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Identity theives strip-mine home equity\

4
jleaderPerson was signed in when posted
05-28-2002
04:27 PM ET (US)
 You can probably apply to the county recorder or whoever for a copy of the title. I know I've applied for a replacement pink slip for a vehicle (actually, in California, they've got a sort of rainbow color scheme, but they're still called "pink slips").

So perhaps the thieves applied for a replacement title, then applied for the mortgage. The homeowner probably has to prove that their copy of the title trumps the bank's. And of course, this is all clearly and explicitly laid out in 100 pages of legalese in 1.5 point type that the bank sends to notify the homeowner that they're being foreclosed on.
3
flyboogPerson was signed in when posted
05-28-2002
03:43 PM ET (US)
 I don't get it either. The article said that the victims had indeed lost their homes. How could they have lost their homes? They are the owners and they must have some sort of title or proof that they had paid the mortgage. Whatever the criminal did, the facts of ownership and title would not have changed - so how did the old folks lose their homes?

Paul Woodford
2
Erik V. OlsonPerson was signed in when posted
05-28-2002
03:41 PM ET (US)
 I don't get one part of this. When you own the home free and clear, you get the title. To get a new mortgage, you must surrender that title to the bank you're getting the money from. The *whole point* of the title is that is proves you have the right to sell the property named on the title.

How did they get the titles?

But, yeah. These assholes need to go down.
1
MCraniumPerson was signed in when posted
05-28-2002
02:48 PM ET (US)
 Sometimes Saudi-style punishments don't seem that severe. Someone should lose at least a nut over this.
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