tag:blogger.com,1999:blog-1194375569044391746.post5334761998832815173..comments2024-03-29T02:00:55.623-04:00Comments on Corporate Justice Blog: Trouble with Foreclosures Intensifies: "Where Were all The Lawyers?"Steven Ramirezhttp://www.blogger.com/profile/16741346526253732489noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-1194375569044391746.post-87040486005080954402010-11-23T07:47:05.989-05:002010-11-23T07:47:05.989-05:00The disaster with MERS does not only end with the ...The disaster with MERS does not only end with the lack of recording the actual mortgages to secure the loan against the property, problems also arose when the actual mortgage was already paid off and proper releases or satisfactions of mortgage were not recorded. I worked with an attorney who owned a title company for over three years and one of my first tasks was hunting down banks to make sure they recorded the proper release documents when the loans were paid off. More often than not, I had to call MERS and even then the mortgage was sold/transferred so many times MERS wasn’t even sure who the true owner of the mortgages were. <br /><br />This obviously caused a huge problem for sellers and borrowers wanting to refinance because, technically, the public records still showed an outstanding mortgage on the title. Lenders will not lend money if there are more mortgages than they are willing to allow as a priority in front of the new loan. <br /><br />Another area where MERS has proved disastrous is when borrowers and sellers wanted to obtain payoff for their current loans to refinance their current mortgages or sell their properties. At times borrowers were so confused about who their lender actually was they couldn’t even name their lenders. I had one client come into the office one time with TEN letters, all from lenders who had notified her that her loan was being sold/transferred, etc. etc. and that they were the new lenders. The problem was that the letters spanned a one year period and the client had all but given up on keeping track of who was her lender. Luckily I was relentless and by some miracle, my harassment of MERS paid off, since I was able to find out who her lender was and request a payoff so she could sell her home.Jesika D. (FIU)noreply@blogger.comtag:blogger.com,1999:blog-1194375569044391746.post-30317030022404223992010-11-07T00:30:13.143-04:002010-11-07T00:30:13.143-04:00Starting from the first day of law school orientat...Starting from the first day of law school orientation, we have been told the importance of professional responsibilities and ethics. It is a professional commitment to stand by the ethics even during trying times. Some law firms specializing in foreclosures were the few ones hiring during these tough times. I guess the lesson here is to keep your commitment to ethics close to your heart and be ready to walk away and expose the fraudulent acts that are so prevalent in the corporate world.Michelle M. (FIU)noreply@blogger.comtag:blogger.com,1999:blog-1194375569044391746.post-20150004146074332422010-11-05T10:56:42.413-04:002010-11-05T10:56:42.413-04:00Bank of America’s misrepresentation through fraudu...Bank of America’s misrepresentation through fraudulent documents filed bolsters the theory that that megabanks are the cause for much of this tanking economy from the housing bubble crises, the over-speculation and securitization on Wall Street, the bailout, the egregious bonuses, to the self-interested reservation of lending to reserve funds for future corporate crises. I agree that these unethical and criminal practices by banks need be addressed with serious reprimand. Sadly, anything less doesn’t appear sufficient to alter the megabanks ongoing business practices.starbucks momhttps://www.blogger.com/profile/17237788107351309006noreply@blogger.comtag:blogger.com,1999:blog-1194375569044391746.post-35339347964069284652010-10-17T10:38:46.082-04:002010-10-17T10:38:46.082-04:00I agree, where were all the lawyers? Who was draft...I agree, where were all the lawyers? Who was drafting the 6,000 affidavits in support of foreclosure per week that the "robo signers" were executing? Attorneys have a legal fiduciary duty to protect their clients. This relationship is of the utmost importance and is why non-lawyers put their confidence and trust into their relationship with their attorney. This fiduciary duty, especially regarding the management of money, is essential in this economy. In addition, banks owe the same duty, an ethical relationship of confidence or trust regarding the management of their money, to their investors and mortgagees. We can thank the lawyers and financial sectors who did not use the appropriate standard of care for the massive loan write-downs as banks renegotiate loans because of these missing documents. The last thing we need to do in this real estate downfall is extend our economic problems.ncauz001 (FIU)noreply@blogger.com