More Foreclosure Fraud by Banks – New York Post Finds “House of Cards”
The New York Post, while not necessarily known for hard hitting investigative research and analysis, has published a story this weekend about its findings after a 3 month investigative report on foreclosures in New York state. To their surprise, of the sample 40 foreclosures that they had looked at, 37 of them had a broken chain of title. For those who follow this stuff, you can’t sell or transfer property without having the property chain of title.
The investigation looked at foreclosures that were part of a Chapter 13 bankruptcy filing. The reason they looked at Chapter 13′s is because the bank has to prove it has rights to the property in order to make the claim on the debt. According to the New York Post, they looked at “Chapter 13 filings because the banks or mortgage servicers file proofs of claim for the debt and must, under penalty of perjury, include accurate information about the mortgage, note and fees. In New York, filing public records with “intent to deceive” is a felony.”
Despite all the coverage this past winter of robo-signing issues, issues with this practice apparently are continuing.
“The largest financial institutions in the US are doing it every day, and I have not seen it slow down or stop,” says Westchester attorney Linda Tirelli. “The game is always the same: Make up documents and foreclose as fast as you can.”
The 50 States Attorneys General along with the U.S. Department of Treasury are trying to negotiate a $25 billion deal to provide immunity for the banks so they don’t have to defend their mortgage practices and prove that they have the proper documents in order to foreclose. If approved, this will eliminate the rights of homeowners to pursue a legal option against the banks. For now, homeowners are still able to sue the banks in order to have them prove that they have the right to foreclose. In Minneapolis, one attorney who is charging ahead to help homeowners is Bill Butler.
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