Just a little backround to this story;
Being an Ex Licensed Loan Officer in the state of North Carolina, I am an ex because I was disgusted with the lending practices of a few years ago. Not only did we give too much money to McDonalds counter people to buy too big a house with no money down but, the frequency of refinancing accelerated to breakneck speeds. The results were banks and lending institutions selling off your mortgages to be bundled into what has now proved to be toxic derivatives, CDOs, ect. I believe these toxic derivitaves now supposedly valued at one quadrillion dollars (what the heck is that number!!!) will be the destruction of our financial system. Back to the original problem, as the mortgages were being moved from bank to bank, didn’t it seem like every other month you had a new bank or lender handling your mortgage account? Well what needed to go along with the Mortgage was the Promissory Note, that little (but important) agreement you signed that became the legal agreement between you and the lender and established the terms of the loan. Really if the current lending institution cannot PRODUCE THE NOTE, legally they cannot FORECLOSE on the home.
That is the basis of the following article:
Money moves electronically, but papers move at human speed. People make mistakes when rushed. A name might not appear in a notary public’s acknowledgement, the place where the notary public identifies whose signature is being verified. In Massachusetts, such a document may not be enforced against parties not signing the document.
The recent case of Agin v MERS (In re Giroux) 2009 WL 1458173 (Bkrtcy.D.Mass. May 21, 2009) made this point quite clear, when it ruled that a mortgage was not enforceable against a Chapter 7 trustee if the borrower’s name was left blank in the acknowledgment. The trustee took over the mortgage under operation of bankruptcy law, and the mortgagee was left with an unsecured claim no different from that of a credit card issuer.
This decision was based on Massachusetts statutes, and it noted that other states’ laws might lead to a different ruling. However, there may well be other statutes in your own state which give rise to rights not available in Massachusetts. Look hard, and then look again.
If you are in danger of Foreclosure, make sure you ask the lending institution to Produce the Note. If you are working with a Lawyer let him know about this.
Better yet, I have found a great new system to pay off your mortgage and debt in record time! No, its not United First Financial and their $3500 program, its a new company that has even more powerful software and support and the best part it is two thousand dollars less! Best deal out there, take a look at: www.teampayitoff.info
Wayne
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Do u think that should we prepare ourselves for the economic winter storm:
Just get out of debt using all solutions what r available to us.
Just like we buying some gold and silver coins for some insurance against the coming inflation and destruction of the dollar.
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Is buying a foreclosed house really such a great idea right now? Shouldn’t we hold off and see what the market does? I am sure some cities are coming back quicker than others, but what about our country as a whole?
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