10 March 2009
wst... note: ms. jackson has been writing from a personal perspective about mortgage frauds particularly in new orleans for several years prior to the banking collapse.
By: Barbara Ann Jackson
Authorities need to swiftly and thoroughly investigate the ultimate lethal foreclosure fraud which is causing people to FALSELY lose ownership of their properties and become evicted; and it cheats Investors, as well as mortgage companies!!
This appalling fraud occurs when debt collector attorneys deliberately file judicial foreclosures under names of defunct mortgage companies, or companies which do not own the promissory notes; and after obtaining illegal seizure, the collectors charge fees far beyond "Acceleration Clauses," thereby making it impossible for borrowers to recover their properties or bring current the mortgage arrears.
When property owners sue for "Unfair Debt Collection Practices," etc, collectors make even more $$$$ through protracted litigations. (*An example of protracted foreclosure litigation in lawsuit: "Super Future Equities v. Wells Fargo Bank, et al.") Fraudulent foreclosure proceedings mean that people actually HAVE NOT lost ownership of their properties, and evictions are illegal, but those homeowners don't know it!!
For predatory and deceptive mortgage lenders, foreclosure frauds are bonanzas because it makes possiblre real estate FLIPPING frauds, and misleads Investors concerning housing markets. SEE: Law & Grace 14 September 2008: LEHMAN BROTHERS’ Mortgage Troubles (nationally & locally); Evidence of Foreclosure Fraud, Deception, and Conspiracy with Wells Fargo; Deceptive Judicial Filings
Also, foreclosure fraud makes it possible for mortgage companies like Wells Fargo Bank, NA to file with the IRS false 1099-A's and 1099-C's for purposes of unlawful tax write offs and tax credits. SEE: Law & Grace 08 August 2008: My August 8, 2008 Statement to the Louisiana Secretary of State, Office of Financial Institutions concerning Wells Fargo IRS and Mortgage Frauds, Sham Foreclosures and Judicial Collusion; also NATIONAL APPEAL FOR QUI TAM, OR OTHER LAWYERS
(Even worse, many distressed homeowners have no idea about tax consequences false 1099's from a mortgage company could cause.)
Additionally, an alarming amount of unscrupulous debt collector attorneys are committing amazing fraud in Bankruptcy Court because of "lift stay" motions they filed via use of names of entities which have no "standing," or have no "real party interest." Put plainly, foreclosed homes are an alarming epidemic, but it does not mean that all proceedings are lawfully executed.
The BIG picture is that there are thousands of people who are being rendered homeless, yet too many of those judicial foreclosures were dishonest, in violation of law, and some were crimes.
In a nutshell, NOT UNTIL a valid foreclosure case is filed in court, can a valid home loss and eviction occur. In light of the nationwide MORTGAGE MESS, there is an immediate need to address this blatant economic exploitation.
For further reading, irrefutable proof and extensive details about how proudfully foreclosure real estate frauds are being carried on, check out: www.lawgrace.org.
Barbara Ann Jackson
Law & Grace, Inc
Posted by wst... at 11:31