James got it exactly right not only on the content but also the style. By creating the illusion of a “before” and “after”, the banks have constructed a scenario where our minds tend to fill in the gap with a real transaction — when there wasn’t any such transaction. James please write to me at neilfgarfieldesq@gmail.com to set up the CONSULT.
As counterintuitive as it might feel and seem, there was no before, no after, nor any transaction that was actually a loan transaction. the real transaction was a securitization contract that was never based upon ownership of the loan receivable. Since no money exchanged hands relating to sale of the debt, securitization of the loan cannot be said to exist at any point in time.
Then we frequently go on to admit the existence of the debt, the validity of the note and mortgage and the existence of a creditor who owns the debt — even though there is no such account (because, from the investment bank’s point of view, the debt has been paid off in full).
The company is offering services that would ordinarily (custom and practice in the banking industry) perform several verification tasks — typical for interbank transactions. Verification and confirmation of the debt is one of them. What they are saying is that they will perform all these services regardless of whether or not the loan exists.
The bottom line is that the best strategies in foreclosure defense comes from observing what is not being said or represented. For that to be productive you need to know what would ordinarily be said. Lay people typically have no idea what should be said so they respond to what IS being said and they go down that rabbit hole.
AND the main thing that is NEVER said is “Your Honor, we own this debt, the homeowner refuses or failed to pay it and we are forced to cover our losses through this foreclosure action.” They don’t say that because none of it would be true — subject both the lawyer and the “client” (who isn’t really a client at all) to pay sanctions and even be criminally liable for uttering false instruments and suborning or committing perjury.
Neil F Garfield, MBA, JD, 73, is a Florida licensed trial attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.*
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