TFH 2/18 | Ten Urgently Needed Structural Reforms of the American Foreclosure System Completely Out of Service

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TFH 2/18 | Ten Urgently Needed Structural Reforms of the American Foreclosure System Completely Out of Service

TFH 2/18 | Ten Urgently Needed Structural Reforms of the American Foreclosure System Completely Out of Service

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Sunday – February 18, 2018

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Ten Urgently Needed Structural Reforms of the American Foreclosure System Completely Out of Service

 

 

 

Homeowners going through foreclosure need not be reminded how fraudulent and emotionally and financially devastating an experience it is to be caught within a thoroughly indefensible and decapitating series of thoughtless and incoherent often contradictory judicial or nonjudicial foreclosure processes and even thereafter incomprehensible appellate processes where thievery is rewarded and justice denied.

Yet that is exactly a fair description of the American foreclosure system today, populated by mostly inattentive legislators, inattentive judges, and inattentive attorneys coming together in an incoherent babble of ritualistic slogans born in centuries past having little if any relevance to modern day societal resources and human needs.

As Oliver Wendell Holmes once remarked, equally relevant today, it is no justification to have no better reason for a rule of law than that it was laid down in the time of Henry IV.

In truth, our antiquated foreclosure system, in most jurisdictions purely judge made law, was created centuries ago when neither the printing press nor the typewriter had yet been invented, when the principal means of transportation was a horse or a boat, and when the only advance means of communication was by telegraph or by pony express.

In short, the advent of recording of real property deeds by paper stamping, the drawing of written negotiable notes and mortgage assignments, and the creation of foreclosure auctions were for their time considered to be vast improvements in the law over, for instance, the ancient right of lender reentry and the ceremonial transfer of real property interests memorialized by the public tossing dirt or the beating children.

Yet today those same improvements, now antiquated relics, foster and encourage and protect a hidden network of crooks feeding on nearly defenseless homeowners, aided by a legal system that has failed to evolve from the dark ages.

The problem begins with one reality of the human condition, that no one can go as long as thirty years without some interruption, temporary or permanent, in one’s ability to pay a mortgage or a deed of trust due to a death in the family, the loss of a job, an illness, or a divorce — and then becoming victimized in the name of justice, entangled within a protracted foreclosure process, burdened with further financial hardships while triggering a feeding frenzy by system personnel.

The legal system, meanwhile, despite isolated pockets of welcome legislative and judicial activism, has completely failed homeowners in the United States, turning mortgages and deeds of trust into a modern day form of slavery with a security interest tied around each homeowner’s neck.

Ongoing examples of system abuses at all levels — legislative, executive, and judicial have been discussed on many of our hundreds of past hourly shows and still continue to this day, to be further discussed on today’s show as time permits.

There are at least ten major structural reforms of the foreclosure system urgently needed, yet no one except on this show has identified and discussed them. They are as follows, to be further discussed this Sunday:

1. Creation of State recording office Torrens System electronic registration of a single Mortgage/Deed of Trust/Promissory Note,

2. Creation of Attorney staffing of State recording offices,

3. Creation of confidential noncourt administrative processing of all debt default accelerations in lieu of foreclosure,

4. Creation of a tenancy option with right of redemption in lieu of foreclosure for homeowners in default,

5. Abolition of the traditional foreclosure remedy as contrary to public policy,

6. Creation of a homeowner’s right of first refusal upon the sale of his or her residential real property security interest,

7. Administrative application of securities laws to homeowner rights whose property interests are securitized, including prior consent and prohibitions against unjust enrichment,

8. Abolition of forced foreclosure auctions, replaced where necessary by blind offerings through marketing via normal multiple listing systems by professional real estate brokers,

9. Underwriting of insurance favoring homeowners, and

10. Creation of extended time limits governing civil and criminal statutes of limitation for mortgage fraud and State compensatory prosecution in favor of defrauded homeowners, including those who have lost their homes.

Such structural changes are possible, consistent with the evolution of the law in this and other fields; indeed once understood they are seemingly inevitable.

Such structural changes can occur through separate or unified efforts of the executive, legislative, and/or judicial branches of our state and federal governments if someone somewhere decides to lead the way.

How many homeowners, tens of millions more, will lose their homes, ripping apart the social, economic, and political fabric of American life, our middle class, and our Democracy itself, until leadership emerges to bring sanity to our foreclosure laws and procedures?

Ultimately, it is going to take united homeowners rallying around a national movement, such as the Homeowners SuperPAC, to overcome the present disgraceful malaise.

If you believe in our approach, please join this call to arms and become a member of the Homeowners SuperPAC today; a membership application is provided on our website, www.foreclosurehour.com.

Only with your support, together we will shortly translate the above ten structural changes into urgently needed state legislation. We cannot afford to waste a second achieving this goal.

Gary

Please go to our website, www.foreclosurehour.com, and join your fellow homeowners in the Homeowners SuperPac today.

A Membership Application is posted there waiting for your support.

 

 

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Host: Gary Dubin Co-Host: John Waihee

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