REMEMBER! These columns are my opinions only. I think every word I write is true, or I wouldn’t write them. So with that warning, let me tell you my opinion about a matter that affects hundreds of thousands of unfortunate homeowners who are in foreclosure. I’m not, and I’m sure you the reader aren’t either, but if you know someone who is, this might be of help. I have a client in Hawaii, who I tried to tell this to, and she either didn’t do it, or her attorney was and is a fool. Here goes:
You can’t sell your car if you don’t have a title. The car title, boat title, truck title, tractor title, motorcycle title, locomotive title, airplane title, or whatever, is your proof of ownership. When you finance the item, the lender holds the title till the loan is paid. Agreed?
When you buy a home, it has a deed with it. The deed is the title to the home, proof of ownership, just like a car title is proof of ownership of the car. When you get a mortgage on the home, you assign and give the deed to the lender. When the mortgage is paid off, the lender signs off and gives the deed back to you. If he is owed money, he has the deed till the loan is paid in full. Agreed?
With Freddie and Fannie having ’packaged’ and sold ’packages’ of deeds, loans, and other paper around the globe to unwary buyers, who knows where the deeds are to homes now being foreclosed upon? The deeds could be in foreign nations’ piles of paperwork, or could be totally gone. With failed banks, unscrupulous mortgage brokers and lenders, the deeds to foreclosed homes could be not only unavailable, but even un-traceable. Get the point?
You can’t sell a car without the title, and you don’t own a home without having the deed to it. How can a supposed ’lender’ say he owns the home and wants it back, if he can’t prove he owns it by producing a deed to the home? I am not saying he doesn’t have a note of some sort, or maybe a copy of a note, but that is no more sufficient than selling a car without the genuine, original title. Can’t be done. Or if it is done, the buyer will be unable to get tags, because he doesn’t have a real, genuine, original title to the car. Same with a home? Why not? Suppose someone with the deed came along and tried to foreclose, after someone without a deed was successful?
This has been through court several times already, and guess what? The entity attempting to foreclose, has lost. Without the deed, the court has ruled that the entity foreclosing, without a deed, has no grounds on which to foreclose. How can he, if he can’t show a deed (title) to the property? Where does that leave the homeowner? As far as I am concerned, he owns his home, or does, till a deed can be produced, which in thousands of cases can never be produced. How can he ever sell? Maybe he can’t, but then again, maybe he can live there rent free till the cows come home.
Isn’t this just due to the bankers? Let ’em stew in their own self created pot. If you lose the title to your car, you can get a duplicate. If the deed to your home is missing, can you apply for a duplicate? I don’t know, but if I were being foreclosed upon, I’d certainly try to find out and explore every nook and cranny before I vacated. I’d hire a good lawyer to defend me too. Pass this on to anyone who may need it.
P.S. I’m so tired of seeing black faces on the news every day, who have committed the most heinous of crimes. The latest is the one who shot and killed four white police officers in a coffee shop, who, fortunately is dead, thanks to a cop. Ask a prison guard which race is the majority of his population. Ask any cop which are his greatest offenders. Black males between the ages of 15 and 35, commit 50% of the crimes, and are but 2% of the population. Recently, a group of dozens of blacks were rounded up who were doing nothing but killing white and Hispanics, because they were white or Hispanic. Grace Kelly’s brother was jogging down East River Drive in Philly years ago, and was mugged, “because you’re white.” Muslim extremists are doing to Muslims, what criminal blacks have done to other blacks, and that is make us afraid of all of them.
Please! If you don’t NEED the dollars, do not sell your metals to “take profits.” You may never be able to buy them back again at a profit. What is the point in selling true, historic money, for un-backed, printing press scrip? Who knows when there will be a correction? Everyone around the globe is buying and wanting gold, not just in the U.S. Don’t gamble with your precious metals!