By now I’m sure you’ve all heard about the scam some banks and mortgage lenders have going where they begin foreclosure on your mortgage without coming up with the actual deed to the property. Sometimes without even being able to show that you’re behind in your payments. There have even been instances where two lenders are trying to foreclose on the same property.
All this could be solved by making the lenders provide the actual deed or even just the paperwork you signed. That would be one of the few decent laws that could support the writing of.
I’m not going to get that in Washington State.
SB 5275 does the exact opposite, in fact.
Section 7 (a) That, for residential real estate property, before the notice of trustee’s sale is recorded, transmitted, or served, the trustee shall have proof that the beneficiary (bank) is the owner of the promissory note or obligation secured by the deed of trust. A declaration by the beneficiary (bank) made under penalty of perjury stating that the beneficiary (bank) is the actual holder of the promissory note or other obligation secured by the deed of trust shall be sufficient proof as required under this subsection.
So with less than “Scouts Honor”, a lender can begin foreclosure on your property and the entire burden to prove them wrong lies with you.
Ain’t that nice?
Btw, if you hit the link to the Legislature’s website, you’ll see that 19 of the 20 sponsors of this bill all have one thing in common: They have a “D” after their name.
Found via The Market Ticker
Because the (D)s are the ones who want to save the federally-involved mortgage lending agencies, which make so many errors, both planned and unplanned, that if the courts are allowed to hold them to ANY standard, they can’t do business. This is all about competency getting in the way of political expediency.