Vote Nadar..........some help here for you, Its a bigger deal than you may think...follow the steps how this is done, below and you will understand.....just WHO is getting rich and why. But, you have to follow the mechanics of the process, to understand......exactly what is going on.
On a real estate lien note called a "Deed of Trust" on the back of any of those documents is a list of conditions.
See any deed of trust/lien document, under accelerated conditions and read any clause 16, and 17.
These are the clauses for "in case of acceleration" ie Foreclosure. They allow for extra charges 1) 10% for attorneys fees. 2.) 10% administrative fees for the company.
3.) 6% for Real Estate sales fees.
There is automatically a extra 26 % add on fees.
FHA, VA, HUD, are not lenders...they are insurers who
co-sign the loan and guarantee the Mortgage company the total amount of the loan in case of non-payment ....at foreclosure..." plus fees".
Once they publish a writ of foreclosure (Placed on the wall at the court house....the borrower may not be sent a notice its not the law.) The house will be auctioned off at the highest bid .....which is always be the mortgage company.....inspite of the TV commercials you have seen.
Once that administrative process is complete after the 21 days after posting....The mortgage has clear title to the property.
That done they are the sole owner....and can legally transfer the loan to the insurance company for its losses. (FHA,VA,HUD) and their fees.
They will receive 100% of the loan balance....PLUS the 26% of additional charges.....which they will receive 126% of the loan balance in 10 days.
So if they loan $100,000 on a loan......if they foreclose the loan they get paid $126,000 making a very good profit in a few short months of a new loan.
Borrowers are led into a trap...with cheap appearing payments and are approved "When they shouldn't be." This will guarantee a foreclosure in a few short months or a few years.
To guarantee foreclosure, the mortgage company will demand a monthly increase for Escrow..to cover fake increases in their insurance policy...and extra administrative fees and a additional funds "in case" of increase of taxes......which can double the original payment.....when the house forecloses, they get to keep this escrow money. These extra fee's really go to pay salaries and cost of operations for the mortgage company.
These extra fees are always a fake situation, to burden the mortgage pay'er. This guarantees a late payment....which gives the mortgage company the legal right to accelerate the mortgage (demand payment in full) ie. Foreclosure.
If a mortgage company loans on a house there are charges included in the loan....plus the required down payment.
Usually on a per $100,000 loan they only spend actually $80K to $87,000 per loan in real cash. So when the mortgage company borrows the $100,000 for the loan they really get to keep up to $20,000 of that amount for themselves, for FREE...which is never mentioned later.
So on a $100k loan they get $20K cash + when they foreclose the receive another $26K automatically all = 46% of the loan in cash.....in less than 3 to 5 years.
Instead of waiting 30 years to receive just 1/2 that amount as contracted.
Today they create and control "HOT" markets to keep prices high,.....just like oil or stocks.
So if a house cost 1 million in 3 years they can make $480,000 cash just on the paperwork of the loan. So why wait....30 years.
The other side is they give such cheap loans that HONEST lenders/ mortgage companies can't compete in that type of market and close.....
Today most of these lenders are European (German mostly) with England leading the way.
Socialist Americans...and Europeans take advantage of Americans and their democratic laws and protections, to make fortunes annually.
There are many ways to protect the home owner, but lawyers can't and won't do this....because there motive is cash also and the home owner is strapped at that point and can not gain good representation.
There ways to stop them cold in there tracks...If you read 1983 to 1987 Houston, or Wall Street news...you will see several articles stating; "Real Estate Robin Hood steals houses from the rich, and gives them to the poor." Or in Dallas in the 95-96' yrs. You will see that W.R Grace lost 287 million in 1987, as well as companies like Manufactures Hanover (619 million 1987).
W.R. Grace is the Vatican Banker, Manufactures of Hanover germany...are a group of wealthy German X-Nazi Freemasons. The people who are absolutely not interested in American Homeowners plights.
These foreclosure areas move around like a clock, usually starting in NY area then Chicago, then to Dallas markets and to Houston then to California....Then back to NY....this has been going on Since JFK was elected and acted laws to "HELP" home ownership for Blacks....which was a non-issue at the time. (72 percent of blacks owned their homes then.....but let them borrow against there house....which the quickly lost).
Those article's were usually about me and 4 or 5 other guys, back in those days. Living in a city with 2 future presidents doesn't make it any easier. Foreclosures in our city were 5000 houses per month for a long time....and over 80% were always currant on there payments....or the mortgage company refused payments.
Like Ralph Nadar., I could had made a fortune (and did make a lot of cash) but I preferred to really stick it too these thieves and did. Over 30 savings and loans and 135 mortgage company's who were doing that in our area.....don't exist today to screw the unsuspecting new homeowners....
Its easy to do...very simple administratively....but a lot of badges come around making quiet threats, .....well for me and my friends.......they provide a lot of "play time" for restless x-combat vets.....That was the fun part, including some Well known people......if they wanna play.....we got the game.
Today there are no foreclosures in Houston that are not normal, we watch that.....if they start that here again....
We will take them around the block again! Just to remind them....we are still here.
This is REAL organized crime...The real "RICO" act stuff, but its not the underworld....Its their brothers in the OVER-WORLD who operate off of Drug money, laundered money as loaned cash....and stolen money from Fake high oil prices invested in loans to keep from paying taxes.
When they receive their FHA Claim cash on a foreclosed loan....there is no tax on "Compensation" from claim proceeds or insurance payments.....It's TAX FREE.
I have seen your questions, and logo...some are good and you have the right attitude for whats going on.......
I hope this explanation is helpful to help you understand a complex (but simple) scam to bilk American government out of Millions using UN-suspecting home owners. The Home Owners are unimportant in there scam....but they have to have a name on the loan....to look legitimate.
Internet "WiKipedia" enter: "Prescott Bush" then "Geo. H W Bush" and read the Bio. Then you will understand.
· 1 decade ago