The number 1 foreclosure myth. Myth:Underlying mortgages in Freddie Mac REMICS are foreclosable. Truth:REMIC securities are not foreclosable because only a real party in interest may foreclose on real estate.The IRS requires there to be 100 persons invested to create a REMIC.The REMIC is a vehicle to escape paying taxes.That would make the 100 persons the real parties in interest with a 1% holding each.But then the securities were sold over and over again and the real parties in interest disappeared because the securities collapsed and bond insurance paid investors and the mortgages were written off as a loss to avoid paying taxes.Many mortgages are not even legally collectable let alone foreclosable.Debt collectors buy the distressed mortgages for pennies on the dollar.And the mortgages that were not in distress at the time of the trust collapse and bond insurance pay off could be simply stated that the banks are stealing all that money.But don't worry,they may issue a fraudulant mortgage release after you pay them the money they have no right to. NEWS FLASH:Registry of deeds all over the country will in the future require back filing of all the assignments of mortgage that did not occur and homeowners will then be left with clouded titles and the evidence to show that their mortgage servicer was merely a pretender lender.
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