Getting a piece of the pie: How securitization can work FOR homeowners and not against them

There is no sale of the obligation, note or mortgage and so there is no securitization of debt. By splitting the attributes of behavior from the provisions of the executed documents and changing the description of the behavior, an investment bank could, in essence, sell the apparent debt an unlimited number of times without ever recording the sale of the debt, note or mortgage.

  • In most instances, the “closing” of a transaction with a homeowner results in the issuance of a note and mortgage promising payment that is not supported by any reciprocal consideration. In most of the other cases, the “closing” results in very little money paid by or on behalf of the homeowner despite what is stated on the settlement statement, which is a lie.

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Like everything in the world of securitization, you need to split the hairs. “Title” to the mortgage does not mean “ownership” of the mortgage, but the two terms are generally conflated as meaning the same thing. Any party that is the last party to receive an assignment of mortgage is the “owner” of “title” to that lien. There is no reasonable debate that can occur with respect to that black letter statement.

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And any owner of “title” to the mortgage (note the difference between title to the mortgage and title to the property) has the right to enforce that lien according to the terms of the instrument that was properly executed and recorded. But that right to enforce is subject to several statutory and common law restrictions.
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First common law for centuries holds that no transfer of a mortgage is valid, even if it is properly executed and recorded, if there is no concurrent transfer of ownership of the underlying obligation. This distinguishes the legal treatment of mortgages from other instruments like promissory notes.
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This is further reflected in the statutes of all U.S. jurisdictions that require the would-be enforcer to have paid value for the underlying obligation. Adoption of 9-203 UCC. And please note that, as the investment banks figured out, it is possible to pay value without paying the value for the underlying obligation and it is possible to have paid value for the mortgage lien without paying for and receiving ownership of the underlying obligation — especially if the parties intended it. (See “splitting”).
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In fact, splitting hairs further, it is possible to pay value for future behavior of humans relative to the provisions of written instruments without ever buying the obligation, note or mortgage. This is exactly what occurred in the current iteration of “securitization” of debt. There is no sale of the obligation, note or mortgage and so there is no securitization of debt.
  • By splitting the attributes of behavior from the provisions of the executed documents and changing the description of the behavior, an investment bank could, in essence, sell the apparent debt an unlimited number of times without ever recording the sale of the debt, note, or mortgage on any accounting ledger —even while such “sales” are reported and recorded in the public domain. 
  • In so doing the investment banks turned accounting on its head. And the big accounting firms let them do it — along with Federal agencies who knew better.
  • No legal document is valid unless it relates to something that actually occurred or is expected to occur in the real world.
  • The absence of any accounting ledger containing any unpaid loan account receivable due from the homeowner is proof of the absence of the debt — at least without court reformation of the entire transaction. 
  • The single biggest mistake of homeowners and lawyers is the failure to recognize these basic facts. As a result, even judges who are skeptical of the claim MUST conclude that the unpaid loan account receivable exists and that it is owed to the claimant who has experienced a default (financial loss) because they either said it or implied it through counsel who is protected by litigation immunity. 
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In terms of selling securities, regulated or unregulated, this was the holy grail of investment banking. Selling securities without ever having to turn over the proceeds of securities sales to a genuine issuer. They merely had to invent a name under which the securities were issued and then sell them. This could be done indefinitely with the same homeowner transaction or group of homeowner transactions. The group would be called a “pool” implying ownership but that label was misleading since nobody owned the underlying obligation — thus undermining the right to enforce the terms of the mortgage.
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The problem with this Wall Street strategy is that none of the securities issued by them are enforceable against or even currently relevant to the homeowner (according to the investment banks and their lawyers). The benefit is obvious. they can sell the transaction multiple times, calling it a “loan,” without ever recording the sale of the debt. But enforcement of the debt is entirely dependent upon the existence of an unpaid loan account receivable under current law. Since no such account exists under the current iteration of “securitization” the investment banks were required to fake it.
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They needed to manage to convince judges that a designee or nominee had the right to enforce even though it had no such right. They needed to do that because without enforcement, the label of “loan” would be exposed as fake. And the sales pitch to investors regarding the apparent (but never promised) ownership of a pool of loans would also be revealed as fake, thus undermining the principal goal of the entire scheme — the same of more securities (“certificates”). If transactions with homeowners were revealed to be something other than “standard loans” then the certificates would become unmarketable.
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As a consequence, events occurred on an epic scale that were incomprehensible to the casual observer. The investment banks did not have an unpaid loan account receivable to point to as a reference so they created the presumption of one. By inserting a “servicer”  who appeared to be processing the receipts and disbursements, they used the printed reports allegedly from the”servicer” to constitute a “payment history”.
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They then, through counsel, convinced judges to accept the “payment history” as a legal substitute for evidence of the loan account receivable. The absence of any evidence of actual receipt of payments or disbursement to a “creditor” has been overlooked by courts for twenty years.
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Thus far nearly all homeowners and most of the lawyers who are rarely employed to investigate the matter to render an opinion, have failed to understand this process precisely because there is no analog in their lives or education or experience.
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But for the few homeowners who challenge the premise that there is any outstanding unpaid loan account receivable, they usually succeed at trial or they are paid off in confidential settlements. The challenge to homeowners and their attorneys is to start at the first premise at the earliest possible time because the investment banks, acting through lawyers who have litigation immunity, are building a track record of correspondence and notices starting with the origination of the homeowner transaction.
