Foreclosure fiasco frustrates homeowners

Thousands are legally challenging their home foreclosures

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Jones has fought for more than a year to keep his two-story townhouse from being foreclosed.

DELRAY BEACH, Florida — Curtis Jones has fought for more than a year to keep his two-story townhouse in this beachside Florida city from being foreclosed.

Jones, a 49-year-old construction worker, feels like it is a one-sided fight.

“Nobody is willing to work with me. They just brush you off,” he said.

Seven years ago, Jones took out a mortgage with Countrywide Financial Corp to buy his home. The lender has now launched foreclosure proceedings against him.

But his lawyers say records in MERS, the electronic mortgage tracking system, show his loan actually belongs to the government-owned finance giant Fannie Mae and argue the case is not valid.

MERS, which tracks more than 60 million mortgages and has initiated thousands of foreclosure actions around the country, is at the center of the growing furor over whether lenders used questionable practices to claim hundreds of thousands of homes from delinquent borrowers.

I can not believe how screwed up this mortgage mess is. If you do not payback the lender you have no rights. If you make your payments no one can take your home. We need a quick solution to this mess before the the majority believes they do not need to pay the lenders.Do not let the lawyers exploit this terrible situation. For the complete article by

By Kevin Gray
Reuters Foreclosure fiasco frustrates homeowners - image source_Reuters3 on https://www.privatelendinggroups.com

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Posted in Foreclosure.