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- The "Produce the Note" Method
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- How to Stop Foreclosure in its tracks!
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Read This Certified OFFICIAL Report to Learn:
"How To Stop Foreclosure in it's Tracks..."
using the "PRODUCE THE NOTE" method
-Updated for 2010
by Allan Hennessey
NOTE: For informational and educational use only. Please consult with trusted counsel for all legal situations.
"Virtually all of the mortgages in the United States today are Invalid, and Unenforceable..." Neil Garfield, Esq.
Today, Americans are faced with the reality of their "American Dream" currently converting to the "American Nightmare." Many wonder why foreclosures are far above record highs, and what the causes are.
Check out these TOP 10 FACTS Regarding Mortgages and Foreclosures
1. Your mortgage currently does not reflect the terms you originally signed and agreed to.
Due to securitization, the terms of your loan, as being enforced currently, have been modified without your permission. In many cases, homeowners have been charged fees not authorized by original terms of mortgage.
2. The party you pay your payments to MORE THAN LIKELY does NOT Own your Note.
When a loan is securitized, the Note is destroyed and the deed of trust is given to another party. The payments are assigned to a third party(servicer). This is who you make your payments to.
3. Your Original Documents have more than likely been destroyed intentionally or otherwise.
In the Digital Age that we live in, storage fees for 1000's of physical mortgage documents that can be 1000's of pages each can expensive, when compared to digital storage. Due to this fact, most mortgage documents are scanned and destroyed by the original lender. Other times, they are lost, or destroyed intentionally where parties have collected on claims of insurance policies in effect to cover against such losses. Most mortgage documents are just not available.
4. Original Documents are REQUIRED in Foreclosure as sole method to verify Validity and Authenticity.
Courts in Federal and State Jurisdictions have upheld that Original Documents must be provided in order to validate and authenticate the claims, when disputed by any of the parties involved.
5. Every time a Mortgage is transferred, documents are required, same as a car, house, or any other asset.
In some cases, Original documents are available to confirm the existence of the debt, however if the debt was sold, transferred, or collateralized with other pools of loans, there must be determined if there are any other claims or parties that may have claims, prior to any Foreclosure being complete. There must be a proper chain of ownership in order to confirm the claims of the parties involved.
6. There exists RAMPANT FRAUD in the bubbles of Real Estate, Mortgage, and Wall Street Securities.
From Real Estate valuation, to the sales terms, mortgage terms, and documentation, to underwriting, there are countless examples of negligence, fraud, deceptive practices, predatory lending and many other crimes that have equally countless victims. Many of these victims are seemingly unaware of these crimes, and are losing their homes en masse. Wall Street has only been the conduit for the Real Estate industry bubble created from 2001-2007.
7. The courts have upheld that a Deed of Trust and a Mortgage Note CANNOT be traded or sold separately.
Federal and State Courts have upheld that the power of sale, cannot be conferred separately from the ownership of the debt itself. Most Foreclosures are conducted by a "trustee," who has been instructed by to do so by parties that do not own the Note/Debt itself.
8. Most Mortgage Notes, have been sold or traded separately from their Deed of Trust(power of sale).
This is true for a far majority of Mortgage Loans in the United States. If your Mortgage happens to be one of those that has been held as a "Portfolio loan", and has not been securitized or sold, there are many other claims that you may have to defend against Foreclosure including but not limited to items listed in #6 above.
9. Originating Lenders and Brokers of Mortgages are out of business, leaving no trail of documents to verify.
It is true, as many know, that upon the bursting of this "bubble" in the summer of 2007, more than 300 lenders shut their doors quickly over a 3 month period, destroying their records, documents, and papertrails. In many cases this leaves a cloud of doubt over the title and the true ownership of the debt that should be disputed for clarification.
10. Most banks and parties conducting Foreclosures are NOT Authorized by law to do so,
and can be beat at their own game by disputing the validity of the debt!
It is true ! Countless Homeowners are currently disputing their Foreclosures, and are remaining in their homes as a result!
AS SEEN ON TV!
The Stop Foreclosure Toolbox provides YOU
The tools and information necessary to Fight against Foreclosure, and protect your property including Step-by-step instructions on:
- Where to start?
- What to Expect?
- Judicial Vs. Non-Judicial
- How much time do I have?
- What about the Bailout?
- What about MERS? (Mortgage Electronic Registration Systems)
- How much will Stopping my Foreclosure cost?
- Can I do this without an attorney?
- What to look for in your Loan Documents
- How to demand documents from the mortgage company
- Do I have a Predatory Loan?
- How to get a Forensic Loan Audit: Why do I need that?
- Am I a victim of Deceptive Lending Practices?
- What if the Broker lied about my income on the application?
- What about the Truth in Lending Act?
