BREAKING!!!
FOX NEWS TALKS ABOUT MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS!!!
MERS LOOPHOLE MAY PREVENT FORECLOSURES!!!
RE: Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
In fear of losing your home? Good news … there is a loophole in the system that could keep you right where you are! So what’s the secret? Watch Attorney Bob Massi’s solution below, and may we suggest a paper and pen to jot down all the details.
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Here We Go!
“The Curse of the MERS”
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Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.
Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer.
MERS was convenient for the mortgage industry, but courts are now questioning the impact of all of this financial juggling when it comes to mortgage ownership. To foreclose on real property, the plaintiff must be able to establish the chain of title entitling it to relief. But MERS has acknowledged, and recent cases have held, that MERS is a mere “nominee”—an entity appointed by the true owner simply for the purpose of holding property in order to facilitate transactions. Recent court opinions stress that this defect is not just a procedural but is a substantive failure, one that is fatal to the plaintiff’s legal ability to foreclose.
That means hordes of victims of predatory lending could end up owning their homes free and clear—while the financial industry could end up skewered on its own sword.
California Precedent
The latest of these court decisions came down in California on May 20, 2010, in a bankruptcy case called In re Walker, Case no. 10-21656-E–11. The court held that MERS could not foreclose because it was a mere nominee; and that as a result, plaintiff Citibank could not collect on its claim. The judge opined:
Since no evidence of MERS’ ownership of the underlying note has been offered, and other courts have concluded that MERS does not own the underlying notes, this court is convinced that MERS had no interest it could transfer to Citibank. Since MERS did not own the underlying note, it could not transfer the beneficial interest of the Deed of Trust to another. Any attempt to transfer the beneficial interest of a trust deed without ownership of the underlying note is void under California law.
In support, the judge cited In Re Vargas (California Bankruptcy Court); Landmark v. Kesler (Kansas Supreme Court); LaSalle Bank v. Lamy (a New York case); and In Re Foreclosure Cases (the “Boyko” decision from Ohio Federal Court). (For more on these earlier cases, see here, here and here.) The court concluded:
Since the claimant, Citibank, has not established that it is the owner of the promissory note secured by the trust deed, Citibank is unable to assert a claim for payment in this case.
The broad impact the case could have on California foreclosures is suggested by attorney Jeff Barnes, who writes:
This opinion . . . serves as a legal basis to challenge any foreclosure in California based on a MERS assignment; to seek to void any MERS assignment of the Deed of Trust or the note to a third party for purposes of foreclosure; and should be sufficient for a borrower to not only obtain a TRO [temporary restraining order] against a Trustee’s Sale, but also a Preliminary Injunction barring any sale pending any litigation filed by the borrower challenging a foreclosure based on a MERS assignment.
While not binding on courts in other jurisdictions, the ruling could serve as persuasive precedent there as well, because the court cited non-bankruptcy cases related to the lack of authority of MERS, and because the opinion is consistent with prior rulings in Idaho and Nevada Bankruptcy courts on the same issue.
What Could This Mean for Homeowners?
Earlier cases focused on the inability of MERS to produce a promissory note or assignment establishing that it was entitled to relief, but most courts have considered this a mere procedural defect and continue to look the other way on MERS’ technical lack of standing to sue. The more recent cases, however, are looking at something more serious. If MERS is not the title holder of properties held in its name, the chain of title has been broken, and no one may have standing to sue. In MERS v. Nebraska Department of Banking and Finance, MERS insisted that it had no actionable interest in title, and the court agreed.
An August 2010 article in Mother Jones titled “Fannie and Freddie’s Foreclosure Barons” exposes a widespread practice of “foreclosure mills” in backdating assignments after foreclosures have been filed. Not only is this perjury, a prosecutable offense, but if MERS was never the title holder, there is nothing to assign. The defaulting homeowners could wind up with free and clear title.
In Jacksonville, Florida, legal aid attorney April Charney has been using the missing-note argument ever since she first identified that weakness in the lenders’ case in 2004. Five years later, she says, some of the homeowners she’s helped are still in their homes. According to a Huffington Post article titled “‘Produce the Note’ Movement Helps Stall Foreclosures”:
Because of the missing ownership documentation, Charney is now starting to file quiet title actions, hoping to get her homeowner clients full title to their homes (a quiet title action ‘quiets’ all other claims). Charney says she’s helped thousands of homeowners delay or prevent foreclosure, and trained thousands of lawyers across the country on how to protect homeowners and battle in court.
Criminal Charges?
Other suits go beyond merely challenging title to alleging criminal activity. On July 26, 2010, a class action was filed in Florida seeking relief against MERS and an associated legal firm for racketeering and mail fraud. It alleges that the defendants used “the artifice of MERS to sabotage the judicial process to the detriment of borrowers;” that “to perpetuate the scheme, MERS was and is used in a way so that the average consumer, or even legal professional, can never determine who or what was or is ultimately receiving the benefits of any mortgage payments;” that the scheme depended on “the MERS artifice and the ability to generate any necessary ‘assignment’ which flowed from it;” and that “by engaging in a pattern of racketeering activity, specifically ‘mail or wire fraud,’ the Defendants . . . participated in a criminal enterprise affecting interstate commerce.”
