The tip of the iceberg in mortgage rescues

[Judge Roy Bean]

The depth of deceit in rescue scams just never surprises me - but there may be consequences:

http://www.nytimes.com/2009/03/08/nyreg ... &th&emc=th

“Our position is that the mortgage with IndyMac is toilet paper — it has no legal standing,” said her lawyer Rick Wagner, litigation director with Brooklyn Legal Services Corporation A. “The law for 200 years is that no title can arise from a fraudulent act.”

Ah, Rick, let me give you (and especially the other 90% of the legal community that is apparently content to ignore your client's situation) a hint here - "titles" have been arising from fraudulent acts for years. Hopefully you'll prevail, but when a Federal agency steps in, don't expect rational behavior.

[verus2612]

The good director is in for a rude awakening should push come to shove. Assuming that he's able to overcome the hurdle of Indymac being treated as a bonafide purchaser for value without knowledge of the fraud alledgedly perpetrated by the poor woman's rescuer relative to the lien of the mortgage, he's going to find out that a lot of things that might have been a defense against Indymac aren't applicable when the holder of the mortgage is the FDIC.

[Judge Roy Bean]

Two more this week in Florida:

http://www.courthousenews.com/2009/04/0 ... e_Scam.htm

http://www.consumeraffairs.com/news04/2 ... cue02.html