- Federal Vs. State
How to interview an attorney to discover if they understand foreclosure defense concepts
How to STOP FORECLOSURE on YOUR HOME IMMEDIATELY! and
How about learning How to Demand the Lender negotiate with you to KEEP YOU in YOUR home!
It is important to understand, ... The Stop Foreclosure Toolbox, and Produce the Note method IS NOT A STALL TACTIC. In the process of disputing the foreclosure, many homeowners have indeed ended up with the Title to their property FREE AND CLEAR by Court Order! Not every homeowner results in this outcome, however most Homeowners using these methods are able to negotiate with the court acceptable terms that are affordable in the long term, to remain in their homes INDEFINITELY in many cases WITHOUT PAYMENTS.
Homeowners just like you, have fought back against these parties conducting wrongful foreclosures and have kept their home!
All without subjecting yourself to a party that is unwilling/unable to negotiate, but by demanding YOUR right to continue to
OWN YOUR HOME.
While many "Lenders" claim they want to keep you in your home, their actions consistently indicate otherwise.
It is interesting to note that most Foreclosure Proceedings are initiated and conducted by automated computer programs.
In the Stop Foreclosure Toolbox, we address many of these issues that affect the outcome of whether you keep your home. It is important to first recognize that this work has been compiled by experts in the Real Estate, Mortgage Finance, Banking, and Legal Fields. In addition, all information in this report has been compiled with care.
All readers should confirm all information and perform due diligence for personal knowledge of accuracy.
AS SEEN ON TV!
Our media currently gives great attention to the problems at hand, but they do not spell it out... There are many methods on how to Stop a Foreclosure... such as "Produce the Note." While many readers may experience difficulty fully comprehending the details offered on the subject, know that it is crucial for you to have a basic understanding of the subject, BEFORE consulting with an attorney. While many Attorneys have a plan to help you save your home, others just wish to make your bad situation worse for you and your family. Knowledge is Power!
MORTGAGE SECURITIZATION 101
It is first important for our readers to understand that mortgages changed significantly after much banking deregulation in the late 90's, moving onward to 2001 with the advent of Mortgage Securitization. No longer did a Bank make a loan to a Homeowner with the intent to hold that loan as an asset in a "portfolio." With Mortgage Securitization, loans were pooled together in bundles, and blended together to make a more uniform performance to the pools investors.
For example, if you were to take your mortgage, and that of 1000's of others, and blend them together in a Blender on top speed, you would end up with an unidentifiable toxic mess of assets that you can no longer determine the individual details of any longer. Instead is a "Mortgage Backed Security" that can be bought and sold separately from the individual mortgage itself. The payments of this Toxic Mortgage Milkshake are then assigned to a "servicer" that acts as nothing more than a collection agent. At the same time the "servicer" accepts this agreement for receivables, they accept a separate agreement to payout liabilities to different unidentified parties.
The effect is a mortgage that cannot be traced to its TRUE OWNER AND HOLDER IN DUE COURSE.
An additional effect is that the loan can no longer be distinguishable from the others in the "pool", leaving permanently unknown the location of the ORIGINAL PROMISSORY NOTE.
Once Securitized, the bits and pieces of the loan can then be traded, sold, insured against, and in the process, making it near impossible for anyone (including the homeowner) to ever determine who Owns the Debt, and who is authorized to negotiate that debt and it's terms with the homeowner.
THIS IS WHY LOAN MODIFICATIONS THAT BENEFIT THE HOMEOWNER AND KEEP THEM IN THE HOME ARE RARELY COMPLETED.
do you remember the "good ol' days" prior to 2001, when banks would actually work with the Homeowner to continue to keep the Homeowner in that home? The banks would do this because it was in their best interest to keep that debt "performing"(continuing payments). Currently, Servicers claim an inability to re-negotiate the terms of the loan, and allow automated foreclosure processes to continue. The servicers cannot modify the terms of the loan because they do not OWN THE NOTE, and they are not authorized to make modifications to the terms. Homeowners continue to maintain "Hope" in keeping their home, when by design, the Servicers have NO interest in keeping a homeowner in their home.
It is important to note at this point, that many of the unidentifiable "TRUE OWNERS and Holders in Due Course" of the Note are Pension Funds, 401k's, Hedge Funds, Mutual Funds, IRA's, etc... These funds are administrated normally by a "trustee". This is truly just a designation for the person/entity that controls the affairs of the fund. In many cases, this is a nameless, faceless entity, that has no contact information, and in many cases, due to the financial shake-ups in recent years, is OUT-OF-BUSINESS.
In other cases, there were losses already incurred by these parties due to these facts, and in many cases, the security itself has been written off as a complete loss. Many of these instances of loss were made whole by insurance policies in place against these sorts of losses. ( have you wondered why companies like AIG have been bailed out to the tune of $160 Billion so far and counting?)
