SEIU, The Service Employees International Union, following the fraudulent practice of the Major Banks, in which they cubed the mortgages into bonds and sold over and over again and ultimately even the banks don’t know who hold the property or the lending original note, is now developing a website, which will provide an online form to request mortgage lender produce original note.
The online system gives leisure to choose the lender from a list and send them a letter asking for original lending note. SEIU told that no matter if you are facing a foreclosure or just a concerned homeowner, it would take just a few minutes following the online system and demand the original note from your banks.
SEIU warned and advised homeowners that to protect themselves booted out from their own houses, they should demand to see original mortgage note, as in the furious mortgage environment of west, no major banks can be trusted to follow the procedure.
They also told that The Wall Street banks’ foreclosure system is a fake and confused one. SEIU told that their (banks’) mismanagement and disregard to the procedures created the outbreak of foreclosure fraud.
Major banks are also hiring a huge number of robo-signers to quickly sign off foreclosure documents before the frauds gets the lime light.
There are instances recently, showed that how strange and erupt this issue was. At one point, 911 got a call from a horrified homeowner, reporting that a strange man broke into his house, which was from a bank, and changing his home locks.
However, only three out of five top mortgage lenders are reviewing their documents and verifying them before going for foreclosures. Bank of America and Ally financial are checking their documents across all 50 states. JP Morgan waits for foreclosure in 23 states, where courts should approve before foreclosures.