The Law Office of Carol A. Molloy

Tennessee Foreclosure Defense

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Where Do We Go From Here?

18 October, 2010 (23:15) | Uncategorized | By: Carol


If anyone thinks that the latest news that the notes and mortgages were never placed into the trusts is going to help homeowners, I have some ocean front property in Arizona I’d like to show you.  Virtually every mortgage from 2001 – 2008 is defective and cannot be foreclosed.  If it cannot be foreclosed upon because no one knows who owns the note so it follows that the releases of mortgages are invalid and therefore there’s a cloud on title.  This of course is not news this is what foreclosure defense attorneys have been saying for years.  No one listened when it was just the homeowner taking a beating but now that the investors are crying foul and the title insurance companies are not insuring over the mortgages, all of a sudden we need a solution. 

Any solution that I’ve heard tossed around doesn’t seem to address the homeowners who have already lost their homes.  Lives have been devastated, families torn apart, children with lost childhoods, all for the almighty dollar.  There HAS to be retribution for everyone but of course we all know how this will end.  The banks will take a hit, not a big enough hit to cause them any major damage just big enough to maybe reduce a couple of bonuses.  The investors will recoup some of their money but certainly not enough for the fraud that was perpetrated upon them.  And lastly, the homeowner will still be left with a house underwater.  The economy will take a hit and the middle class will be no more.  The nay sayers that think that the middle class will be restored and justice will be had for the homeowners are wrong. 

I have never been so ashamed of the legal system in which I practice than I am now.  A system where the majority of the judges will not take an unpopular stand.  No one wants to be the first domino in the domino effect so the fraud is allowed to continue.  Even when the fraud is stopped it’s not all of the defrauded that are made whole.  Stay tuned for the next inning in this game where the strikes only count for the homeowner.