Any lawyer can win these cases by simply challenging the basic premises of the action, to wit: the existence, status, and ownership of the presumed loan account.
there is no experience of default by any creditor. That means that the declaration of default is false. And that means that the conditions precedent to foreclosure are absent.
This is the sticking point that derails most defense narratives. The conventional wisdom is that every time a homeowner executes a note and mortgage a financial transaction has occurred that is memorialized in those documents. Since 2006, my central point has been that those documents memorialize a transaction that never occurred.
This is especially apparent in cases involving resales and “refinancing.” In most cases, such transactions are steered towards a common investment bank without the homeowner’s awareness. As a result, there is no movement of money. There is no prior loan receivable account to retire. The only money that is paid to anyone is the cash that the homeowner is taking from “equity,” and all the commissions, bonuses, and other revenue and compensation that has never been disclosed to homeowners.
Each “new” transaction gives rise to a new round of sales of securities. The revenue from such sales is literally an infinite source of profit to investment banks. There is no loss and there never has been one for any bank or investment bank. It doesn’t exist because it cannot exist.
It is very difficult for most consumers or lawyers to understand how the documents do not reflect any actual transaction in the real world. So they are reluctant to establish a defense narrative that they know is going to be received very skeptically by any court. But it turns out that the homeowners willing to do that mostly win their cases.
So that brings us to the real reason that homeowners and their lawyers refused to utilize successful defense strategies and offensive strategies to take advantage of the opportunities presented by the investment banks, who continue to hide behind multiple layers of intermediaries and conduits.
Every claimant that is named as a trustee for a trust bearing a name that identifies Series 200x ABx is a false flag. It is merely a name under which an investment bank lured the homeowner into becoming a co-issuer of securities that were eventually sold to investors — without any conveyance of any right, title or interest to any obligation, legal debt, note or mortgage.
The sale of those securities — and several other tranches of securities whose existence was based upon the initial certificates — paid off all loans to the investment bank bookrunner. This resulted in wiping out even the hypothetical existence of any loan account receivable. It also produced revenues and profits that were geometrically larger than normal fees, revenues, profits, and other compensation arising from either the sale of securities or the sale of “loan products”
Based on our analysis, we have concluded that legally, financially, and even morally, there is a complete absence of any duty to make scheduled payments on a nonexistent loan account receivable.
There is also a complete absence of any financial or economic loss that can be attributed to the homeowner withholding payment. Therefore, in my opinion, there is no experience of default by any creditor. That means that the declaration of default is false. And that means that the conditions precedent to foreclosure are also absent.
Any lawyer can win these cases by simply challenging the basic premises of the action, to wit: the existence, status, and ownership of the presumed loan account.
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Neil F Garfield, MBA, JD, 75, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.
But challenging the “servicers” and other claimants before they seek enforcement can delay action by them for as much as 12 years or more. In addition, although currently rare, it can also result in your homestead being free and clear of any mortgage lien that you contested. (No Guarantee).
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