It has come to my attention that there is concern for judicial economy in the foreclosure process. Particularly, some feel that making lenders who wish to foreclose prove that they own the right to foreclose is unduly burdensome. It imposes too much paperwork upon lenders, and it causes court dockets to be crowded as cases are not concluded due to the inability of lenders to prove they own the right to foreclose.
There is also concern that the lenders will not lend if they are not given an unfettered right to take any home they choose away from the homeowner without regard to due process. Since governmental gifts did not inspire the banks to lend to working people, many conclude that nothing short of waiving ages-old due process requirements will do so.
Upon reflection, these are just and proper concerns. After all, the lenders are victims. They did not choose loan terms, borrowers, and which properties would secure the loans. Clearly, borrowers forced the banks to unwillingly lend money, collect high fees, impose usurious interest, and retain the right to take away the borrowers' homes at the slightest allegation of default.
Indeed, Illinois and other judicial foreclosure states are imposing an undue burden by making the banks go to court at all. They have to serve a summons, file a form complaint, and, in a few cases, they are even made to ensure they are foreclosing on the right property, for the right sum, and against the right person. In other cases, the banks even have to prove the homeowner failed to make payments.
All of this goes far beyond the scope of anything a reasonable lender would expect to do in civil society. Therefore, I propose the Kelli Dudley Equity-Stripping Simplification Act of 2011. The key points follow:
1. As soon as the bill becomes law, all homeowners, tenants, and other structure-dwellers are required to vacate the home, apartment, or other structure within 30 days.
2. Homeowners, tenants, and other structure-dwellers are forbidden to take up residence in any new home, apartment, or structure.
3. Homeowners, tenants, and other structure-dwellers who purport to have a possessory or ownership interest in any home, apartment, or structure shall be required to bring an affirmative case proving the possessory or ownership interest. The standard of proof shall be "beyond a reasonable doubt."
4. Any lender may destroy or fail to maintain any property after it is vacated by the homeowner, tenant, or structure dweller and shall forever be immune to suit by any homeowner, tenant, or structure dweller for such damage. Any homeowner, tenant, or structure dweller taking any action to prevent destruction or waste of property shall be subject to a criminal sentence of not less than 50 years and a fine of not less than $500,000.00.
