Perhaps you’ve been following the foreclosure fiasco; the latest episode in the mortgage mess of the last decade. In simple, they’ve been stopped in 23 states because the documents submitted to court (which is only those states) may be based on false and fraudulent statements. To wit, the claim they have possession of the true documents of debt. Already this is ugly, yet it is only the tip of the iceberg. Instead of pontificating I will ask two fairly simple questions for you to ponder.
If the banks don’t have possession in 23 states, how likely is it that they have possession in the other 27?
If they don’t have possession for foreclosure, how can they have possession to give clean title to those who will pay off the loan?
No, it turns out I’m going to ask a third question. Have you ever thought of the burden of selling a house that does not have clear title? That’s about to happen to roughly 45 million out of 71 million total home-owning households in the US.
Foreclosure is the deckhand lookout yelling about the iceberg off the starboard bow. Clear title is the mass that’s going to nail us.