I'm several months into this search now. Every time I think I've seen the worst thing the foreclosure mills can bring, I soon find I'm wrong. They do not care about law, or decency. They are getting paid twice on every file to kick you out of your house, whether they have any right to do so.
So let's assume worst case scenario for a minute. Let's just assume that you bought a house you really couldn't afford. Let's look at what they did.
1. The banks set up a system of mortgage brokers who had quick access to their funds. They paid those people well to originate these mortgages, which they, in turn, sold on to investors. The brokers got paid; the banks got paid. They didn't care about the end investors; they just sold them down the river.
2. The banks then got paid as servicer to send you bills and call when you were twenty seconds late. They got paid to hold the funds in trust. They got paid in this large variety of roles, all the time you were seeing the rate climb on your ARM. (It probably felt like a spider climbing right up your arm)
3. The banks bought credit-default swaps so they could keep the defaults off their books. We as taxpayers bailed AIG out for making too many dumb bets.
4. The banks took on stupid loans and stupid purchases. We bailed them out.
5. Now, the banks was Fannie Mae and any other agency who insured these loans to pay up, and they want their houses back. They're willing to do illegal things to get them back.
AND THEY WANT TO MAKE YOU THE VILLAIN? You didn't say yes to that loan; you didn't say yes to the worst US economy in a century. You may have talked yourself into believing their lies about your abilites, but if that's all you did, DO YOU DESERVE TO LOSE YOUR HOUSE TO SOMEONE WHO CANNOT PROVE THEY HAVE A RIGHT TO IT?
I say no. They are the ones who should bear the risk on all those properties they can't prove. If they can prove it, fine. But if they can't, then it's time to make them pay for their mistakes, instead of you making one last payment. You've given them your money, you've given them your credit. Let's help you keep your house.