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Thus by the time the matter gets to court, most homeowners have done nothing and their defenses look like last-minute hail Mary passes to avoid the “inevitable” foreclosures. 96% of all homeowners faced with false claims of rights to administer, collect or enforce the nonexistent loan account receivable simply leave or even clean up the property before leaving peaceably. In so doing they are leaving behind the extremely valuable property that has no effective lien on it other than the recording of a mortgage that was either invalid, to begin with, or became ineffective because there was no debt.
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In addition, homeowners are leaving a claim behind that also has high value and which the investment banks are always concerned about. The original transaction was in most cases without any fundamental element of a loan transaction other than the homeowners’ desire to obtain a loan. Except in the earliest transactions in the late 1990s and early 2000s, nearly all such transactions were steered toward a feeder of a common investment bank.
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Thus the appearance of payments made on behalf of the homeowner at “closing” was an illusion. The investment bank simply used two different originators. Other than cash-out refi’s no money at all was required except to pay all the intermediaries who played the parts of lenders, servicers, closing agents, real estate agents, mortgage brokers, title companies, etc. But each new “transaction” was the base or foundation for a new round of creation, issuance, sale, and trading of new certificates. The investment banks were literally printing money — or cash equivalents.
  • In most instances, the “closing” of a transaction with a homeowner results in the issuance of a note and mortgage promising payment that is not supported by any reciprocal consideration. In most of the other cases, the “closing” results in very little money paid by or on behalf of the homeowner despite what is stated on the settlement statement, which is a lie.
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By all standards and statutes, the fact that the transaction with the homeowner would not have taken place but for the sale of securities was required to be disclosed to the homeowner. And the claim that the transaction was a loan required the investment bank, acting through its many intermediaries and conduits, to disclose the true nature of the transactions and the compensation, bonuses, commissions, and profits that would be generated from securities sales. (TILA).
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The entire securities scheme was entirely dependent upon the homeowner signing papers that would be used to create an extra-legal virtual creditor (illegal) with an extra-legal (illegal) virtual loan account receivable rather than the legally required real creditor with a real loan account receivable. Homeowners never received the loan product they were requesting and they were never told about the valuable service they were performing for the investment banks. And therefore they never had an opportunity to bargain for a share of the venture into which they were being lured as the principal issuer of instruments that made the scheme possible.
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Thus each day, homeowners, believing that they received what they requested, are walking away from property that is legally owned by them free from the enforcement of the mortgage lien that is being used to chase them out. Each foreclosure results in new financial proceeds that are used to pay various intermediaries and conduits (including law firms and “Servicers”) with the investment banks retaining the balance. Although this cash flow should be categorized as revenue it is untaxed inasmuch as it is reported (or unreported) as the return of capital.
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There is nothing in this piece that is unknown to the Federal Reserve, the FDIC, the FTC, the SEC, or the Department of the Treasury. In the words of Timothy Geithner, attempting to justify the payment to banks rather than the bailout of homeowners, “The plane was on fire. We had to land the plane somewhere.”
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For proof of this narrative look no further than The TARP program and the many cases that have been won by homeowners. In all cases where the homeowner won, it was based upon a finding by the trial judge that the claimant had not produced sufficient evidence to back up its claim—- i.e., that it had an unpaid loan account receivable.
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But TARP is more instructive. First, it was announced that it was intended to cover losses from defaulting “loans.” Then Federal officials came to realize that the banks were not holding any loans. That produced some head-scratching. If there were no losses on “loans” then why did the banks need a bailout? Then Wall Street came up with a different scenario closer to the truth but still a lie — the “losses” were from the certificates (RMBS) that were issued. The same problem emerged. Investment banks were not buying certificates, they were selling them.
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But Wall Street was banging the drums for a bailout anyway. They had no losses but they wanted a vehicle by which they could stiff investors and settle for pennies on the dollar. And they wanted the proceeds of hedge bets and insurance they had purchased gambling on the collapse of the “market” (completely controlled by the investment banks) for the certificates.
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And so was born the Maiden Lane entities and the payments to AIG etc that resulted in companies like Goldman Sachs receiving tens of billions of dollars on a bet that they had made that the certificates they were creating would fail — a bet that was guaranteed by the tranche system. This could only work if “loans” were closed that could not possibly survive more than a few months or years. Wall Street banks thus encouraged the NINJA “loans” with “no documents” etc. It was a bid for a crash.
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The data on the highest quality “loans” were placed in the highest tranche but that tranche (under the control of the investment bank) bought “credit default swaps” that were disguised purchases of the data relating to the lowest tranche that contained data on the “loans” that were virtually guaranteed to fail.
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Insurers would not insure the lowest tranche. It was too obvious that the loan data would be reported as non-performing in the near or middle term. So the investment banks asked for insurance on the highest tranche and then created the scenario in which when the lowest tranche failed it took down the highest one thus triggering tens of billions in profits payable not to investors but to the investment banks. And such payments were not credited to the unpaid loan accounts receivable for any homeowner because no such account existed.
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And to think that all this occurred on the backs of homeowners who failed to receive a single disclosure for the existence of the securities scheme that completely changed the character of the transaction that they requested and that they reasonably believed they had received.
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So here is the remedy— from the law books — that ought to apply if you stop believing in the threats of armageddon regularly issued by the investment banks. Like Iceland and others, use court process to force the reformation of the homeowner contract to include the securitization portion of the deal, compensating the homeowner reasonably for the share of revenue that the homeowner should have received and compensation for the additional risks in dealing with counterparties who had no stake in the outcome of the transaction or who even had a negative stake in the outcome (If it failed, they win).

