America’s Foreclosure Crisis

America is currently experiencing an economic and foreclosure crisis. Unfortunately, Millions of innocent hard-working people have lost their homes to foreclosure, and millions more are in danger of the same fate. No Government Help! Government bailouts and forbearance programs have done NEXT TO NOTHING to help homeowners that are struggling with foreclosure. Mega-banks and mortgage lenders have been caught red-handed breaking state and federal laws, committing mortgage fraud, foreclosure fraud, securities fraud, bank and insurance fraud, tax evasion, swindling trillions in bailout money, and using every dirty trick in the book to profit from fraudulent illegal mortgages. Unfortunately, our Government has done little to stop the banks. So, if anything is going to be done it must be done by us.

Across the country, banks are committing outrageous crimes, including illegally foreclosing on homes. Banks have even been caught stealing people’s belongings and changing the locks on the doors before a foreclosure is even filed!

Elderly homeowners are tricked into foreclosure. Consumer Digest reported in March 2011 about two elderly homeowners in Wood River, IL who were hoodwinked by their mortgage servicer into foreclosure. Reportedly after spending $350 for an unexpected furnace repair, they realized they didn’t have enough money to make their monthly mortgage payment; which they had been paying (on time) for nearly 25 years.

So, they did what any responsible person would do, and they called their mortgage servicer, PNC Mortgage, to give them a “heads up” and ask for a little leniency.

According to the homeowner’s attorney, PNC Mortgage would modify the terms of their loan on one condition: that they stopped making their monthly payments.

Trusting their mortgage company, they did what they were told to do and applied for a loan modification. Only to be rewarded with PNC filing a foreclosure on them. That’s right, with over 25 years of equity in their home, their greedy mortgage company couldn’t wait to foreclose on them and sell the property for top dollar. Bank of America tries to foreclose on a home paid for in cash, with NO mortgage on it: A local news agency in Florida reported on this case where Bank of American tried to foreclose on a property that never even had a mortgage on it.

The property was purchased in cash, but that did not stop Bank of America from trying to foreclose on the property. Fortunately, the homeowners hired a lawyer and were able to save their home from this illegal foreclosure attempt. With a court order in hand the homeowner’s attorney showed up to the local Bank of America branch accompanied by Sheriff Deputies and a moving company to foreclose on the bank. After the BOA branch manager realized that the Sheriff Deputies were going to allow the moving company to remove everything out of the bank (including the cash in the drawers) he called Bank of America’s corporate offices and quickly had the issue resolved. It’s amazing what can happen when you overturn the tables on these Money-Changers!

Charlie and Maria also paid for their home in cash — and they also got foreclosed on: Charlie and Maria Cardoso paid for their future Florida retirement home with cash in 2005. The couple, who still lives in Massachusetts, had their home foreclosed on by Bank of America five years later this past February… but the bank had the wrong house. The tenant renting the house from the Cardoso’s called the couple last July when three men showed up to clean out the house and change the locks. Charlie Cardoso talked to the Bank of America real estate agent who said he would tell the bank that they had the wrong house. But a month later a landscaper hired by Bank of America showed up to mow the lawn, causing the tenant to get worried and move before Christmas.

It gets worse. In January the bank put a lock box on the front door. When Charlie Cardoso drove down to Florida to convince the bank they had the incorrect address on the foreclosure documents, he missed his son’s homecoming from Iraq. The couple had kept photos, clothes, tools and other items at the home. Everything had been removed and was presumably lost, they say. The Cardoso’s have filed a suit against Bank of America for $500,000 and charging the company with defamation and libel.

Dan Smith got tricked by a teaser rate: Dan Smith is a 33-year-old electrician living in Oakview, California. He devised a carefully thought out budget and decided he could pay $2,700 monthly payment on a home. He bought a home for his family and signed all the documents thinking everything was fine. Then the third month he received a mortgage bill for $3,600. They thought it was a mistake and they called up their broker, who said ‘Didn’t I tell you that was a teaser rate?’ Smith said if he had known the mortgage payment was going to be that much, he never would have bought the house. He lost his home and was left with “huge debt and a horrible credit score.”

Anna Ramirez was foreclosed on by mistake: Florida resident Anna Ramirez came home last year to find her belongings strewn across her yard, after JPMorgan Chase held an auction on her home. Initially, the WSJ reported that the incident was due to a mistake in the clerk’s office and a Chase spokesman was investigating the situation. But the Journal later updated the story saying Ramirez had not paid her mortgage in some time, but court clerical errors led to her eviction. This complicated story proves just how inept our banks’ reporting keeping processes are.

Active duty Navy Officer was illegally foreclosed on and evicted on Memorial Day: Mr. Worrell, an active duty Naval Officer from Florida, was illegally foreclosed on by Emigrant Bank while he was deployed overseas, and while he was in an active bankruptcy. Emigrant Bank violated two federal laws when they illegally foreclosed on Mr. Worrell. Then they evicted Mr. Worrell from his home on Memorial Day, while he was in his Navy Uniform. Serendipitously the local Channel 12 News team was on his block filming the Memorial Day parade and caught the illegal eviction on camera. The reporter told Mr. Worrell Channel 12 News would air his story all weekend long. Unfortunately, after airing the story only once, Channel 12 News received a call from the bank and quickly canned the story.

How can instances of mortgage and foreclosure fraud like these be happening? To understand how and why stories like these can be happening all over America, you first must understand the difference between common law mortgage loan contracts and table funded securitized mortgage loan contracts. For more information on how Table Funded Loans Really Work click here

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