If You Are Trying To Avoid Foreclosure…
So as of today in the United States, foreclosure is a major issue. One article says that there were 2 million foreclosures in 2008 and could be up to 10 million in “the coming years.” While this article says that “19 million homes and apartments across the country – one in seven – are now sitting vacant as the foreclosure crisis takes its toll.” And 1.5 million foreclosures a year are due to medical costs (can we get single-payer instituted TODAY please!).
So a woman in Florida is one of many homeowners who have figured out a way to fight back — force the bank to prove that they own your mortgage and show you their paperwork. A huge part of this whole mortgage meltdown is due to the fact that banks could sell away your loan to others. This previously non-existent commodity would be known as “mortgage backed securities.” This insane idea was concocted in the 1980’s at the firm Salomon Brothers (now a part of the also infamous Citigroup) and is detailed in Michael Lewis’ great book “Liars Poker.”
Check out this article explaining the story and how it may work for you.