How Those Refi’s Were Turned Into Gold by the Investment Banks

Most people cannot conceive of why they should have been paid more at the purported “Closing” of their transaction than what they received or what they think was paid on their behalf.

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But the bottom line is that in most cases, whether the transaction involved a resale of the home or “refinancing,” only a fraction of the money you thought was transacted was actually present. It’s not just that they should have been paid more — it is that the homeowner did not receive the money he or she promised to pay back. This fact is part of a pattern of active concealment directed by investment bankers that starts with the initial transaction and continues right up to and including the foreclosure sale and eviction.

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In short, you issued notes and mortgages for far more than any money paid to or on your behalf. You didn’t owe the money but they got you to promise to pay it anyway. This is a joke and a bonus for investment bankers — but it is a loss for the homeowner.

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Instead, each new transaction left the previous one intact and started a new securitization infrastructure. So a home that was subject to an initial securitization claim could end up with as many as 8 securitization infrastructures —- all with sales to investors for far more than anything paid to or on behalf of the homeowner. And each securitization infrastructure led to sales of around $12 in securities for $1 of apparent money that was asserted to have been transacted with the homeowner.

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Do the math. A single transaction falsely labeled as a mortgage loan can produce up to $96 for each dollar originally paid to or on behalf of the homeowner. Don’t you think you should have been told about that? It turns out that the question is fully answered in the Federal Truth in Lending Act.

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And the answer is yes, you should have been told that because the purpose of the Act was to prevent virtual “creditors” from being substituted for actual creditors who were responsible for compliance with lending laws, rules and regulations. Event table-funded loans were declared against public policy — but this is much worse. It takes an essential component out of the transaction falsely labeled as a loan.”

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If you believe the transaction consisted at least partly of “paying off” an old lien, then you DO want the outgoing wire transfer or other means of payment. If the prior and new lien were funded by direction from the same investment bank it would be unusual for that portion have to have been sent to the old “lender” because it is long out of the picture. But it is still common because the investment banks don’t want to alert the closing agent that the deal was a scam. So they direct a wire transfer to a certain depository account bearing the name “Ocwen Servicing” or some such thing that is actually controlled by the common underwriting investment bank.

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So if you ever get those wire transfer receipts, you want to trace down the ownership of the depository account. For example, Goldman Sachs (or any other investment bank) can open an account named “Ocwen”. It is still a Goldman Sachs account and they can go out and buy groceries with whatever is in the account.
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But to the outside world — the homeowner and the closing agent — they would swear that Ocwen was involved. And they would be 100% wrong. Ocwen for its part has no record of the transaction because it was not their money and they take no legal action against the use of their name because they are part of the game.
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So the bottom line is that there was no payoff of the old lien and no cancellation of the note or underlying obligation asserted by fake “representatives” of a nonexistent creditor owning a nonexistent loan account receivable. If there was an existing loan account receivable that would make one of those thinly capitalized nonentities the owner of the right, title, and interest to payments, balance, and interest — something the investment banks would never permit.

