Quote:
Originally Posted by Northern Boy
there is a trend in the foreclosure market right now where the paper work being filed with the courts is being done by a firm who does not possess the paper work for those behind on their Mortgages . This firm does not have a leg to stand on in a court of law unless they can produce the paper work. Similar instances of this have occurred in the past . If the paper work can`t be produced to show the debt exists then possession becomes 9/10ths of the law as long as you are the deed holder and the debt existence can not be produced you could in a court of law walk away with your home regardless of what you have owing on it .
The banks are now seeing large numbers of people refusing to leave their homes until the paper work is produced . These people will end up debt free in them and the banks lose big time . So the corse of action is to buy up this toxic mortgage debt and try to force people out . But most of this type of debt has been sold off to countries in the form of derivatives who don`t even know they have it. So it will be an effort to sort it out and this will tie up the courts for years and years trying to figure it out.
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NB they don't have a leg to stand on in the first place. The reason they aren't producing the paperwork is because 1) the promissory note has already been sold on the securities market (if older than 36 months); 2) the bank has no interest in that note in the first place because the money is created by the buyer's signature on the note. Title 12 of the US code states that banks may not lend their own money. The bank didn't lend you anything! You created the money with your signature on the note! That's why they can't win in court. The only thing binding you to the bank's "loan" is your agreement to pay it. Has nothing to do with the purchase of the property. The bank cannot allege that they gave you a loan for property because this is fraud. They know this. The court knows this. The question is, do you know it? If you don't, they can trick you into agreeing to pay that note - it's all contract.
There are several ways to get a property out of forclosure and prvent the bank from doing squat about it. These methods are given in the audio classes I pointed out earlier.