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New twist to US foreclosures

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Lars77 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-14-10 06:44 PM
Original message
New twist to US foreclosures
 
Run time: 02:46
https://www.youtube.com/watch?v=ihbpcKKkzcQ
 
Posted on YouTube: November 14, 2010
By YouTube Member: AlJazeeraEnglish
Views on YouTube: 314
 
Posted on DU: November 14, 2010
By DU Member: Lars77
Views on DU: 891
 
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-14-10 07:11 PM
Response to Original message
1. This is from Al Jazeera? Funky.
What is more significant was the piece posted a few days ago saying that there were multiple owners on the same loan. Is it possible they sold the same loan multiple times? I guess if paperwork was that screwed up it is possible. In that case who gets to foreclose?
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notadmblnd Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-14-10 07:35 PM
Response to Reply #1
2. Its my understanding that they divided the mortagages into pieces and sold the pieces
to investors according to risk.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-14-10 07:43 PM
Response to Reply #2
3. The entire mortgage should have been in one trust and then the pieces divvied up.
Then the Trust's rep has the right to foreclose. But now we've got a bunch of different reps saying they have the ownership rights. That is my admittedly non expert understanding of the situation.
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Klukie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-15-10 08:23 AM
Response to Reply #1
4. And more importantly..how does that affect a legitimate sale?
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