Just today the SEC announced that it may be filing fraud charges against 2 ratings agencies, Moody's and Standard & Poors, who blindly labled these junk mortgages AAA so they could be bundled and securitized and sold to Wall St. investors, and then the banks and sleazy mortgage brokers could keep making these bad loans to greedy borrowers with no chance of repaying them back.
You seem to focusing on the banks' lazy or malevolent shortcuts in foreclosing on these ridiculous loans, and yes, that should be addressed. But note that statistics are that most of these junk mortgages went to people refinancing their loans and taking cash out from their equity. Which means they made money, and gambled wrongly that their real estate would never lose value and that they'd never face a bad economy.
Politics and the question aside of who's got the better claim to these upside-down homes, if you need a foreclosure lawyer, use Avvo's "find a lawyer" search function for your area. I see at least 34 foreclosure lawyers in MO.
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Even original mortgages that were subprime were the subject of fraud. The problem is figuring out which ones were fraudulent and which were not. You also have to add the problem of bad documentation in transferring mortgages to the point where it is difficult, if not impossible, in some cases to determine who really owns the note.
Each note is unique. You cannot use the widespread issues with mortgages to say that any one is bad. Is there an issue with your mortgage?
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