While perusing the complaint that was filed with our recent lawsuit, I came across the word conversion. Although I was familiar with the word, I had a need to understand it from a legal standpoint. What I discovered was shocking.
What I discovered was that the banks are also victimizing the sufferers of natural disasters. Most banks are taking the monies and applying it to the homeowner’s note, instead of relinquishing the monies to make the repairs or rebuild the properties of these affected proprietors; thereby destroying communities through their conversion of funds. I, as a homeowner, have always been under the supposition that homeowners’ insurance monies were to be used to repair and/or rebuild the investment; wrong again. These banks are allowed to withhold the monies; some doling it out in small stipends; forcing homeowners to deplete their savings in order to get necessary repairs in order to save their properties from further damage.
Let’s examine the meaning of fraudulent conversion. In law, fraudulent conversion is the act of taking another person’s money and/or property; converting or using them for one’s own benefit or for the use and/or benefit of a third party who does not own the property. How is it not fraudulent conversion, when a mortgage servicer withholds funds to repair or rebuild (or convert the fund to cover the note); forcing the homeowners either to go further into debt in order to save their homes or, for those who have no other avenues for the monies, their homes will continue to deteriorate further, causing irreparable damage? The victims of a natural disaster are now the victims of; you guessed it, the banks. Over one-third of the homeowners, in Moore, Oklahoma, were told that the funds would only be released if the monies were used to pay off or down their mortgages, instead of using the funds for their intended purpose (Dayden, 2013). The banks excuse for this is because so many homeowners were taking the money and relocating. So what is there excuse for doing it to homes that they have no secured interest in?
We happen to be one of those people. The bank has illegally held a security in our home for the past six years. Now, due to the lockdown of our finances having to fight the forgery and fraud associated with our case, our home has taken a direct hit. Yet when our attorney tried for over two months to contact anyone at Ocwen, he would hit a brick wall. Where is the check? No one seems to know and all phone lines lead to India. I find the lack of efficiency within this corporation absolutely amazing.
As I stated in an earlier blog, I had done my homework before I ever took on the insurance issue with the bank. I was aware that they would try to convert the funds towards the note and am more than ready to fight that issue on a court level as well. However, when I think of the thousands of people whom Mother Nature has taken aim at; and I think about how these harmed homeowners are dealing with one of the biggest tragedies in their lives; I am sickened by the thought that our country allows the banking industries to further victimize them. The banks take their money without any concern for the citizens or the communities they live in. People are forced to move because of unsafe or absent living conditions; homes are left in disrepair and the community that is left has the responsibility of dealing with the blight that the banks actions are causing. Community soup kitchens are filling up while homes that could have been saved are slowly becoming mold infested and toxic.
At what point does our justice system sit up and take notice? At what point do the supposedly intelligent people on Capitol Hill recognize that the banking industry is stealing monies from the American people at the cost of communities across this once great nation. The fact that these banks have been allowed to convert funds meant to repair a community is insurance fraud of the highest caliber. The damages caused to the public are enormous when you consider the devastation that this can cause to a community.
When you examine the spatial aspects of crime, one theory stands out when you consider what damages a community goes through when money is converted away from its’ true purpose. The Broken Windows Theory suggests that a neighborhoods condition and crime are thought to be linked. When an area gives the impression that no one cares (i.e., broken windows, unkempt property and blight), it gives an indicator to the criminal elements that those who live here do not care about their property, neighborhood or community.
This, of course, is not the case. When I look at our home and see the devastation that has been caused after years of fighting a crime; and then to have a bank that has no security in our home try to dictate where the money earmarked for repair of the property will go, you get a heightened awareness as to how deep this problem goes. You become aware that the banks are not the banks of the It’s a Wonderful Life times; where your bank was a part of your community. Banks are now foreign investors who have no interest in the American dream and are therefore, committed to ensuring that the Broken Window Theory becomes a reality.