Wilmington Entities in Foreclosure

The “Wilmington” name shows up with what appears to be increasing frequency in foreclosures. The bottom line, in my opinion, is that whenever the “Wilmington” name appears in foreclosure cases, it is an attempt to launder title such that the lawyers who prosecute the foreclosure process can reasonably imply that he or she is representing a creditor who is one or more of the following — none of which are true in any respect, in my opinion, and no evidence has ever been produced to support these premises:
  1. it is a holder in due course of a promissory note,
  2. It has paid value for the underlying obligation due from a homeowner to the “client” that the foreclosure lawyer asserts is making the claim
  3. it is a successor lender
  4. it is part of a trust, implying that there are beneficiaries or investors on whose behalf the client/claimant appears
  5. it maintains a trust account in which a loan officer maintains a loan account receivable payable by the homeowner to the trust or trustee
  6. it has a relationship in which some company is a servicer — i.e.e, a company claiming to process payments, accounting entries, and disbursements to and from homeowners and investors or beneficiaries.
  7. the remedy (forced sale in foreclosure) will produce money proceeds that will be paid to the Wilmington entity whose trust officer will credit (reduce) the amount supposedly due from the homeowner — as reflected on the trust account containing the loan account receivable relating to the homeowner.
In reviewing hundreds of “Wilmington” cases I have not seen a single instance in which any of the above premises are true. All of the cases rely upon the invocation and court acceptance of the application of legal presumptions under the evidence code arising from the apparent facial validity of fabricated, false, forged, back-dated, and robosigned documentation. Not all “Wilmington” names are part of false securitization schemes. Wilmington IS the name of a city. Careful analysis is required.
This is an incomplete history of known Wilmington names that have been successfully used/abused in invoking the foreclosure process:
  • Wilmington Financial” is a name that does not appear to be legal business entity registered or organized in any jurisdiction — but our investigation is not complete. The use of this name as a “fictitious name” — i.e., the name under which a legal business does business is common. It is listed as a financial consultant on the internet.
  • “Wilmington Trust” is or at least was a registered legal business entity whose common shares were traded on the New York Stock Exchange (WL).
    • Wilmington Trust is one of the top 10 largest American institutions by fiduciary assets. Wilmington Trust was a provider of international corporate and institutional services, investment management, and private banking. It was acquired in 2011 by M&T Bank.
    • M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 780 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, D.C., and Connecticut. It is not known whether the Wilmington Trust entity has survived the acquisition in any way indicating that there are operations.
    • In 2018 and 2019 several executives of Wilmington trust were convicted and sentenced to prison for issuing misleading reports about the status and ownership of various loan accounts — both residential and commercial. As with Wilmington Financial, the use of the name continues but more as a corporate veil for asserting claims of rights to administer, collect and enforce loan accounts.
    • There is no evidence and no assertion by any officer of of those entities that any loans, loan accounts or obligations were ever acquired by Wilmington Trust nor were any acquired by M&T Bank.
  • “Wilmington Savings Fund Society” is a Federal Savings Bank that primarily operates under the name of “Christiana Trust” which is now listed as a subsidiary of Wilmington Savings Fund Society but was previously advanced by lawyers pursuing foreclosure as a legal entity. Christiana Trust is neither a trust nor a subsidiary as far as we have been able to determine. It is a veil for pursuing claims without liability for pursuing false claims.
  • WSFS Bank” WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. Christiana Trust Company of DE is a Delaware limited purpose trust company that offers Delaware Advantage trust services, including directed trusts, asset protection trusts and dynasty trusts.
  • Cypress Capital Management is a registered investment advisor with a primary market segment of high net worth individuals offering a balanced investment style focused on current income and preservation of capital.
  • Powdermill Financial Solutions is for ultra-high net worth families, entrepreneurs and corporate executives.
  • WSFS Institutional Services, a division of WSFS Bank, offers owner and indenture trustee services for asset-backed securities, indenture trustee for corporate debt issuances, administrative and collateral agent for the leveraged loan market, as well as custody, escrow, verification agent and independent director services.
    • WSFS Wealth Investments provides insurance and brokerage products primarily to WSFS Bank’s retail banking clients.
    • West Capital Management offers fee-only and fully-customized investment, tax, and estate planning strategies to high-net-worth individuals and institutions.
    • WSFS Mortgage, a division of WSFS Bank, is listed as a mortgage lender providing a wide range of mortgage programs in the Delaware Valley and nationally. Arrow Land Transfer is a related title insurance agent serving communities in Delaware, Pennsylvania and New Jersey.
  • WSFS Financial Corporation” WILMINGTON, Del., Nov. 02, 2017 (GLOBE NEWSWIRE) — WSFS Financial Corporation (NASDAQ:WSFS), today announced the formation of a new trust company, Christiana Trust Company of Delaware. The new trust company will be a wholly-owned subsidiary of WSFS Financial Corporation and will supplement the existing WSFS Wealth businesses, including; WSFS Wealth InvestmentsCypress Capital ManagementWest Capital Management, Powdermill Financial Solutions and Christiana Trust, which is a division of WSFS Bank.
  • Wilmington Finance” is listed as a mortgage company. The Company underwrites and sells mortgages. SECTOR. Financials. INDUSTRY. Financial Services. SUB-INDUSTRY. Incorporated in 1994.
  • Wilmington Financial Group, Inc.” is listed as a financial consultant that may have some connection to one or more of the above entities
Your case needs research, analysis, and strategic analysis.
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Neil F Garfield, MBA, JD, 74, 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.
  • Yes you DO need a lawyer.
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Destroying, Hiding or Fabricating Evidence: Doctrines Regarding Spoliation of Evidence

The latest issue of the Florida Bar journal contains several interesting articles. One of them is entitled “Spoliation of Evidence and Non-party witnesses.” The author is Gary M Glassman, who is the attorney for Daytona Beach.

The major points of the article that I think are relevant to Foreclosure Defense litigation are that (A) spoliation has a very broad meaning and (B) the refusal to produce documents that are relevant to the case at Bar raises an inference in favor of the homeowner, and might even give rise to a cause of action for damages.

Foreclosure lawyers have long relied on the fact that they could stonewall request for information and then use fabricated documentation containing false information with impunity. But a proper document request during an open discovery period can itself be the subject of an affirmative defense or even a claim for damage to the homeowner’s ability to defend.

This enhances the relevance of having previously sent a qualified written request and a debt validation letter, together with a complaint to the CFPB and the state attorney general.

In judicial states, I think that it is possible and even probable that the court would sustain an affirmative defense consisting of both fabrication and spoliation. Combined with an action for damages under the FDCPA (potentially as a counterclaim) the homeowner could claim the inference that the missing documents would show that the exhibits to the complaint are false and fabricated. There is some pretty clear law in both Florida and California supporting this proposition.

