BS: If you have a mortgage

Subject: BS: If you have a mortgage
From: Donuel
Date: 19 Jan 10 - 04:09 AM

If your mortgage is 15 years or younger, odds are that it has been financed with funny money, pooled, resold, bundled and the bank you send payments to is now only a servicing bank.

What has happened as a result of these servicing banks calling for a foreclosure is that wise customers have asked the bank to produce the note, the original loan note proving they owe the bank for a home purchase. In the rare case that the bank still owns the note, they can not find it. In the case of a servicing bank trying to produce a note that got resold 4 or more times, the bank has no hope of producing the note.

The reason banks can not produce the note is because many if not most of these loan notes were fraudulently pooled and sold to 10 different bundles. They pretended the loan they were selling was really 10 loans. Fraud.


As a result a NYS judge recently ruled that a homeowner being forclosed was now the sole owner of the home free and clear.

Go ahead and search 'produce the note'


Banks don't want people to ask for the note, and if too many start asking you can bet they will get a law passed in a hurry. I wouldn't be surprised if a new industry pops up producing original notes out of thin air. which is compounding the fraud.


Anyway this advice will become important when ARMs balloon or unemployment victims will fall prey to the the next dip of a double dip recession.



Watch over the next 2 weeks for the NYT to release some stories about Wall St. that clarifies the Wall St. financial fraud since 1997.

As it stands now. either Bernecke or the Goldman Sachs president are guilty of obstruction of justice and or perjury. The he said, he said phoney coverup will break down and the reality of 2 Trillion dollars being entirely unaccounted for is going to hit the fan.

When the pentagon lost one trillion and blamed it on accounting arthmetic, people bought it. With the high profile TARP money controversy Wall St. will not be able to sell a missing 2 trillion dollars on arthmetic.

Wall street grey mails goverment by saying 'if you expose our scam we will expose career politicians who helped   and   the value of your investments will fall' IT has worked to a point.


If you don't know, Wall St. now holds 80% of the nations capital by starving out main st. 10 years ago I wrote here that the easiest theft by banks is where the money is, and that is in people's homes. Well they went after homes and got it many different ways.

Where is the next pile of cash they can take? IRAs and 401Ks are next. Instead of giving pay outs you will only be able to get an annuity which would only give you a trickle of your money instead of a lump sum. This presumes that Congress will continue to do their bidding. IF you thought health reform was hard, wait until you see financial scam reform. The banks will release the commie hunt hounds and every other goon squad to fight reform.

excuse this 4 AM post which may be unreadable as far as I know but at least I think I covered 3 important tips that were keeping me up.


zzzzzzzzzzz

Subject: RE: BS: If you have a mortgage
From: Uncle_DaveO
Date: 19 Jan 10 - 01:10 PM

"Produce the note"???

The note is only one part of the transaction which occurred back then.
The actual mortgage document is another. That is the document by which the customer transferred the ownership of the real estate to the bank (YUP! That's what they say!) with acknowledgment of the transfer of funds, and with description of the various rights of the parties by way of the loan, which would have been evidenced by the note. But the mortgage, with its acknowledgment of the consideration, ought to be sufficient to make the note itself fairly irrelevant.

Of course the lending institution just might not be able to produce a properly authenticated copy of the mortgage, either.

Other courts, under under the laws of other states than New York, make take a different position. Indeed, the New York appellate system may or may not accept that trial court's position when the case is appealed. Which I'd bet heavy money it will be appealed.

Dave Oesterreich

Subject: RE: BS: If you have a mortgage
From: Stilly River Sage
Date: 19 Jan 10 - 02:24 PM

Another aspect of all of this--evictions. Understand who is actually entitled to do it.

Subject: RE: BS: If you have a mortgage
From: Donuel
Date: 19 Jan 10 - 04:01 PM

if you are unable to use google yourself click here

Subject: RE: BS: If you have a mortgage
From: JohnInKansas
Date: 19 Jan 10 - 07:45 PM

This method of delaying a foreclosure has been reported some time ago, and a very few people have been successful in obtaining clear ownership (with debt dissolved); but in the best of cases it has taken 5 to 15 years to get from the first notice of foreclosure to a final resolution. Most of the "resolved" cases tended toward the high end of that time span. In most US states, no foreclosure process can be started until the buyer is at least 90 days delinquent, and the foreclosure itself takes a fairly long time after first notice (up to a year in some places). It is likely that during the process one or more eviction notices will be filed, requiring contesting with uncertain success in each case.

Although the tactic has been used successfully, it has also been unsuccessful in a number of cases (and in other jurisdictions); and if it fails the buyer may have several years of "late charges and penalties" added to the original mortgage burden, on top of living under threat during the entire period that the case is in process.

This is a possible tactic to be considered only in the absence of any other viable resolution. The problem is that for many people recently, there have been very few other "viable" resolutions to their situations. For a majority of overwhelmed buyers, bankruptcy likely would be a cheaper and less stressful approach.

When the method was first reported ( I first saw it more than a year ago), there were a very few attorneys who were taking this approach at low or no fees to the buyer. The encreasing popularity(?) of the method implies that later entrants into the "selling" of the method must be making significant profit from taking clients, and hence that the "profit" to the home buyer from even a successful attempt must be decreasing.

John