Local governments deprived of filing fees may also be getting into the act, at least through representatives suing on their behalf. Qui tam actions allow for a private party or “whistle blower” to bring suit on behalf of the government for a past or present fraud on it. In State of California ex rel. Barrett R. Bates, filed May 10, 2010, the plaintiff qui tam sued on behalf of a long list of local governments in California against MERS and a number of lenders, including Bank of America, JPMorgan Chase and Wells Fargo, for “wrongfully bypass[ing] the counties’ recording requirements; divest[ing] the borrowers of the right to know who owned the promissory note . . .; and record[ing] false documents to initiate and pursue non-judicial foreclosures, and to otherwise decrease or avoid payment of fees to the Counties and the Cities where the real estate is located.” The complaint notes that “MERS claims to have ‘saved’ at least $2.4 billion dollars in recording costs,” meaning it has helped avoid billions of dollars in fees otherwise accruing to local governments. The plaintiff sues for treble damages for all recording fees not paid during the past ten years, and for civil penalties of between $5,000 and $10,000 for each unpaid or underpaid recording fee and each false document recorded during that period, potentially a hefty sum. Similar suits have been filed by the same plaintiff qui tam in Nevada and Tennessee.
By Their Own Sword: MERS’ Role in the Financial Crisis
MERS is, according to its website, “an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.” Or as Karl Denninger puts it, “MERS’ own website claims that it exists for the purpose of circumventing assignments and documenting ownership!”
MERS was developed in the early 1990s by a number of financial entities, including Bank of America, Countrywide, Fannie Mae, and Freddie Mac, allegedly to allow consumers to pay less for mortgage loans. That did not actually happen, but what MERS did allow was the securitization and shuffling around of mortgages behind a veil of anonymity. The result was not only to cheat local governments out of their recording fees but to defeat the purpose of the recording laws, which was to guarantee purchasers clean title. Worse, MERS facilitated an explosion of predatory lending in which lenders could not be held to account because they could not be identified, either by the preyed-upon borrowers or by the investors seduced into buying bundles of worthless mortgages. As alleged in a Nevada class action called Lopez vs. Executive Trustee Services, et al.:
Before MERS, it would not have been possible for mortgages with no market value . . . to be sold at a profit or collateralized and sold as mortgage-backed securities. Before MERS, it would not have been possible for the Defendant banks and AIG to conceal from government regulators the extent of risk of financial losses those entities faced from the predatory origination of residential loans and the fraudulent re-sale and securitization of those otherwise non-marketable loans. Before MERS, the actual beneficiary of every Deed of Trust on every parcel in the United States and the State of Nevada could be readily ascertained by merely reviewing the public records at the local recorder’s office where documents reflecting any ownership interest in real property are kept….
After MERS, . . . the servicing rights were transferred after the origination of the loan to an entity so large that communication with the servicer became difficult if not impossible …. The servicer was interested in only one thing – making a profit from the foreclosure of the borrower’s residence – so that the entire predatory cycle of fraudulent origination, resale, and securitization of yet another predatory loan could occur again. This is the legacy of MERS, and the entire scheme was predicated upon the fraudulent designation of MERS as the ‘beneficiary’ under millions of deeds of trust in Nevada and other states.
Axing the Bankers’ Money Tree
If courts overwhelmed with foreclosures decide to take up the cause, the result could be millions of struggling homeowners with the banks off their backs, and millions of homes no longer on the books of some too-big-to-fail banks. Without those assets, the banks could again be looking at bankruptcy. As was pointed out in a San Francisco Chronicle article by attorney Sean Olender following the October 2007 Boyko [pdf] decision:
The ticking time bomb in the U.S. banking system is not resetting subprime mortgage rates. The real problem is the contractual ability of investors in mortgage bonds to require banks to buy back the loans at face value if there was fraud in the origination process.
. . . The loans at issue dwarf the capital available at the largest U.S. banks combined, and investor lawsuits would raise stunning liability sufficient to cause even the largest U.S. banks to fail . . . .
Nationalization of these giant banks might be the next logical step—a step that some commentators said should have been taken in the first place. When the banking system of Sweden collapsed following a housing bubble in the 1990s, nationalization of the banks worked out very well for that country.
The Swedish banks were largely privatized again when they got back on their feet, but it might be a good idea to keep some banks as publicly-owned entities, on the model of the Commonwealth Bank of Australia. For most of the 20th century it served as a “people’s bank,” making low interest loans to consumers and businesses through branches all over the country.
With the strengthened position of Wall Street following the 2008 bailout and the tepid 2010 banking reform bill, the U.S. is far from nationalizing its mega-banks now. But a committed homeowner movement to tear off the predatory mask called MERS could yet turn the tide. While courts are not likely to let 62 million homeowners off scot free, the defect in title created by MERS could give them significant new leverage at the bargaining table.