In non-judicial states where the homeowner must initiate judicial action, one of the claim should be spoliation, along with fabrication.

The other point is the duty to preserve evidence. It is clear that a party that is used may not destroy or hide evidence and must produce such evidence when requested to do so in formal discovery.

One of the tactics employed by the banks is to hide information about the identity and last known address of relevant third parties like the “employees” or “independent contractors” who supposedly executed the documents upon which the entire foreclosure case rests.

Third parties have no absolute duty to maintain documents in their possession unless they know that the documents in their possession are relevant to pending legal claims and defenses. So the answer is that you want to give them notice and the best way to give them notice is with a subpoena duces tecum. This could include such companies as Black Knight and CoreLogic — not just individuals.

Asking for such information and not getting an answer is evidence of spoliation. Finding the “signor” with a private investigator is often very productive. In many cases, they deny ever signing anything. And they’re probably telling the truth.

The failure to provide such information is part of the doctrines utilized in claims o spoliation and the inability of the responding party to provide a satisfactory explanation for failing to produce the records raises, in and of itself, an inference that those records would show that the discovery requests establish a negative inference as to authenticity and validity of those documents — but, in my opinion, only if the discovery request is accompanied by requests for admissions that carefully track the request to produce which carefully tracks the interrogatories.

The bottom line is that spoliation is a recognized foundation for asserting that the opposing party has either acted or refused to act in a way that interferes with the ability of the homeowner to prove affirmative defenses or claims which resulted in substantial prejudice to the homeowner. This has not been previously applied to Foreclosure litigation. But I can think of no other area of litigation in which fabrication and spoliation are more relevant.

PRACTICE HINT: There is a significant difference — and  often overlooked —between the “entity” named as Plaintiff (or beneficiary in nonjudicial states) and the entity named or claimed to be a “servicer.”

In the context of this article, one should not assume that a mere request to produce is sufficient. The request to produce only has legal effect against, for example, U.S. Bank, N.A. if it is named as Plaintiff trustee in a judicial foreclosure or beneficiary trustee in a nonjudicial case. First, the request to U.S. Bank should be directed solely at records kept by U.S. Bank in its role of administering the affairs of a trust account in which there is a loan account receivable due from the homeowner. Second, the “servicer” should receive a subpoena duces tecum asking for the same records. All too often the “records” are “produced” by the “servicer” which is a response from a third party and not the claimant as plaintiff or beneficiary. 

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Neil F Garfield, MBA, JD, 74, 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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CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
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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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

 

Stop Using the Labels: Homeowners Lose Foreclosure Cases When They Refer to the “Servicer”

You need to challenge the status of the company claiming to be a servicer by finding out what functions they really perform.

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I know I have contributed to the problem, but I think it’s time to stop using the labels that are promoted by the banks.

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Companies that are claimed to be the “servicer”, by all accounts, do not perform any functions normally attributed to that label. This it is against the interests of the homeowner or the lawyer representing the homeowner to accept the use of the term unless there is foundation testimony as to the actual functions performed by the company rather than the presumptions arising from the label “servicer.”

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The actual receipt and distribution of funds, and the bookkeeping and accounting therefor, is performed by third-party vendors (FINTECH) who have absolutely no contractual or other duties owed to the company named as the “servicer.” That makes the “report” presented in court as a “payment history” both fictional and pure hearsay that cannot be admitted into evidence — unless the homeowner waives that objection. 

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The FINTECH companies also have absolutely no contractual or other duty owed to the named claimant. And the named claimant (Plaintiff or beneficiary) does NOT receive any payment from either the “servicer” or the FINTECH companies — including the money proceeds of foreclosure sales. That is entirely fiction. AND that is why every attempt to obtain corroboration through QWR, DVL or legal discovery is stonewalled. There is no corroboration.

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Each foreclosure produces money proceeds that go into the pocket of an investment bank as either general revenue or “return of capital” against the fictitious double-entry bookkeeping account. In plain language, the money is NEVER used to reduce a loan account because there is no loan account. That is why you can’t get the loan account even in discovery and even if you sue under the FDCPA. But that fact alone gives the homeowner the upper hand.

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You need not understand or believe this presentation. But if you want to win your case, you need to assume that this is true and act accordingly.

