Monday, June 20, 2016

Help Wanted: Corrupt Loan Servicers Seek Sleazy Individuals To 'Manufacture' Missing Mortgage Docs; Ability To 'Prove Up' Broken Chains Of Title With With Forged Paperwork On Loans Entering Foreclosure A Must

Investigative reporter David Dayen writes in The Intercept:
  • RECRUITERS ARE HIRING for a job that shouldn’t exist: finding “missing” documents required to “complete” broken chains of title on mortgages entering foreclosure.

    Since all assignments of mortgage should have been prepared and recorded within days of the transfer or sale — and the failure to do so irreparably ruptures chain of title — the companies would seem to be looking for time travelers or magicians.

    Or maybe they want to manufacture false evidence to introduce into courts as a means to take away people’s homes.

    Without a chain of title documenting the sequence of historical transfers of title to a property, foreclosure proceedings cannot continue in a legal fashion.
    The multiple job listings for specialists to fix broken chains of title only confirms that nothing has changed in the industry. No mortgage company would require a chain of title specialist if the documents needed to foreclose existed.

    It’s possible the missing documents merely need to be located. But the presence of an entire industry of third-party “default services” companies that recreate mortgage assignments suggests that this isn’t a case of lost-and-found. Last September, one such third party, Security Connections of Idaho Falls, Idaho, was caught soliciting individuals to forge mortgage documents.

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