Ellen Brown wrote this article for YES! Magazine, a national, nonprofit media organization that fuses powerful ideas with practical actions. Ellen developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest of eleven books, she shows how the Federal Reserve and “the money trust” have usurped the power to create money from the people themselves, and how we the people can get it back. Her websites are webofdebt.com, ellenbrown.com, and public-banking.com.
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I have been saying that my mortgage is a document of exploitation for over a year now. I was trying to decide if I should keep this house or sell it. When I read the loan documents, I told my wife, “we are selling!!!” There is no way I am going to continue to make payments on a mortgage under these terms. We had an insurance claim, otherwise I still wouldn’t know what kind of crooks I am dealing with. I paid the contractor out of pocket for the repairs & the mortgage co. (it’s been flipped about 4 times) wouldn’t sign the insurance check over to me. I finally sued them & got paid about six months later. Now, they say I owe them about 10 g in back payments & penalties. I’m not paying anybody anything until I see some documentation. I also want to see a detail accounting of every penny of my bill. I asked for documentation six months ago to verify the company I was to send the payment to actually owned the note. That was one of about 5 letters I sent them for which I never got a response.
My dealings with this has been marked by deceit, misconduct & perhaps even fraud from day one. Yes, I know I should read & understand every word of everything I sign but I was “under the gun” & desperate at the time. I was never even told it was a “MERS” mortgage. They were expecting me to read all that junk & close in 30 minutes?
According to what I have read, the “American Tort Reform Association” has evidence that the mortgage banking lobby was in bed with the Obama administration for the last 8 years & Obama gave them everything they wanted!
Love you guys…!
The truth is, they are scamming us. You can’t reconvert an overissued uncertificated stock or bond into anything of value because it never had any value in the first place. The reason…the Issuer never paid the Treasury back Consideration before they Converted the Instrument and the Plaintiffs were Negligent upon Presentment by Alteration and Acceptance of an Obligation of a Drawer and are in Dishonor in the names of Defendants and are IMPOSTERS.
On 7/23/2010 My home was sold on a fraudulent trustee sale from Bank of America to Wells Fargo Bank…
I’m a single father along with my ten year old daughter was wrongfully evicted from my home 8/17/2011 on an unsigned eviction notice by the San Joaquin County, CA. Sheriff Department which left us emotionally scarred. Now I’ve filed a lawsuit on December 16, 2011 against the Department for obstruction of justice, fraud, & conspiracy.
My loan was securitized, and I received my Securitization Audit which revealed the PROOF that Wells Fargo Bank had brought FRAUD & PERJURY upon the San Joaquin Superior Court to steal my property by showing fraudulent copies.
The chain of title is broken because neither Countrywide Bank who merged with Bank of America that sold the property to Wells fargo Bank was not elected by the pervious Bank Barclays to act as Trustee.
In addition Countrywide stole my payments for 2 years and was not even elected as trustee to take funds nor bring a foreclosure against me. This is also FRAUD..
There is Major Fraud with all in these Banks behind the scenes. The only true chain of the Banks from my Securitization Audit was my original lender Fremont Bank to Barclays Bank. There was no existing bank ever being nominated to act as a trustee.
All these other banks after the loan was securitized secretly tried to reattach themselves to act as a pretender servicer to execute their FRAUD and FORECLOSURE just to steal my property…
I bet you this is what is happening to all homeowners today. This is the root of the FORECLOSURE PROBLEM…
The banks can’t do that after the loans was converted to stock and sold on wall street.
The banks are double dipping because the notes and deeds were lost forever. This is why they’re stealing homes, giving you no remodification, and bringing FRAUD on the homeowners because they can’t find the papers, and now deceiving homeowners from their homes by doing fraudulent foreclosures.
If the American Homeowners knew that the banks screwed up and betrayed all of the true legal homeowners.
The homeowner haven’t figured out that they are sitting on their homes FREE AND CLEAR because of the banks GREED and now KARMA.
This would cause a major uproar, but the time bomb is ticking for the Homeowners to wake up and take a stand… Some are…
I did…
Now Century 21 M & M Associates REO is acting as realtor on my property & trying to now sale my home 8521 Rice Court @ 135k. I purchased the property @ 395k
Based on this FRAUD I’m still the legal owner in interest that has my original grant deed, & promise note.
I decided to stand up an acted by putting the San Joaquin County, CA. Sheriff department on Notice & filed my lawsuits against these banks. Now there is a foreclosure review from the Comptroller of Currency on these banks violating their Consent Orders.
After being homeless & living in my truck for 4 months I decided to reclaim my property based on this FRAUD on 12/20/2011 & managed to stay there one day until the REO contacted City of Stockton, CA. Police Department, but the San Joaquin County Sheriff Department didn’t show up…
I had a Notice posting on my property stating No Trespassing violation, but that still didn’t stop the Stockton Police Department & REO from getting a locksmith, and they illegally broke into my home and put me, my girl friend my family out again on the street on December 23, 2011.