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By accepting the label of “servicer” you are also tacitly and unintentionally accepting the “payment history” as an exception to the hearsay rule and an acceptable substitution for the testimony and proffer of the records of the known and named claimant. Once you have done that, you have lost. You need to challenge the status of the company claiming to be a servicer by finding out what functions they really perform.
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But the payment history is nothing of the sort. It is a report on a report prepared by an undisclosed FINTECH company from data that has been “massaged” as instructed by an investment bank. It is NOT a simple report of the condition of the loan account.
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Want proof? Show me one “payment history” that contains the beginning entry starting the loan account and showing the current balance as owned by the named claimant. It doesn’t exist. Show me one payment history that shows disbursement of funds received from anyone to any creditors. It doesn’t exist.
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So if there is no presentation of disbursements to creditors, how would the court ever accept the idea that the company received any money? How could the court ever assume that the company could account for the receipt of money it never actually received?
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The answer is obvious even to people with accounting or legal knowledge. You would have no record of receiving money that was never received. And that is because nobody would enter any data in any record of any company saying that they personally received the payment as an employee of the company claiming to be the servicer. Making such an entry would be a lie and presenting it in court would be perjury.
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The other part is the assumption that the company that is claimed to be the “servicer” is somehow working for the named claimant, or is the agent for the named claimant.
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This is exactly the trap that the banks have set. This is sleight of hand maneuvering.
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By distracting the homeowner and the attorney for the homeowner to the question of the authority of the servicer, the argument shifts away from whether the “servicer” is performing any of the normal duties attributed to the servicer and away from the issue of whether the existence of a trustee or trust is even relevant since the trust does not own the underlying obligation as required by UCC 9-203.
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I write this primarily for the benefit of attorneys. Only an attorney will recognize the importance of these issues.
***
DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

CLICK TO DONATE

Click

Neil F Garfield, MBA, JD, 74, 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.
*

FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

Why You Need to Perform Investigation of Real Facts in the Real World

I state with great confidence that among those homeowners who perform and achieve a slam dunk win over the foreclosure lawyers, the great majority enjoy that victory because they did the investigation and hired a lawyer who knew what to do with the information (as opposed to slinging it at the judge and expecting the judge to make sense of it).

Question received from one of the readers of this blog: “I’m trying to understand how a house in NJ.  Is alleged to be notarized in Florida and recorded by a company in Idaho (whose Name of course, is not even in business any longer).”

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SImple answer — none of that happened. I don’t know your case but in all probability, Black Knight fabricated a false document on instructions from a central source controlled by an investment bank. An investigation will reveal whether that statement is applicable in your case. I am willing to bet $100 that it IS true.

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CoreLogic and/or other vendors (probably affiliates of Black Knight) affixed the signature, the notary signature, the notary stamp, and where necessary for local recording rules the signatures of witnesses electronically using direct electronic signature or mechanical pen.

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The name of the company or person was selected by an algorithm based on instructions from the same source. It does not matter that the company is not in business because inserting ANY name makes the document look like it is facially valid. But the document can be challenged as NOT being facially valid because ti is a matter of public record that the corporation’s charter expired, was dissolved or that the company went bankrupt.

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The content of the instrument is false since it most probably states that it is an assignment or an allonge. The rule adopted by all states, and supported by centuries of precedent in statutes and case law, is that a transfer of the mortgage or deed of trust is ineffective (i.e. a “legal nullity”) unless the underlying obligation is also transferred from the same grantor to the same grantee. The fact that someone or some company is named as a transferee does not make them the status of a legal grantee.

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Some people, like Chic, have gone to the trouble of investigating the musical chair scenario that emerges from the use of false or dead-end addresses for what appears to be major businesses, enterprises or even banks that are Federally or state-chartered.
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They have discovered and taken pictures of the locations in which the companies were asserted to exist — although often not directly — by implication from return addresses. Nobody ever says that the letter is coming from the company on the letterhead or that there is any warranty or even assertion of title in such documents.
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It is all implied so that the perpetrators can later claim plausible deniability, to wit: we didn’t do it. That was done by some outsource vendor of Joe’s Documents, LLC and we knew nothing about it. Joe has a recurring source of residual income because he has agreed to let his company name and address to be used even though the address is a loading docket licensed to a private investigator.
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The moral of the story for homeowners is that unless you are in this for entertainment purposes only, you need to act on your suspicions and hire private investigators like Bill Paatalo to actually locate the signors and notaries, track down the supposed addresses, and confirm by fact — not opinion — that the document could not have executed by the party named as grantor and that the grantee was not a legal entity.
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This isn’t divorce court where lawyers makeup facts and hurl accusations. This is a real court where the judge is bound by the evidence. Your opinion is not evidence.
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But I state with great confidence that among those homeowners who perform and achieve a slam dunk win over the foreclosure lawyers, the great majority enjoy that victory because they did the investigation and hired a lawyer who knew what to do with the information (as opposed to slinging it at the judge and expecting the judge to make sense of it).
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See below for an example of allegations that can be made after an effective investigation. Most people have neither time nor the skills necessary to perform such investigations. That is why you need a licensed private investigator to come up with real facts revealing the fake story used as part of a false national narrative with false labels on documents, persons, and business entities that may or may not even exist as registered business entities in any jurisdiction. Yes this is boring work but it is what usually makes the difference between winning and losing.
***
DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

CLICK TO DONATE

Click

Neil F Garfield, MBA, JD, 74, 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.
*

FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.
*
Here are a few examples of investigation that yielded some interesting results:
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The purported “Ocwen Loan Servicing” address traces back to an industrial concrete-block windowless warehouse building with truck docks, of 14,233 sq. ft., internally a self-storage unit building operated by “Security Connections, Inc.” and crafted, as are all other “Ocwen” locations, as blind alleys intended to obfuscate and confuse, leading to dead-ends.

