Ownit liquidating trust

Loans were heaped into trusts with little documentation of ownership or proper loan assignments — it was all about volume and the fees that came with it — and now that sloppiness is hurting both lenders and borrowers.

Her bank tried to foreclose on her, but couldn’t prove that they actually owned the mortgage.If you're considering bankruptcy, you're naturally concerned about what you can keep and what may have to surrender.If you own your home outright, you may or may not lose it if you file bankruptcy.Several factors, including the laws of your state, determine the final outcome of your bankruptcy petition.Chapter 7 bankruptcy provides a means for debtors who have limited assets and income to make a fresh financial start by eliminating most, if not all, of their debts.Firstly the original mortgages were offered to people that couldn’t afford to pay them back, particularly when the so called “fixed” interest rates rose after an initial one or two year period.Much has been written about this (NINJA, Sub Prime etc) Secondly the riskier slices of the mortgages were vastly under priced, and so the interest rate premium didn’t begin to compensate for the very real probability of a high rate of failure to service the loans. It turns out that because of the mortgages being sold and sliced and sold, the ownership of the original mortgage is often in doubt.The bank ended up in the humiliating situation of losing on pretty much all fronts: Last month she received a settlement from the Bank of New York, the trustee for a vast pool of mortgages that included hers. Palmer’s loan balance to ,000 from about 0,000 and has agreed to accept the proceeds of a reverse mortgage in full satisfaction of her obligation.The problems associated with banks that begin foreclosure proceedings when they do not have proper legal standing are now looming larger in the mortgage meltdown.KCC is not in the business of providing professional or legal advice with respect to this website service and this website service should not be relied on as a substitute for financial, legal or other professional advice.Please review KCC's Terms of Use and Privacy Statement for additional information regarding the data maintained on this website.

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