Two days before Christmas. WHAT A BUNCH OF GRINCHES!
They all violated my 5th and 14th admendment constitutional rights, and they still get away…
NOW I GET KICKED OUT OF MY HOME TWICE!!
HOW CAN I GET JUSTICE!!
I would like some TV exposure or support to let all Americans know that these corporations don’t care, and they want one nation to control us all.
Now I’ll be filing another lawsuit on December 27, 2011 against the Stockton, CA. Police Department for obstruction of justice, fraud, & conspiracy.
It’s time to take our houses back!!
This is the solution, we will tender the money for your note at court in exchange for the original note
How can you tender money for a note that has been already sold to wall street, and the subprime lender Fremont Investment & loan went out of business & closed June 18, 2008 who had placed it into a Trust that has already closed on Nov 3/2005?
My home lender was Wells Fargo, I am a single father with custody of a child. I was involved in a very bad accident with a very bad brain injury. I only owed $78,000 on my home and it was worth $127,000. I have no family in Alabama and had no idea my home was in foreclosure and received nothing from Wells Fargo that foreclosure was only 3 day’s away. I called them several times and explained that I never received mail informing me of the nightmare. I was only 3 months in the rear and tried to contact them to pay all back payments but they hung up on all of my calls and would not contact me in any way. Two day’s later I had a not on my front door saying that someone else has bought my house at a sheriff sale on the court house steps and that I had 10 days to get out. I lost my home and credit so now myself and son are homeless due to Wells Fargo fraud practice of lending. This happened in June 2008 in Alabama. Is there any action that I can take to sue Wells Fargo and get my home back? This has caused a very bad hardship on myself and child. Please if anyone could direct me to get help PLEASE. Thank You,
I am posting this for the first time on this site because I like this site. So here is the big discovery;
It is becoming clear to me that the full speed foreclosure by all the bankers is an organized scheme to avoid putbacks. While the reasons stated so far for fraudulent foreclosures at break neck speeds by all the banks including A) Fee advance scams ($1 in $2+int back out of trusts) to steal from investors and public, B) Equity Stripping from borrowers and guarantors through bankruptcy court proceedings with cooperation of corrupt trustees and C) to receive financial support from government under the false pretense of lending victimization, etc… all make sense and are appropriate, it is becoming obvious that there is a conspiracy amongst all the bankers servicing mortgage loans to illegally foreclose and get rid of collateral and the note rather than following the Servicing standards via putback. This would mean that if these banks were to put the bad loans back to each other rather than foreclosing, each would have to send back to other bankers hundreds of thousands of defaulted loans for cure, repurchase or substitution. SO instead of as a group suffering hundreds of billions of dollars of losses due to putcbacks, they all have quietly with the blessing of government have decided to foreclose and dispose the loans rather than putbacks. Also see;
http://www.foxnews.com/politics/2010/10/17/foreclosure-freeze-drag-property-values-housing-chief-warns/#dsq-new-post
• yuansavvy 0 minutes ago
Wells Fargo and other banks foreclose illegally only to steal from investors, borrowers and guarantors and to avoid creating losses for each other by returning the defaulted loans to the loan originators which would cause them all lose money – as each one would receive thousands of bad loans back from the other banks’ loan servicing.
All the banks have conspired to foreclose illegally rather than sending back their bad loans (that they have sold to GSEs and are now only servicing) to each other from their servicing. Sending the loans back causes losses (buying the bad loans back). But foreclosing makes fees and the investors lose money. Now that government has bought all the bad loans, the taxpayers lose the money. YOU SEE THIS TRICK….
Wells Fargo in foreclosing IS NOT A LENDER. This is the core of the fraud. Wells Fargo pretends that to be the lenders otherwise as a debt collector would have to comply by Fair Debt Collection Practices Act which prevents it from seizing assets without the knowledge and consent of property owners.
In fact, these Banks are only Loan Servicers and once the loan is in default, it must be passed on to the Special Servicer – another bank. The Special Servicer is engaged only to;
A) Work out with borrower or,
B) Putback which consists of
1) Cure,
2) Repurchase Demand or
3) Substitution of the loan by its originator,
according to Pooling and Servicing contracts that engages servicers for the investors (REMIC Trusts). They expressly are not allowed to foreclose nor legally have authority to foreclose as Servicers can never be the holder of Note and Mortgage as required by Foreclosure laws.
Don’t get distracted by another bankster diversion and “look over here”! The MERS is not the issue. The issue is the Banks as Servicers of the loans they have already sold into securitization are NOT holder of Not and Mortgage and as a result their Foreclosure affidavit is FRAUDULENT.