  1. The true picture of 240 Technology Drive, Idaho Falls, showing an industrial warehouse, is incorporated herein:

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The falsified and fraudulent papers crafted as purported “Assignments” and filed on the Stamford Land Records are and were designed by the actors for the purpose of obfuscation and slander of title, and contain inherent false statements such as the claim that Deutsche Bank maintains offices at “1661 Worthington Road, Suite 100, West Palm Beach, Florida,” when if act it does not, and never has.

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William Erbey subsequently re-incorporated Ocwen Mortgage Servicing, Inc., his latest vehicle for mortgage fraud and abuse,  in the British Virgin Islands, claiming a registration address of Waterfront Center, Suite A, 72 Kronprindsens Gade, PO Box 305304, St. Thomas VGB.  That address comes back to the “Trident Trust Company,” a Virgin Islands “brass plate” corporation accommodation address provider, wherein a brass plate screwed onto the door is sufficient to establish corporate existence.  The actual address used by Ocwen in its representations to the public and the courts sources back to a tourist souvenir knick-knack stall located at the foot of the cruise ship dock in the British Virgin Islands.  The souvenir stall is currently boarded up.

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The “588 Assignment” represents that Mortgage Electronic had a place of business at 3300 SW 34th Avenue, Suite 101, Ocala, Florida.  In reality, Mortgage Electronic did not have any business address at that location, and the representation was a falsity.

  1. The signature undertaking on the “588 Assignment” represents that it was signed by one “Paige Helen” as Vice President of “Mortgage Electronic as Nominee for NetBank.”  Despite this representation, the notarial undertaking declares that Paige Helen was in reality an employee of “IndyMac Bank, FSB.”

Tonight! Q&A on Prelitigation Strategies — QWR, DVL and Complaints to CFPB and State AG 6PM EST 3PM PST

Thursdays LIVE! Click into the Neil Garfield Show

Tonight’s Show Hosted by Neil Garfield, Esq.

Call in at (347) 850-1260, 6 pm Eastern Thursdays

As a follow-up to our FREE presentation CLE webinar on Prelitigation Strategies and Practices, we offer an open mike Q&A on tonight’s show. Please think about your questions in advance and refrain from long monologues about your case.

As an introduction let me state the obvious premise of this work: If as a consumer you have executed a promissory note and mortgage (or deed of trust) and you think that there is a loan account receivable somewhere that is owned and maintained by some lender or creditor, you are most likely incorrect.

Most homeowners make the mistake of thinking that the QWR and DVL are simply “form letters.” If that were the case, we would provide you with the template and you could send it out yourself. And back in the old days (pre-1995) that would be entirely appropriate for settling any disputes regarding the proper allocation of payments or any other issues.

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The statutory foundation for the creation of the QWR and the DVL was designed to resolve potential disputes between the debtor and the creditor.
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Today, the situation is different. We already know that there is no valid claim against the homeowner and that there is no valid claimant. We also already know that any company that is claimed to be a “servicer” neither has any legal authority to act as such (from anyone) nor does it perform any functions that are normally attributed to a company claiming to be a servicer.
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So while the legislative intent for providing consumer remedies in RESPA and the FDCPA was designed to resolve disputes, the procedures contained within those statutes are now used by homeowners to start a dispute — because, without a history of disputing the claims made to administer, collect or enforce any alleged obligation due from the homeowner, it is much harder to mount an effective defense.
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So the idea behind the sending of a QWR and DVL is to identify specific issues that you already know will not be answered — which gives you the right to file a lawsuit for violation of RESPA and FDCPA. In order to do that effectively, the homeowner needs to distill the case analysis down to the points that are relevant to those statutes. Although this is not exactly the same as preparing a lawsuit, the drafting of the QWR and DVL requires research, investigation, and very careful wording.
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Some homeowners have been able to do it themselves, but most are unable to do so because they lack the experience, knowledge, and resources to present direct questions concerning the existence of the loan account receivable, the status of the account, the ownership, and the authority to administer, collect or enforce any monetary obligations arising from the alleged existence of the account.
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Most of this is confusing to homeowners because they have never been to law school, received any practical training in trial practice nor have most of them ever been involved in any litigation. When most homeowners send the QWR or the DVL and they fail to get a direct answer or proper response that answers the specific questions asked in those letters, they consider the entire effort a failure and a waste of time — when in fact they just had a win. They have established that the parties seeking to make claims about administration, collection, or enforcement of the alleged obligation are unwilling or unable to provide any corroboration of such claims.
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IMPORTANT PRACTICE NOTE: When the QWR or DVL is used as a general discovery device or is used to pontificate about disputed views, it is generally dismissed by both the recipient and any court reviewing it as an unqualified written request under RESPA and not a demand for debt validation under the FDCPA. This is where the homeowners get themselves into trouble. The general attitude is that the “you know what I mean” argument is sufficient. It isn’t.
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How Could This Not Be a Loan?

if the investment bank paid the homeowner as an incentive payment rather than as a loan, then there is no debt any more than salary or wages can later be called a loan. The fact that the consumer/homeowner thought or even wished it were otherwise makes no diffeerence. If I pay you money and you think it is a loan but I paid you for services you rendered, the substance of the transction is “fee for services” — not a loan — and there is no legal or ethical or moral obligation to pay it back. 