Once again it is important to understand... The Stop Foreclosure Toolbox IS NOT A STALL TACTIC. In the process of disputing the foreclosure, many homeowners have ended up with the Title to their property FREE AND CLEAR by Court Order! Not every homeowner results in this outcome, however many Homeowners are able to negotiate with the court acceptable terms that are affordable in the long term, to remain in their homes INDEFINITELY WITHOUT PAYMENTS.
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MERS brief
At the roots of the worst recession since the Great Depression were unaffordable home mortgages packaged into securities, sold to investors, and used as capital assets by financial institutions. The process of securitization, as well as financial institution over-leveraging associated with it, has been well documented and explored. However, there is one company that was a party to more questionable loans and foreclosures than any other and yet has received virtually no attention in the academic literature. Mortgage Electronic Registration Systems, Inc., commonly referred to as “MERS,” is the recorded owner of over half of the nation’s residential mortgages.
MERS operates a computer database designed to track servicing and ownership rights of mortgage loans anywhere in the United States. But, it also acts as a proxy for the real parties in interest in county land title records. Most importantly, MERS is also filing foreclosure lawsuits on behalf of financiers against hundreds of thousands of American families. FreeStopForeclosure.com explores the legal and public policy foundations of this odd, but extremely powerful, company that is so attached to America’s financial destiny. It begins with a brief explanation of the origins of the county real property recording systems and the law governing real property liens. Then, it explains how MERS works, why mortgage bankers created the company, and what MERS has done to transform the underlying assumptions of state real property recording law. Next, it explores controversial doctrinal issues confronting MERS and the companies that have relied on it, including (1) whether MERS actually has standing to bring foreclosure actions; (2) whether MERS should be considered a debt collector under the federal Fair Debt Collection Practices Act; and (3) whether loans recorded in MERS’ name should have priority in various collateral competitions under state law and the federal bankruptcy code. The article culminates in a discussion of MERS’ culpability in fostering the mortgage foreclosure crisis and what the long term effects of privatized land title records will have on our public information infrastructure. The Article concludes by considers whether the mortgage banking industry, in creating and embracing MERS, has subverted the democratic governance of the nation’s real property recording system.
FreeStopForeclosure.com has explored the legal and public policy foundations of the Mortgage Electronic Registration Systems. MERS “maintains a central national database tracking mortgage servicing rights for loans registered on its system.” In addition to its database, MERS has taken on two related but distinct roles in the American home mortgage market. First, mortgage finance companies use MERS’ name as a proxy in county land title records in order to avoid paying taxes to local governments for recording assignments during the life of a loan. Second, where local courts have allowed it, MERS creates something of a foreclosure doppelganger by allowing the alleged parties in interest to bring residential foreclosures under MERS’ corporate identity instead of their own. Recording loans in the name MERS, rather than the actual parities in interest, has generally not been explicitly authorized under the state title recording acts that trace their lineage back to the earliest years of the American republic. By adopting such a radical shift in how mortgages are recorded and foreclosed without legislative change, the mortgage finance companies have rebuilt their industry on a legal foundation of sand.
MERS’ claim to own legal title to a mortgage loan’s security interest, divorced from the promissory note and entitlement to receive loan payments, is in direct tension with precedent that has been well settled for over a hundred years. MERS’ role in prosecuting home mortgage foreclosures should bring it within the scope of the federal Fair Debt Collection Act—a statute that MERS has generally made little attempt to comply with. And it is unclear whether recording a mortgage or mortgage assignment in the name of someone other than that actual mortgagee and assignee should be sufficient to protect those actual parties in interest from subsequent purchasers. Indeed there is a compelling argument that loans where MERS is recorded as the original mortgagee should be avoidable by bankruptcy trustees in many states.
The shift away from recording loans in the name of actual mortgagees and assignees represents an important policy change that erodes not only the tax base of local governments, but also the usefulness of the public land title information infrastructure. MERS did not, by itself, cause the mortgage finance crisis and its ensuing aftermath. However, it was an important cog in the machine that churned out the millions of unsuitable, poorly underwritten, and incompletely documented mortgages that were destined for foreclosure. In the aftermath of the mortgage finance crisis that has crippled the American economy, necessitated massive taxpayer bailouts of financial institutions, and left millions of American families ejected from their homes, the judiciary has an obligation to aggressively reexamine our financiers’ cut corners, false assumptions, and jaundiced legal theory.
Good News for Homeowners… Recent cases in Federal and State Courts uniformly agree that MERS has no ability to enforce mortgage defaults… Learn more about these cases in Stop Foreclosure Toolbox… Click Here
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