The only reason they foreclose is to steal equity of investors, borrowers and guarantors on the loans that they are not holding the note and mortgage. Mafia bankers of Norwest Bank of Minnesota who invented this game have been able to steal their way into ownership of Wells Fargo Bank and Wachovia Bank. The buck stops here for these fraudsters like Dick Kovacevick, that their actions makes Bernie Madoff look like a boyscout.
How do you find out if your Mortgage is affected by MERS?? We are curently in the early stages of foreclosure due to being “underwater” to the tune of about $60,000. Need to know what to do. Can somone help? Our mortgage holder is Wells Fargo, who I understand is a big user of MERS.
Find out you are dealing with the lender – true holder of your Note and Mortgage that you have been making payments to or a Servicer (who by law is only a collector not a lender) – pretending to be a lender. If a servicer, then you can find out exactly what pool of loans your loan belongs too and who is securitizer (Fannie, Freddie, GNMA, etc,,,)
Don’t hold the Commonwealth Bank of Australia (CBA) up as a shining example. It may have been once, but it isn’t now. Here’s my story as an example. I live in Sydney, Australia. My wife and I have had two mortgages with Commonwealth Bank, in sequence, on the same property. The first was a $101K loan for purchase of land with small house, in 1987. Paid off in 1989. The title deed was passed to CBA by seller at our purchase of the land, and at payout was returned to us by the bank, as expected. I still have the ‘title deeds’ folder from the bank in which it was returned to us, and a photocopy of the original deed, both sides.
The original Title Deed is a large (A3 size) rag paper document, recording ownership of the land since 1838. I consider it to be a valuable historic document in it’s own right, as well as being of very great personal value. Also the Certificate of title stated “proprietor of an estate in fee simple”, which I understand to be the most powerful form of ownership.
Our second mortgage was a $170K loan to build a new house on the land, taken in 1999. This we paid off fully in Dec 2007. The Title Deed was handed to the bank at contract signing. I couldn’t find explicit assurance in the bank’s loan contract the original deed would be returned on loan payout, so at the mortgage signing meeting, I asked for assurance that it would be returned. I even suggested making a note on the contract to the effect that it would. Was verbally assured this was not needed, as of course it would be returned, as before. Stupidly, I accepted this assurance.
In 2007 after we paid off the loan, the bank did not return the original title deed document, despite repeated requests to them for it, and attempts to trace it’s whereabouts. Instead we received (upon application and fee to the government Land Titles Office – LTO) a plain A4 printout from the LTO stating a lesser title. On verbal demands on several occasions to the bank for the original, historic (and apparently stronger title), and of considerable personal value document, the CBA has variously claimed:
“It is probably in some huge CBA document warehouse.” “It is superceeded by new proceedures at Lands Dept, small A4 doc is all that’s needed.” “Can’t be found (by branch office.)” “Was probably routinely disposed of by Land Titltes Office, due to it being ‘old style’.” (I have a copy of LTO internal proceedures, stating all docs are to be returned to bank officers – and that includes ‘superceeded’ old-style titles.)
On presentation to bank of ‘internal proceedures’ doc from LTO stating Title docs to be returned to bank, bank then claimed “Bank probably discarded it when returned from LTO after registering mortgage.”
I am informed, though I do not know for sure, that it is illegal to destroy a land Title Deed.
My suspicion: The bank bundled it along with other mortgage title deeds, and onsold them as part of some Collateralised Debt Obligation (CDO) deal. So it is now held in some kind of escrow storage, somewhere not under the bank’s control. The point being, that my experience suggests CBA are lying when they claim they did not involve themselves in the global CDO scams.
In any case, they have failed to honour the contract. They have broken the fundamental understanding – return of the actual original title deed on payout. We upheld our side scrupulously; always paid on time, held large amounts of money in the MISA offset account, and paid the loan off early.
In any case, they have illegally varied the terms of the contract, in that our mortgage agreement was with them (CBA) not to whoever they sold the Title/CDO. At worst, they have acted Ultra Vires (beyond their legal rights) and possibly also committed Conversion of the rights to the property.
I’d very much like to pursue remedy in this matter, but have been unable to find legal representation prepared to take on the matter.
Commonwealth Bank is the Australian Wells Fargo!!!
I am confused. I have not been late on a payment yet. Our mortgage is under MERs so if we are not behind, how does this affect us? Am I reading that they (MERs) have been using our mortgage as a money scam?
I have always been very educated on my home mortgage account.
Our Co, American Home Mortgage was one of the first companies to go belly up in 2007 and its been handled by a Servicing co since then. Our second mortgage, they sold to Citi and that one shows up nowhere
Can someone educate me where this would benefit us?
The securitized mortgages – only mortgages can be securitized not notes (thus MBS Mortgage Backed Securities. there is not such thing as Note backed securities as notes have no liquidation value or appraisals.) belong to a pool of loans. If your lender has gone bankrupt after selling your loan then your loan after default can only be Putback (a term of art meaning sent back to its originator or the bank that has a valid (meaning valid and recorded) assignment in your country records. Then only that Holder (term of art meaning the actual owner of it) has standing (a legal term meaning claim or authority) to file a foreclosure lawsuit (or petition).
