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Charles Marshall, Attorney and Bill Paatalo, licensed investigator discuss the moral hazard created by the banks, the courts and the regulators in allowing "presumptions" to be used even when the actual facts are different from the presumed facts. .
As predicted by myself and Bill Paatalo years back, it didn't take long for someone to realize that a new business plan had emerged to enrich themselves at the expense of homeowners. Bill calls it "mailbox trolling." Sophisticated and unethical business people realized that the decisions from the courts were allowing and even ratifying fabrication and forgery of documents that were then recorded. As we said repeatedly this made it easy to anyone to foreclose on anybody's home. It also makes it easy to get ahead of others on all types of debt in which the borrower is delinquent or in default.
Step one: Troll mailboxes and find out who is getting default letters and final notices.
Step two: Create entities
Step three: Fabricate documents
Step four: In nonjudicial states record a notice of substitution of trustee, naming one of your fictitious entities as the new trustee.
Step five: The new "Trustee" sends a notice of default that the homeowner/borrower was expecting anyway.
Step six: The new Trustee sends out a notice of sale.
Step 7: is either selling the property to the false beneficiary named in the substitution of trustee, or, in its more sophisticated form selling the mortgage rights to yet another party or assigning the bid to another party.
Step 8: Sell the property for cash.
See "Deutsch" gets a taste of its own medicine