Who the hell reads those damn mortgages!

"What I’m doing is taking away the ignorance is a defense argument.”

               

                            - Commissioner Marc Sarnoff

Really now!  But what if you did actually take the time to read your mortgage before you executed it?  Say for example, you were to take a look at the mortgage for the property located at 3000 Shipping Avenue, what exactly would you find?

Marc Sarnoff Mortgage for 3000 Shipping Avenue Home From Country Wide Home Loans

Among other things you'd find this part that says something about the home in question being your primary residence...

Now, this could present a bit of a problem if say you weren't exactly honest about which one of your homes was your primary residence.  The Investigation Miami blog shed some light on this issue last Monday, so could this mean that the mortgage is in default if the borrower has been somewhat less than honest regarding the occupancy of the property?


Moving on, here's another standard part of the mortgage document that "no one reads" that may be of concern to some...

Now that would really be a problem for the borrower if say they got one of these letters stuck on their door...

That ain't no good now, is it?  According to the Crespo-Gram Report, Mr. Commissioner Sarnoff has been running an illegal law office out of the home located at 3000 Shipping Avenue for nearly a decade.  According to the mortgage document that illegal use of the banks collateral creates an issue for the borrower now doesn't it?

Throughout the course of our blog we've seen several instances where the police and prosecutors have vigilantly gone after people who didn't abide by the fine print in their mortgages, does anyone think they'll do the same in the case of Mr. Commissioner Sarnoff?  In fact, the entire case against the attorney that was charged in the Bernardo Barrera mortgage fraud case was based on the attorney allegedly not following the boilerplate fine print on the closing instructions!  Does anyone even believe that there is a real investigation going into the allegations of impropriety regarding Mr. Sarnoff's mortgages?  Anyone?  Good luck with that!