However, these days 1) because they can not find the original Note and Mortgage (due to MERS) and there conspiracy I put on this comment site the servicers have to pretend they are the lenders to foreclose with false affidavits. Most judges are in their pockets and will rubber stamp it unless a good attorney can push back for borrower. Because the foreclosure is not benefiting the actual “injured” party. Remember the courts of justice are there for equity to remedy the injury. The servicer has no injury!!! It is there to injur and kill the borrowers and guarantors. So if the court gives the Servicer the requested relief while no injury the court has committed a crime against those and the public who gave them the authority so public is protected!
You may be able to walk away with your home free and clear. I can have the documents validated to determine your standing. Any error is your favor and looked at at fruad by the court
Please give me an address where I can send you paperwork. It ‘s been bought “bought and sold so many times, I suspect sold many more and paid for by bankrupt banks force placed insurance”. I got my records fom the County Recorders office and even I can see the fraud. I have been putting up with BOA for almost three years now and have been to hell and back. Can’t afford a two thousand dollar “securitization aduit”. Many things have not been recorded and I’m missing a release from Washington Mutual. I have had three lenders purporting to own my loa at the sme time.
Ali
Forget about a class action suit.
Thats for fools and intellectually lazy bums who deserve nothing.
Do your home work and file a statement of claim against the bank.
Offer to pay them first in the direct and immediate exchange of the original instrument of indebtedness in its original form.
Once the bank has defaulted to your offer to settle and pay then file suit.seeking double what the bank claims you owe them.
Whats so difficult about that??
FYI: MERS was denied standing in the Nevada courts by Fed Judge Kent Dawson in Dec of ’09 that stemmed from a Bankruptcy case where Judge Linda Reigle (spelling?) was also involved.
Since then, the pretender LENDERS / MERS, has reassigned the Promissory Notes to other beneficiaries like…RECON TRUST for BOA or National Default Services for Wachovia/Wells Fargo. I believe this is an attempt to circumvent to Dawson ruling about MERS. I also believe that most people will possibly realize that once your Mortgage is in the MERS system it should not matter who MERS reassigns it to. Once it’s in MERS, securitized and sold over and over again…it’s game over. Or is it?
That’s NOT the whole story in building your defense. There are many other things that come into play … that’s why I believe that Massi recommended you have an attorney review your Mortgage docs to verify what ..if anything can be done. I believe, based upon what I’ve seen and discussed with 50 people here in Las Vegas that there is hope in fighting back against the FRAUD committed by the LENDERS.
Yes! I believe the UCC does come into play here too. Try looking up ‘Holder in Due Course” … yes… “Real Party in interest” (they say they are … you must make them prove it … in court if need be) and try looking up ‘Misprisom of felony” … you’ll like that one too.
The solution is out there but it is a damn tough fight trying to find it. As some others have noted here the Fed Reserve, the way money is created from our signature and then monetized over and over again when we signed that note…yeah…that all comes into play.
Yes! I also believe that a CLASS ACTION Lawsuit against all these so called Govt and Banking entities would help alot of people … i.e. 62 million perhaps.
I am looking for the NRS that actually allows the lenders to do what they’ve done. How have the violated the RICO statues or BK laws or Mail Fraud laws. I am looking for remedies that are based upon LAW to empower others with the knowledge and confidence to fight back and win this battle over your hard earned assets that Nevada lenders want to take away from you.
So, fellow citizens on Nevada … there is a cry for freedom, justice and truth. Please educate yourself and share with as many people as possible. Don’t believe what the lenders tell you. You have been deceived … now that you’ve seen an attorney come out in public to exposed this … “the conspiracy theory”…is no longer a theory … it’s a fact!
So, there’s just too much to yack about this subject … but that’s my 2 cents worth.
KevinG: Even after Mitchell, I am still in court fending off an illegal attempt to steal, yes, steal my home by a loan servicer (at best) who has been aided and abetted by Mers. I have been at it for 2 1/2 years.
You should contact me. Those of us who have chosen to duke it out should share and compare notes here in Nevada. Soon.
Remember, Servicer has no Standing – No injury to come to court. The Servicing agreement can not liquidated or assign the note and mortgage to a servicer either. Servicers are thieves pretending to be lenders. Also, the taxpayers are now getting ripped off as the owner of the MBS securities, because instead of workouts or Putbacks that make money for investors, the foreclosures only make money for Servicers who credit bid the property at sheriff auction for pennies on the Dollar then back door it for market price and pocket all the difference in those two sales as fees. They also charge the trusts for foreclosure fees and for every dollar they spend in foreclosure scams they charge the trusts (government) 3 or 4 dollars as fess and repayment of those Advances. It is an incredible racket that will cost the global economy over $10 Trillion dollars!
For Servicer to gain the legal standing, the only way possible is to provide the written approval of each and every investor in the trust in which your Mortgage is bundled. That is impossible because the investors then can be sued back and that is one thing no bond investor can afford.
