BREAKING NEWS − Finally − Prison For Illegal Foreclosure Operatives!!!

by Ken Kappel on October 28, 2011

We’re astonished that the Rule of Law (largely non-operative in America) has made a comeback in Vegas − Whoops. − The entire state of Nevada.

While we go put out what remains of our flaming hair, please dig in to this short − but incredible − article over at HousingPredictor.com by Mike Colpitts titled:  ”Nevada Makes Illegal Foreclosures Felony.” The link is live. To the article.”

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“Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of ownership.” [Emphasis Added.]

“The outcry of consumer complaints over illegal robo-signing tactics has produced a series of lawsuits against mortgage servicing companies and banks in Nevada, which has led the U.S. in foreclosures six straight years.” [Emphasis Added.]

“The Nevada law makes it a felony for a mortgage servicer or trustee of a mortgage to make false representations concerning a title such as claiming that they are an executive of a bank or mortgage servicer, which was the case in at least hundreds of thousands, perhaps millions of robo-signings. A $5,000 fine will also be assessed if fraud is found. The law requires mortgage companies to provide a new affidavit with the amount owed on the loan, the person who is in possession of the note and the individual with the authority to foreclose on the property.” [Emphasis Added.]

“Some 26 U.S. states conduct foreclosures through the courts, but the new law does not make Nevada a judicial foreclosure state. Foreclosures have been delayed in many cases since the law went into effect Oct. 1st.”

“Cathe Cole, vice president of default for Trustee Corps., and foreclosure counsel in Nevada for Freddie Mac said as long as trustees can show a clear chain of title, including the named servicer of the mortgage there would be nothing for companies carrying out foreclosures to fear.” They just want to make sure we’re doing things correctly,” said Cole.”

“Nevada’s state attorney general is attempting to halt illegal foreclosure practices such as robo-signing with the new law, which they believe are still taking place. Proof of ownership title is critical to the chain of title. If the proof has been lost or never forwarded to a mortgage servicing company the foreclosing party may have no right to formally foreclose and take the real estate.” [Emphasis Added.]

“The Nevada law could provide an example for other states to follow implementing the new law. Homeowners throughout the U.S. have filed lawsuits against mortgage servicing companies alleging fraud in foreclosure proceedings used to formally repossess their homes after Mortgage Electronic Registration Systems (MERS) reportedly failed to provide the physical documents on foreclosures their electronic system was used for to provide foreclosures through. MERS ordered mortgage servicers and banks to halt foreclosures in its name earlier this year.”

Ken here. This is so shocking we’ll take some time to process. Can such laws take hold in Debt-Slave America at the highest courts in the land. If not, watch for the pitch-forks to come out. Combining more intelligent elements of the Tea Party with more intelligent elements of Occupy Wall Street, might put enough folks on the streets and at the polls in November 2012, to force both Government and Financial Elites to realize their game is up. Only in America? Well − looks like maybe − Global. Cynics that we are − for evidentiary reasons − we’ll maintain our wait and see attitude.

Yet  − Hey Hey − way to go Nevada. State’s Rights Indeed. Just like our Founding Father’s insisted.

Such a state law must make you rethink your situation if you’re underwater, have foreclosure issues, or have already been illegally foreclosed on. You can bet five cents (our average bet) that this will have a positive outcome for you even if you don’t live in Nevada. Stay tuned, read our book, our blog, and after you have — let us know — we’ll have a form up on this blog — and we’ll provide some “tool’s to enable you to go forward.


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