The Georgia Supreme Court determined back when they made the ruling on the You case, that the foreclosing entity does not have to hold the Note, does not have to hold the security deed, and does not have to have an interest in the loan.’
It should not surprise anyone, they had been allowing it to go on for a long time. Now, I am seeing the people who were foreclosed upon between 4 and 6 years ago, are being foreclosed upon again, but this time, by someone new, a different Lender, that never existed. One day the real Lender will come, and they too will foreclose on the borrower.
Has everything gotten so bad, that the courts just don’t care? What ever happened to contract law? Are they going to allow all contracts to be violated by lenders, or just when it comes to real property?
I saw someone the other day, Bank of America had allegedly foreclosed upon the man. Bank of America not only foreclosed, but evicted the man as well. Bank of Americas name is on the Deed Under Power. Bank of America swore under Oath that they were the current party with right to foreclose. A month and a half later, US Bank sold the property to a third party, because they claim that they were the party with rights to the property.
So lets’s get this straight, when did Bank of America turn into US Bank? There was nothing in the record showing Bank of America had any claim to the Note or Deed, nothing showing that Bank of America is anything to the loan. The Deed Under Power of Sale, has Bank of America’s name on it, with some of those squiggly marks that the foreclosing attorneys have been signing for years, to create a fictional assignment. But… US Bank be damned, they were going to get some of that action. So without any documentation recorded anywhere, of any kind, US Bank sold the property to a third party.