The judges understand and know this. Unfortunately no defense attorney understands this because no attorney can read or understand the trust documents such as the law behind it (IRC 860C), the prospectus and Pro-Supp, PSA (pooling and servicing agreement) and the legal role and authority of each of these parties as it relates to property laws, real estate laws and credit laws (FDCPA). But the good news is they are learning fast and building knowledge and precedence.
None of this MERS stuff matters, especially if you live in Palm Beach County Florida. Im tired or reading all of these articles about how we may be so lucky to actually have something go in our favor. I have done my research and I know my loan has fraud all over it, front to back, left to right. In fact the frauds are now so easy to spot that I would be easily ready to defend my home in front of any judge that wants to make rulings based on the laws of this state or federally. problem is that our judge Sasser in Palm Beach County among other judges accross the country, decide that these issues are just small errors by the lenders and decide not to use any of the so called errors(fraud on the court) in coming to the conclusion that they (homeowners)owe someone so whats the point in prolonging the agony?
They repeatedly ignore the law, they make the rules up as they go, they make decisions that conflict with prior rulings and other court decisions including state and federal supreme court rulings, they play in the same sand boxes as the lenders attorneys, they ignore the fact that most of the biggest foreclosure mills are under investigations for the florida attorney general, they dont care they are being sued from everyone for the frauds, they have invetsments in the same very trusts that the lenders are foreclosing on, they give you 3 minutes in court if your lucky, they deny access to the court rooms that we as tax payers pay for, they refuse to even look at homeowners motions becasue they already have made up thier mind that the lenders case will win before ever even considering the facts of the cases, they know if they follow the law on just one case then they have to follow the law on millions of loans.
Our infamous Palm Beach County Foreclosure Judge Sasser gets to leave her infamous rocket docket spot in palm beach foreclosures to be a judge in other types of law, her replacement is a crimanl judge, to some people that may sound like a good upgrade becasue maybe this new criminal judge will notice the fraudalent acts being done and actually call it what it is and sanction these attorneys that bring this fraud into the court room and end it like some of our other great Judges that i read often are actually stopping the fraud in their courts, but my better thinking believes that this is just more smoke screens, there is so much other powerfull forces in Palm Beach that any one or 2 or 3 or 10 judges cant stop it without giving up thier careers as the new it.
On the other hand, if he enforces the laws, it sure will be a bit harder for the fraud fighters to call out a judge for working for the fraudsters with him having a criminal judge backround. I do hope for the best and i reserve my option to make up my mind on this new development until we get to see if he indeed does his job of enforcing ther laws, but be very skeptical.
Sorry to get off point here, but my point is simple. they are TOO big to lose this and they will take your house at all cost. your only hope is that you can afford to hire a great attorney who is willing to fight not just beasue of you but becasue of the bigger issues here and to do this for you at a reasonable fee, unfortunatly though as I read on another fraud fighters website, Matt Wieldners site, there was a post from someone like me leaving a comment like i am here, she was in the fight of her life to save her home but the lawyer wants $50,000 to help her. If this is true, we are in for a rude awakening, we will NEVER win, nobody can afford this cost to fight. I was convinced the best thing to do was fight, but i have lost so much faith in the palm beach county court system, in fact a few months back I was called for jury duty, when the judge called on me and asked if I had any reason i wouldnt be a good juror I said ” Your Honor, I would not be a good candidate to set upon this jury” he said” And sir can you explain your reason” and i said ” your honor, the palm beach county system is fefunk as the same as most of our legal system, lawyers fabricate evidence, judges prejudge and your honor if you would like I can be much more specific but in the intrest of respecting the court and the good citizens before you today, i will not, but I will state I will not find anyone guilty of any crime unless the crime is on film that has been forensically verified, i trust no one, especially the lawyers, and i would not be able to render a verdict based on any other evidence” he said ” thank you, please go down stairs and check out with the clerk, you are released from duty” the bigger issue here is that the courts are allowing this fraud, lenders fabricate evidence for one reason, to take your home, the judges know this absoluty for sure, no doubt about it, but they dont care, they allow it.
I could understand the judges ruling with the lenders if the lenders were actually trying to help people modify the loans and then the homeowners dont play ball, but the lenders do NOTHING for us, we are in the batters box waiting to swing, but the lenders wont throw us a picth and unless the judges start enforcing the laws, this will be a very long baseball game, we will be a nation of renters, a nation of people that will eventaully snap and a 20th century civil war will break out. I want to fight but Im already feeling beaten. I think of the Spartans, they were few but very smart, very strong, stood up for what was right and they prevailed for a while, but they all died too, becasue they were defrauded by someone that they helped earlier,someone they trusted, they were defeated over greed, greed trumps all else, deal with it, live with it, wrap your head around it, becasue there is nothing you can do about it!!! sounds like the tax payer bailing out the banks, and they dont care, there greed has trumped the idea of helping us, they know deep down they should, but there bank accounts may take a hit so NOWAY will it happen.
