I think the biggest problem for homeowners can be summed up in two sentences. First they believe there is something they should feel guilty about. Second, they don’t know the difference between (a) documents that can say anything and be prepared at any time and (b) original source (best evidence) documents.
Homeowners are regularly outwitted by Wall Street investment firms. They are the victims of a crime practically every time they sign “loan” documents. Each scheme is designed to prevent them from knowing that they are entitled to a fair share of the securitization scheme. They are victims and they have nothing to be guilty about.
For most lay people, a document is a document and as soon as you call it a document it is evidence of the truth of the matter asserted in the document. So if someone produces an assignment or endorsement even the homeowner assumes that there was a source transaction for which there are source documents (e.g. cancelled checks, correpsodnece etc.).
The thing to remember always is that nobody ever produces the source documents that occurred at the time of the source transction (assignment or indorsement). The homeowner must ask for that and if they can’t produce it, they no longer have a valid legal claim for anything.
I receive many emails every day that basically complain about the corruption of the courts or why they should win any case brought against them by lawyers seeking the remedy of foreclosure on behalf of a name (usually a long name) that may or may not identify an actual legal entity like a natural person, business entity trust. Much of what they say is correct.
The important point is not so much being right as it is being the winner in litigation. I think they practically prove their points in their emails. The banks are not right but they keep winning anyway. Being right is the furthest thing from their minds. They only want to know if they can win.
- First, is the existence of an unpaid loan account receivable.
- Second, the ownership of that unpaid loan account receivable by the party who is named as the claimant or plaintiff.
- And third, a financial loss is reflected in that unpaid loan account receivable. [This third element is the key. If there is no loss caused by the behavior of the homeowner there is no default and there is no cause for bringing a claim against the Homeowner.]
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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 COMMENTS ON THIS BLOG AND ELSEWHERE ARE BASED ON THE ABILITY OF A HOMEOWNER TO WIN THE CASE NOT MERELY SETTLE IT. OTHER LAWYERS HAVE STRATEGIES DIRECTED AT SETTLEMENT OR MODIFICATION. 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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Filed under: foreclosure | Tagged: original source documents |
So cheat & lie. Just as long as you win. Forget about morals and the Rule of Law. No right and wrong any more. It’s the only Law of Rule now. The winners get write HISTORY.