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THE COMING WAVE OF FORECLOSURES: ARE YOU READY?

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Each payment made by the homeowner to a self-proclaimed servicer is being collected by a third-party vendor, probably under the control of Black Knight. That money is not going to anyone who maintains a loan account receivable on their accounting ledgers. The payment is not reducing the debt because the debt account does not exist under all scenarios in which false claims of securitization are present — and virtually all securitization claims are false. Neither the servicer nor the named claimant ever sees a dime from payments or foreclosures.

In simple language, the payment is not due. It is impossible to “fall behind” or become “delinquent” or to issue a “Notice of Default” on a payment that is not due. But if you admit the delinquency or default you have thrown away the biggest investment of your life — your home. Once you have admitted the default you have admitted the existence of a loan account even though it does not exist. It is nearly impossible to take back that admission which is why most homeowners walk away or lose in court.

The three things you need to know about how to defend your home:

1. The loan, if it ever existed, no longer exists because in the process of so-called securitization the obligation was extinguished from the accounting ledgers of all securitization participants.

2. Even if the loan existed, nobody under this scenario can offer proof of payment of value for the underlying obligation as set forth in Article 9 §203 UCC, adopted in all 50 states.

3. You don’t need to prove anything. But you must contest everything relentlessly and aggressively in discovery and motions.

Tonight I will take questions on this and related topics.

Filed under: foreclosure |