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Produce the Note!
Wednesday, February 25, 2009
The little guy fights back by making a simple request - prove that the borrower owes the money to the bank before foreclosing.
It really is hard to have much sympathy for the borrower, at least in this case - the lady borrowed $140,000 against a house for which she paid just $39,000.
It does, however, add great irony to the situation.
18 comments:
It will be interesting to see if they can produce the note in these cases.
We paid off our mortgage 4+ years ago and can't get the mortgage satisfaction and release from the lender.
Nothing, including threats of a lawsuit, has worked. I suspect they simply can't find the paperwork and filing a satisfaction is just not very high on their list of priorities.
Right now, they are probably much more concerned with survival.
For me, it means filing a quiet title action and paying the court costs. They won't defend it (there is no defense) and the court will issue a summary judgment in my favor and I'll file the judgment and the title co. will show the lien is satisfied by the judgment.
Of course, I'm a moron for paying off my mortgage. I should have just waited with my hand out like everyone else.
It's hard to remember that America is a socialist/communist country now. I keep forgetting and making my decisions on the basis of quaint, old things like the Constitution, the rule of law, contracts, honesty, integrity, hard work, personal responsibility, etc.
These are all passe today, of course, since we are all now clutched into the bosom of Mother Obama and Big Brother.
I think I'm starting to get the hang of it, though. I didn't pay my 4th quarter estimated taxes since I could see that the state, at least, and possibly the feds wouldn't pay the refund they owed me if I overpaid. (I'd rather owe THEM money than vice versa.)
I'm sure my failure to pay will be kindly overlooked by the state and federal governments, though, since no one is allowed to make a bad decision any more and the failure to make payments that you owe is excused by our society now.
But wait... I know that rule applies when you're not paying your mortgage but does that rule still apply when you're not paying taxes?
If I am a lender, and somebody tries this crap with me, after STEALING 3 times the original loan value through refinancings, I exercise the RECOURSE part of the loan. After finding the proper paperwork, I take the house, then start going after other assets. Wanna play hard ball?? Fine with me.
And if the sloppy journalists in this country want to paint all these people as victims, I say enjoy paying 50+% of your overpayed income to taxes for all this.
Anyone heard of 'unjust enrichment'?
Even if they can't find the note, equity won't allow the borrower to skate.
As a lender, isn't it kind of useful to keep track of legal documents substantiating the loan? What's hardball about the borrower asking for the documents?
The borrower may or may not be a victim, but the lender is certainly an idiot.
Thank God that the banks paid such high salaries and bonuses to attract and retain their fearsomely able and competent staff.
Mr. Hardball Lender. Be honest. If you had recourse, you would have used it already. Where were you when all the fraud was going on?
I thought we were paying 50% taxes to bail out Mr. Lender and his overpriced salary.
"Eventually they may find it in their electronic bank." ~ Priceless.
The problem here is that the lenders and borrowers are both largely crooks. It's difficult to pick sides when both sides are at fault.
That's part of why we're in such a mess today. You can't trust big government and you can't trust big business. We're stuck between a rock and a hard place. I know these are gross generalizations to make but they seem to hold true to a depressing degree.
We're going to have to experience some form of societal collapse before we can construct a halfway honest system again.
It is not that hard of an objection to get around in our current system. Either you can introduce a copy of the note (typically in the origination file) and compare the signatures on the borrower's objection or you can file a cert of lost note. Either one gets you past this objection and on to the sales stage of a foreclosure. In this case the FC lawfirm must not have been that good. Also, just to address the hardball tactics referenced above, I have seen very few note suits yield anything for the banks other than bills from their attorneys
The point is that this is a delay tactic. I might buy you six months. Who knows? By then Congress might make foreclosure illegal. Or perhaps things will deteriorate to the point where the law enforcement official who is supposed to forcibly remove you from the bank's house is no longer being paid and thus can be bribed month-to-month to ignore the eviction order.
I agree with John S.
This is just a tactic to buy more time for a delinquent, dead beat debtor who can't pay his bills and is trying his best to live rent free on someone else's dime.
That makes it so much better, doesn't it?
Check this out a link to Produce The Note letter templates and a company that mails the letter by USPS Certified Mail to your lender. They print and mail the letter by USPS Certified Mail with Return Receipt to your lender for $16.95.
http://www.certified-mail-envelopes.com/news/141/ARTICLE/1103/2009-02-25.html
kind or easy...
Mr. Hardball represents the lender whiners who cannot pay their bills. I get a little tired of the double standard. Beat up the homeowner for stealing? Ha.
This is a great strategy, however, what happens if they produce the note? There is a much more detailed produce the note strategy available at www.dontrunaway.com
They have the best possible, most cost effective and well researched legal defense available anywhere for fighting foreclosure.
Try them, you won't regret it.
don't you get it! they can't produce the damn note because they sold the damn thing without the permission of the mortgagee, (the little guy). this is called fraud. it is not allowed, hellooo is anybody home in there. one more thing, the promissory note has value due only to the signature of the borrower. the promissory note becomes like a check that is signed, as soon as the promissory note is endorsed by the borrower it has value just like a personal check. only the people have credit because the country itself is a debtor with no value other than what the people produce. since your signature produces value that is what these assholes use to sell your promissory note and again they do this without your permission or even informing you. there is no meeting of the minds therefore they have broken the contract attached to the original wet ink promissory note. there is nothing immoral on the part of the borrower. the immoral part is on the lender for committing fraud and this is at the heart of your mortgage crisis. geez wake up fellas.
The only immorality here is on the part of the Lender.
The easiest way to determine if your "note" was converted to a negotiable instrument by your Lender and sold or traded is to examine your Note and your Deed of Trust. First, your note will have a date approximately at least one week BEFORE you actually sign it.
In the old days, your Note would say, "For value received..."
If you have a Note that the Lender wanted to convert to a negotiable instrument and make 10X the amount of the Note for themselves, your note will start out:
"In return for a loan that I have received, I promise to pay ..."
Of course you have not received an electronic transfer to your account, nor a cashier's check, nor any form of payment at all. The LENDER has completed step one of the fraud. They got you to say you already have a loan when you do not.
Step 2 is to get you to say that you own the home free and clear and can deed it to anyone you want. Of course you don't (or do you?)
Check out Page 3 of your Deed of Trust. Under Borrowers Covenants, if it says: "The borrower covenants that he/she/they are "lawfully seized of the estate."
There it is. You have told the Lender:
1) That you have already received a loan, and
2) That you own your home free and clear of encumbrances.
Based on that, the Lender slaps an allonge on the back and deposits it in their own bank, which considers it just like a cashiers check or pay order and this fractional banking technique will allow the Lender to create 10X the amount of your note. In a common scam transaction, a 1st mortgage of $324K, once sold or traded, earned the Lender $3.24 million, less $400K to pay the seller and commission. Nice payday!
The Lender has been PAID IN FULL for just your signature on the Note.
Of course they ignore the RELEASE section of the Deed of Trust which says that once PAID IN FULL they must then reconvey the property to the Borrower and release the lien. Instead it is "reconveyed" to the Lender who has already been paid in full (10X). He then sits back and gets paid again over 30 years by YOU, the generous fool that gave him the property in the first place.
NICE SCAM
Nostradamus is way wrong. If they do produce the note, you can bet it is stamped PAID IN FULL either on the back or somewhere on the front.
Then check your Deed of Trust which says that when the Note is paid in full they MUST release the lien and deed the property to the Borrower. They don't do this which is a violation of the contract.
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