This is Awesome News!
HSBC has suspended ALL Foreclosures, it is not something they announced but it is a fact they seemed intent on hiding, as it was declared in their annual SEC financial report they filed on Monday.
Isn't it extremely funny how Main Stream Media is not mentioning this fact? Wow you would think a bank suspending ALL foreclosures would be a news item. OH, wait of course, what am I thinking...... Charlie Sheen is much bigger news and much more interesting than a bank that is not foreclosing due to so much fraud in the past.
Portion from article:
HSBC Bank USA and HSBC Finance Corp. have stopped all home foreclosures until further notice and may face unspecified regulatory actions or fines, after regulators found “certain deficiencies” in servicing and foreclosure procedures, HSBC said in government filings Monday.
The disclosure by HSBC, buried deep within its annual financial report to the Securities and Exchange Commission, marks the first time HSBC has admitted to a foreclosure moratorium in the wake of a legal and paperwork crisis that swept the industry.
HSBC is a mortgage servicer which is a MERS bank member. MERS had sent a memo out to all of their member banks, that no foreclosures could be in MERS name anymore. They did this due to the New York ruling against MERS and the fact they have no rights to transfer the mortgage. Also servicers stopped foreclosing in their names, due to rulings that they are not the owners and can not foreclose, that is why it switched to MERS name as nominee to foreclose.
Is there any wonder HSBC suspended foreclosures? They can't foreclose because they are not the owners and now there can't be foreclosures in MERS name, due to them not having rights as nominee. Now, my next question is how can any of the banks from Bank of America, JP Morgan Chase, Wells Fargo, Goldman Sachs/Litton Loan and the list goes on and on, take foreclosure action on anyone? Will they go back to the servicer being listed as the foreclosing entity?
Will they have to go to each Trust that the MERS mortgage is in as the foreclosing entity? But then if they do, will that not then open the Pandora's box that mortgages were put in multiple trust?
There are some states trying to take action FOR the bankers - One is Washington State. It seems the state ELECTED Government officials are trying to pass a bill SANCTIONING The banks FRAUD! I just came across it today - so those in Washington State - you need to contact your government officials and tell them - THEY WORK FOR THE PEOPLE NOT FOR THE BANKS!
How do I find about my lenders that even they hold my title or the trustee
ReplyDeleteYou need to go to the court house and get every bit of paperwork they have on your property including any assignments.
ReplyDelete