And homelessness is just camping
this post was submitted on 20 Mar 2025
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So this person is rambling and sounds crazy, but there are some potential benefits to a borrower if within 90 days of foreclosure the loan documents aren't transferred to a remic. So they got the details wrong, but there is some hope if documents aren't transferred properly.
No idea what a 'remic' is or what the potential benefits for the borrower are, as I'm living across the big pond. But would the benefits include getting ~~your~~ the bank's house back?
A remic is an investment vehicle, where banks and lenders package home loans into securities for investors. So they are mortgage backed investments which are attractive because of their tax advantages. The banks or lenders have 90 days from inception (of the remic) to properly transfer loan documents to the remic. If they don't and they foreclose on a home, the borrower or their lawyer may discover the late or non-existent transfer of the documents and challenge the lender. The lender may not be able to prove ownership because of this and they risk losing tax advantaged status which (as stupid as this sounds) means they may not be able to legally foreclose at all or be compelled to work with the borrower on a short sale or other alternatives like principle reduction. In some cases courts have sided with borrowers and stopped foreclosure entirely. This was a big thing in the 2008 housing crisis.
Thanks for clarifying, we don't really have a construction like that here as far as I'm aware.
Try telling that to the cops as they tear you from your former home.