PART TWO: CREDIT BID + MANDATORY FORECLOSURE SALE PROCEEDS DISBURSEMENTS = FORECLOSURE SALE FRAUD!!
by Danny Hammond
("Endurance is not just the ability to bear a hard thing, but to turn it into Glory"
William Barclay)
So, you believe you are a victim of mortgage fraud? Why? What happened to you that is concrete and particularized. Those words are important. Not knowing the words to use procedurally against the foreclosing party is the number ONE reason Borrowers can't win on their own.
This is Part TWO of issues of mortgage fraud that no one is talking about or using as an offensive defense. These articles question why the most basic of laws are being ignored by attorneys and the courts to a truly criminal level.
My next problem is, "can it be really true, that no one is noticing that after a foreclosure sale, no one not ever, not no how is writing down and distributing to the concerned parties (that's you Borrower) who the proceeds of the sale were sent to. Not in anything I have worked on, or read, or listened to. How can this be? In 1990 if you had held a foreclosure sale and left no paperwork trail for the other parties involved to review you would have been sent to the penitentiary.
Every state and the Federal government have statute regulating use of a "credit bid" and the rules of disbursement of the cash that was paid for the house. Who got the money, what order was it given out, did the Borrower get any surplus proceeds to pay toward his loan. Does he have money coming to him, or are his payments deficient for a payoff and might he be sued for money. Those two things are very far apart.
Does the Borrower get money, or does he still owe money? I don't remember that ever being a question before the year 2000.
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