{"id":8238,"date":"2016-06-29T08:18:36","date_gmt":"2016-06-29T15:18:36","guid":{"rendered":"https:\/\/therealdaily.com\/?p=8238"},"modified":"2016-06-29T09:01:33","modified_gmt":"2016-06-29T16:01:33","slug":"mortgage-time-travelers","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/mortgage-time-travelers\/","title":{"rendered":"Mortgage companies hiring time travelers to uncover missing documents?"},"content":{"rendered":"

During the Great Recession of 2008,<\/a> it\u2019s been estimated that around seven million Americans lost their home. Many of the homes that went into foreclosure did so because people lost their jobs, and just gave up on their home. In some, people got kicked out based on false documentation, faulty paperwork or just downright illegal mortgage servicing. Numerous lawsuits have been filed and won by homeowners who were wrongfully evicted.<\/p>\n

<\/i> Read also: How Nevada’s housing crash impacts the 2016 Presidential election<\/a><\/strong><\/div>\n

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\nIn California, in Yvanova v. New Century Mortgage Corporation,<\/a> the California Supreme Court ruled that plaintiffs held the right to contest foreclosures when documentation (in this case, a mortgage transfer that was allegedly void) was not handled correctly. The Court didn\u2019t determine validity of the document in Yvanova\u2019s case, just that she had the right to contest the foreclosure.<\/p>\n

New jobs in mortgage documentation<\/h2>\n

According to David Dayen, who wrote Chain of Title<\/em>, this phenomenon has brought new jobs to the market. Career Builder lists a job for a \u201cDefault Breach Specialist<\/a>\u201d posted by a recruiting firm in Jacksonville, Florida. The primary characteristics for this position:<\/p>\n

\u201cThe Default Breach Specialist responsibilities include ensuring all breach letters are issued as required by investors, insurers and\/or State Law.\u00a0 Responsible for ordering title, reviewing title and all security documents to identify missing assignments needed to complete the chain of title prior to foreclosure referral.\u201d<\/p><\/blockquote>\n

Seeking time travelers<\/h2>\n

According to Dayen, all the assignments of mortgage should have been prepared and recorded at the time of the sale or transfer. He questions why any mortgage company would need to order these documents.<\/p>\n

In Yvanova\u2019s case, it\u2019s alleged that the mortgage was not converted into the trust in a legal fashion. In many of the cases involving foreclosure, third parties were hired to produce the paperwork that conveyed a mortgage into the trust. Dayen alleges that many of these companies \u201cmocked up\u201d documentation.<\/p>\n

Although it is possible that the mortgage company is simply looking for someone to make sure everything is in the case file, it\u2019s also possible (some would say highly likely)\u00a0that some documents may never be found because they don\u2019t exist.<\/p><\/blockquote>\n

The failure to follow the law as it pertains to property records is so bad that companies are now hiring chain of title specialists to manage the problem. This does not put the\u00a0real estate industry in the best light.<\/p>\n","protected":false},"excerpt":{"rendered":"

(MORTGAGE NEWS) – Mortgage companies are hiring for an interesting new position that may speak to their role in the economic crash of 2008.<\/p>\n","protected":false},"author":337267,"featured_media":8239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[313,91],"tags":[334,364],"class_list":["post-8238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-big-data","tag-mortgage","tag-mortgage-crisis"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2016\/06\/tardis.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/8238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337267"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=8238"}],"version-history":[{"count":6,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/8238\/revisions"}],"predecessor-version":[{"id":8251,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/8238\/revisions\/8251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/8239"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=8238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=8238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=8238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}