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If You Are A Homeowner Or Are/Were In Foreclosure, You Are A Victim of This Scam (Entitled To Damages)

Posted By: CHRIST
Date: Tuesday, 31-October-2017 14:55:38

In Response To: If You Rent, You're Probably A Potential Victim Of This Scam (CHRIST)


Research
Mortgage Scam

A Question: Is the Bank Responsible For Your Default?

Your Local Mortgage Bank assumes the risk for doing business
in an unsound economy. The Bank, from other loans, and industry statisticians, know the true Employment picture in your community. If banks lower borrowing standards, that is a business decision to stay in business.

Amortization Schedules (used throughout the industry) provide that the Bank recoups its money before you accumulate any equity,though really the bank should only get 3% of your payment on a 3% interest loan. This Industry practice, I believe voids
the Contract and should allow Rescission.

Accelerated Payment clauses, where the borrower must pay back the entire loan, is also an industry practice and coercive, amounting to 'undue influence' by the other party, which makes the contract breachable by the victim Homeowner.

Insurance provisions are also imbedded costs, which means the mortgager collects twice on the property, not just from the homeowner.

No Foreclosure fees should be foisted on Homeowners. I believe the current amount is upwards of $50,000. Banks have plenty of staff to handle foreclosures, as it is a part of their core business model. If the bank wants to farm out some costs to other sub-contractors, that remains their cost, not the borrowers.

The Bank in summary, has Undue Power over the Borrower, in view of their Confidential Relationship which exercises a Significant amount of Control over the borrower's actions.

The foreclosed homeowner is entitled to damages because of the physical, mental, emotional harm of the foreclosure on his current circumstances.

A Question: Is the term 'Homeowner', Fraudulent

Because of the extremely small equity accumulation in the Amortization Schedule, the fact that banks are aware that the borrower stays in their home only 7-13 years, means that the entire transaction was based on a Fraud.

1) A false statement of a material fact (You are a Homeowner)

2) Knowledge on the part of the defendant that the statement is untrue (Inequitable Amortization)

3) Intent on the part of the defendant to deceive the victim
(Industry Advertisements)

4) Justifiable reliance by the alleged victim on the statement
(I believe I Own The Home)

5) Injury to the alleged victim as a result
(Robbery by the Bank)

Simiilarly #1 could be 'You are a Qualified Borrower'

I maintain that the mortgage terms and amortization schedule are 'artifices' used to obtain money by the bank making the entire scheme is illegal (18 USC 1341 - Frauds and Swindles).

Of course the 13.4 trillion of outstanding mortgages owned by the previously convicted Banks is too important to this foundation of this country's economic system, to be challenged by Congress unduly influenced by Industry Lobbyists, or Legislator-Lawyers-Lawfirms who make their livings from Real Estate and must protect each other.

http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx?loanAmount=165000&years=30&terms=360&interestRate=4.50&loanStartDate=31+Oct+2017&email=&lightbox=true&show=true&showRt=false&prods=216&monthlyAdditionalAmount=0&yearlyAdditionalAmount=0&yearlyPaymentMonth=&oneTimeAdditionalPayment=0&oneTimeAdditionalPaymentInMY=&ic_id=mtg_amort_calc_amortization_btn

https://law.freeadvice.com/litigation/legal_remedies/what-is-rescission.htm

https://en.wikipedia.org/wiki/Duress_in_American_law

https://www.law.cornell.edu/uscode/text/18/1341

CHRIST


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