Sunday, February 1, 2009

By telling a bank to “produce the note,” a homeowner can delay foreclosure

STAY PUT PRODUCE THE NOTE FOLLOW THE LAW

If the bank can't produce the documents and the real owner of the loan can't be identified, the contract is null and void. By telling a bank to "produce the note," a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt.

Posted by troy @ 12:07 PM (2206 views)
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17 thoughts on “By telling a bank to “produce the note,” a homeowner can delay foreclosure

  • I’m sure that in the UK, the FSA would put a stop to any of this kind of civil disobedience in the name of propiety.

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  • paul, you may well be right. However, not everyone holds that view :-

    Common Law & Commercial Law – The Truth Will Out.com – From The UK
    Common Law & Commercial Law – The Truth Will Out.com Website – From The UK

    Information cut and pasted below from thetruthwillout.com/common_law.html – 27th October 2008

    Police, Councils, Banks and Government agencies etc are actually committing fraud against us with every Statute, Act, Order and Notice they use…Fact! Find out why & arm yourself with the knowledge that gives you freedom!

    —————————————————————————–

    Common Law and the treasonous government means we do not have to pay their taxes, obey and consent to their traffic laws, their legal system, their monetary system, and their whole fraudulent, deceptive and evil game. We urge you to keep reading with an open mind. This is true and our right!

    —————————————————————————–

    Speeding Tickets & Fines Are Unlawful! Parking Tickets And Fines Are Unlawful! Credit Card Balances DON’T Have to be Paid! Income Tax Does NOT Have to be Paid! Council tax…Yep You Guessed it! The List Goes On & On! This is NOT a Fantasy, This is a Reality! We Have Been Duped on a Massive Scale & The Following Information Will Free You when The Enormity of This Sinks in!

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  • I dont’ think any High Court Judge will go along with this rubbish in the UK.

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  • …..better still, find a Leprechaun, and make him give you his pot of gold – et voila, no money problems!!

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  • or on the other hand, go directly through parliament thus :-

    We, the undersigned, request an inquiry into the long term development of the money supply, in particular the share of Cash and the share of Credit in the economy.

    Since nobody asks who generates the interest necessary to pay for credit, we object to buying into the myth of a “credit crunch” whilst on-line statistics of the Bank of England show that the Cash share of the money supply has continually dwindled. The reality is therefore a “cash crumble”.

    A lot of us have studied our financial system over many years and some have taken legal advice resulting in Parliamentary scrutiny via the Treasury Select Committee. Others have submitted “Green Credit for Green Purposes” in response to the Committee’s inquiry into the Stern review which was published in February 2008.

    For an economy with believable inflation rates and the ability to preserve wealth, it is not necessary for the Government to raise taxes or to borrow, but to stop the “cash crumble”. cont.

    http://www.gopetition.co.uk/petitions/stop-the-cash-crumble-to-equalize-the-credit-crunch.html

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  • Here, the owner of the loan is whoever has the charge at the Land Registry. That’s pretty easy to identify.

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  • They key point is that if creditors can’t legally take back the ‘security’ then the toxic mortgage and loan assets on their balance sheet become even more worthless; the banks become even more insolvent; and credit will be tightened further…..

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  • Many people are wondering how the current problems came about. The world’s politicians are desperate to reassure the general public that the current difficulties can be resolved quickly and that they do not have to worry.

    http://www.howitends.co.uk/

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  • ‘we the undersigned request ….’

    yup, that’ll work

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  • Maureen Barlow says:

    There is a similar state of affairs in England but I only know of it’s use in the ‘negative equity’ context when the lender comes several years later for the shortfall. The lenders name is not on the register at the LR becasue of course it was removed on repossession. If they sell the debt on without the full mortgage deed – terms etc. – then they can’t recover because upon discovery for a hearing the purchaser of the debt are usually unable to produce the full documentation. I have direct experience of a number of cases where this has happened. As for the Judges they do not bat an eye, if there is no evidence they have no interest in manufacturing it.

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  • You would be amazed at how many loans and credit agreements are not backed up with the correct legal paperwork. A fair proportion are not enforceable due to this.

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  • 4. braindeed said……..better still, find a Leprechaun, and make him give you his pot of gold – et voila, no money problems!!

    You might be onto something there braindeed… the Leprechaunian approach to finance certainly has more credibility than the current one!

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  • There is an interesting link in this blog about Eliot Spitzer and what happened to him a month after writing an editorial in the Washington Post on the subject of the Bush administration and predatory lending.

    http://www.brasschecktv.com/page/291.html

    http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html

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  • nubbers ? eliot spitzer link?

    blimey ~~~ signs of inteligence on HPC on a sunday afternoon. well any day for that matter

    present company excepted of course, it’s just, well, things have slowed down a lot recently.

    thank you for noticing and posting the link

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  • http://groups.google.com/group/talk.politics.misc/browse_thread/thread/704e8f5de97dd729

    Two parties come to an agreement and
    sign a piece of paper.

    A loan is a contract.

    If the owner of a loan wants to enforce
    it (including predatory conditions), it
    has to do two simple things:

    1. Produce the paperwork

    2. Prove it owns the loan,

    Guess what?

    In their brilliant financial machinations,
    the “Masters of the Universe” on Wall Street
    forgot these two simple laws.

    Result: There are a lot of houses in
    foreclosure where:

    1. The paperwork can’t be found

    2. No one is able to figure out who
    actually owns the loan because it’s
    been sold, resold, packaged and repackaged
    so often.

    Oooops.

    http://groups.google.com/group/talk.politics.misc/browse_thread/thread/704e8f5de97dd729

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  • If I were a US citizen who was in negative equity and struggling to pay the mortgage every month and then I saw this, I know what I would be thinking. I would seriously consider stopping the mortgage payments, live for free for as long as possible (or perhaps indefinitely) and then start saving a deposit for a few years hence, when my credit had recovered and houses were more affordable. Another ticking time bomb perhaps?

    btw, if anyone is wondering, the link I mentioned is at the bottom of the page ‘Why Elliot Spitzer was assassinated’ – politically that is.

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  • nubbers, this is already happening and not just with Americans. Brits who bought ‘Homes In The Sun’ here in Florida have now caught onto the idea of not paying their loans with the hope of negotiating with the lender at a later date. Plenty of ‘ new landlords’ have started renting long term instead of short term with no intention of paying the mortgage. Indeed, I am sure some never intend to return to the US and their toxic residential investment.

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