The tides turned from mortgage crisis to foreclosure financial crisis in October 2010. Florida Attorney Roy Oppenheim made the call three days before the bank fraud story broke in the Wall Street Journal. He reflected on that day with leading Asset Protection Attorney Douglass Lodmell in a recent interview on the talk show “Mind of Money.”
On September 28th at a Florida Assets Protection seminar, Oppenheim predicted: “In the next 72 hours the news you are about to hear, not about the mortgage crisis, but what will be called the foreclosure crisis will make most attorneys in this country question what they learned in law school and why they became lawyers.”
“It’s the tip of a very ugly iceberg,” Oppenheim says about the foreclosure crisis
“The crisis has moved from the debtors to the banks. It’s the repercussions of the banks not playing fair–basically cheating with sloppy and fraudulent paperwork including backdated affidavits, forgeries, and notary fraud.”
While yes, banks did this to try to cut corners, what the banks actually did was cut the corners of the Constitution. Banks were missing essential documentation and denying homeowners of their fundamental constitutional rights.
“Like Humpty Dumpty, the mortgage note is broken up and cannot be put back together again,” Oppenheim points out.
Is 2012 the bottom of the market? Not yet. Most economics are saying in 2019 the homeowners will still owe more than what their homes are worth, considering the banks currently have 107 months worth of inventory in foreclosure.
Millions of people have been illegally foreclosed or are in the process of being foreclosed. The bottom line: banks did not have the right to bring these foreclosures and homeowners now have the ability to push back.