Twenty six years ago my husband died in Boca working for Underground utilities systems. They received the highest fines at that time ever given by OSHA. BUT… when it came time for the OSHA hearing the very last thing brought up was that the government drilled the wrong site.{Given the coordinates by the general contractor}. OOPS! Mistrial …all charges dropped…no money for retrial… {the gov’t prosecuter told me the G.C. wouldn’t have any reason to lie,innocent mistake}I still filed a civil suit{had a 4 year old daughter} Supposedly had one of the best lawyers in FT.Lauderdale.{Sandy you know who you are} But they stalled for 5 years and eventually I was told I had better settle cause they didn’t have to give me anything.Turns out my lawyer had political aspirations.They succeeded. I knew that the legal system sucked way back then and now here I am fighting for my home and the things I have found out about the ‘criminal activity’ in these United States has made my stomach turn.I’m 59 years old and at one time thought my generation would change the world for the better. What I want to really say is that if we could only rally the hundreds of thousands of us who have a fire in our belly about what a great country we thought we had…perhaps we could effect change in the right direction! Good luck to you Tim and all the rest of those fighting for our lives.
I HAVE A MERS ACCOUNT HOW DO I GO AFTER THESE CROOKS? PLEASE HELP ME. IS THERE A CLASS ACTION LAW SUIT GOING ON?
I HAVE A “MERS” NUMBER. HOW DO I JOIN IN THE CLASS ACTION SUIT TO SUE THESE ——– AND THEY CALL US MORTGAGE BROKERS CROOKS! HOW DARE THEM
What would happen to the economy if the 62million home owners walk away with free and clear titles…it would boost the sagging economy….homeowners can then have a chance to reacess their lives and their options for jobs etc and a future…the mortgage money can be put to better use….
Also, base on all that has bee uncovered…sounds as if they signatures of the homeowners made a fortune for the banks and the homeowners should be compensated…do they owe us money?…Your thoughts….
If there is a note holder somehwere…the note is no longer effective….that is why some have ‘notes’ but deny they have them and only at a crucial time in pending foreclosure they may produce or reproduce one…the suddenly found lost note…once securitized, there is no longer a bona fide original note….any changes made to the note renders the original invalid…
Also,technically, and in the final analysis the true owner is the homeowner…
Also, most of the promissory notes are not really negotiable instruments as they carry conditions…they were poorly prepared and if no one notice that flaw…then they get away with it…check out the terms carefully…who takes the time to read the note?
Also…make sure the mortgage date and the note date are the same…and both together when in question…
Your thoughts….
Good point. I’m of the opinion that these notes are not negotiable at all. I think they are all non-negotiable as the original drafting doesn’t have the verbiage “pay to the order” of “pay to bearer”.
Sure they stamp on that afterwards but that only makes the instrument negotiable between subsequent holders.
It is is still non-negotiable against the maker and is to be treated as a simple contract with all the equities and defenses available to the maker as he would have against the original party.
By equities I mean set-off of the principal and interest on the debt owed with the profits gained from the negotiations of said note.
Profits were made on these notes. There is no doubt thee maker has an equity interest in that profit.
Ref your statement: the promissory notes are not really negotiable instruments…au contraire…they ARE the creation of capital in the USA…by vertue of a stroke of a pen…WE CITIZENS create the capital through prommisory notes (notes, checks, etc). All the “Lenders” do is convert it into a draft! (a security!) Read up on Debt Capital Creation..another name for our monetary system…Federal Reserve… Notes…? 1933…? Wouldn’t Americans be rudely awakened (and really angry) if they really knew how our money is created! …That non-performing asset (“defaulted” prom note) is the PENNER’s asset…not the “Lender’s” … Offset (is another word for bailout)…ALL citizens have a RIGHT to claim the offset !! They just don’t-cause they do not know how!…Stuff THEY do not want you to know and don’t teach in school!
It may well be that MERS cannot hold the status of note holder. Accordingly it can neither foreclose nor assign the note to another party. However this does not mean that where MERS acts as custodian of the note, no other party holds the note.The ultimate question is who is the note holder and how is ownership proved.
One way ot answer this question is through the chain of mortgage title. It is, however, incorrect to conclude that it is the only way to establish entitlement to the status of note holder. The UCC implies that there are other avenues of proof of note holder status, such as proof that a party is legally entitled to receive the payments provided by the note.The Bankruptcy court has provided another path where a note holder can produce evidence that it is the “real party in interest”. It is premature to suggest that the debt represented by notes held by MERS is forfeit.
Bout damn time! I’ve been railing about these MERS for a few of years now. It is a mechanism designed to hide the negotiation of the promissory note. It has nothing to do with registration fees. It is designed to facilitate a back door secondary currency system in which the FED doesn’t have to put up the collateral to circulate more of it’s notes.
It’s a giant money laundering scheme.
Understand bills of credit and income taxes and you will have the why.