I think the one idea that sticks in the throat of nearly everyone is the idea that no money was loaned. That idea seems impossible and to many skeptics, it sounds like a snake-oil salesman trying to peddle what people want to hear. People know that they did really buy their home, and the majority of these transactions are refinancing, which means that the old “lender” got paid off, right?

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First of all, let’s agree on at least one thing. Virtually all installment payment agreements are now subject to claims of “securitization.” This means that behind every transaction is an investment bank that is arranging payments, only where necessary, and who is receiving the proceeds of consumer payments plus all of the revenue and profits from the sale and training of unregulated securities.
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If there is one thing missing from most articles analyzing consumer debt, it is the failure to recognize that a handful of investment banks are the center of all of those transactions and they all have reciprocal agreements. Those agreements are mostly in writing but difficult to obtain, and sometimes tacit. You don’t need to look any further than any pooling and servicing agreement to see the world’s largest banks all participating in the same venture. In prior years, this fact alone would’ve been sufficient for antitrust action.

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So here is my effort at explaining it. There are several categories of transactions that occur with homeowners.
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  1.  The homeowner is buying a new home from a developer or contractor.
  2.  The homeowner is buying a home from the existing homeowner.
  3.  The homeowner is buying a home from a party or business entity that asserts ownership after foreclosure on the previous homeowner.
  4. The homeowner is refinancing the new home they purchased from a developer or contractor.
  5. The homeowner is refinancing a home they bought from a prior homeowner.
  6. The homeowner is refinancing a home they bought from a foreclosure buyer.
  7. The homeowner refinances by entering into a forbearance agreement.
  8. The homeowner refinances by entering into a modification agreement.
  9.  Securitization of data and attributes of homeowner’s promise to make scheduled payments — no relevant transaction because there was no sale of the underlying obligation, legal debt, note or mortgage (or deed of trust). Since law requires that sale for enforcement by successors, the foreclosure players fake the documents.
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Let’s define our terms.
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“Homeowner” means in this case someone who is looking to buy a home or who is looking to change their transaction.
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“Refinance” means that the homeowner is a party to some transaction and/or documentation that changes the terms of the homeowner’s prior promise to make scheduled payments.
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“Money source” means the investment bank that (a) borrowed money from a third party bank like Credit Suisse, (b) used the borrowed funds to make payments to or on behalf of the homeowner. (It pays back the loan to its lender (and co-underwriter of certificates) through sales of certificates to investors promising scheduled payments, without maturity, collateral, or a guarantee of payment.)
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1. PURCHASE OF NEW HOME FROM DEVELOPER: generally speaking, this is the only transaction that is in substance but it appears to be in form. Money is actually paid to the developer.
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  • The money trail for this transaction looks something like this: LENDER—>MONEY SOURCE/INVESTMENT BANK—>SUBSIDIARY OR CONTROLLED AFFILIATE OF MONEY SOURCE—>CLOSING AGENT—>DEVELOPER.
  • The paper trail (i.e. contracts) for this transaction looks something like this: MONEY SOURCE/INVESTMENT BANK—>AGGREGATOR (like Countrywide Home Loans)—>(a) Assignment and Assumption Agreement with Originators (like Quicken Loans) and (b) Indemnification Agreement with title insurers—>Mortgage Broker—>Mortgage salesman—>Homeowner execution of promise to pay and collateral for making scheduled payments to Originators.
  • Bottom Line: The homeowner is getting money, courtesy of an investment bank that is NOT intending to make a loan or be governed by any lending laws.
    • The homeowner is making a promise to pay the originator who did not lend any money or make any payments to or on behalf of the homeowner.
    • The only party identified as a lender is the originator who did not make a loan.
    • The only party that arranged for payment disclaims any role of being a lender.
    • The payment made on the homeowner’s behalf was an incentive payment designed to procure the signature of the homeowner on a note and mortgage (or deed of trust).
      • Legally since there was no lending intent by either the named “lender” or the Money Source, there is either no contract at all or no loan, since there was no meeting of the minds.
      • If the transaction is not rescinded the deal needs to be reformed with a court determining what incentive payment the homeowner should have received from the scheme to issue, sell and trade unregulated securities.
      • But if the homeowner tacitly or expressly asserts or agrees or admits it was a loan, then for all purposes in court, it will be treated as a loan not subject to reformation.
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2. PURCHASE OF NEW HOME FROM PRIOR HOMEOWNER: generally speaking most of these transactions do not result in the payment of money to any prior lender. But the excess due to the seller is paid in the same way that money is paid where the homeowner purchases a home from a developer.
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  • Most of such transactions are steered to originators and aggregators who represent the money source (investment bank) who was involved in the financial transaction with the prior homeowner.
  • Because the proceeds of the “new financing” or “purchase money mortgage” would be paid to the same investment bank, no money exchanges hands with respect to the “pay off” of the prior note and mortgage.
  • The confusing point for most lawyers and homeowners is that there is nothing illegal about a bank holding a prior mortgage lien. There is nothing illegal about the same bank doing business with the next owner. And there is nothing illegal about the bank not issuing a check to itself when the owners change.
    • But that is not what is happening. “The bank” does not exist. The money source (investment bank) is not carrying the homeowner’s promise to pay scheduled payments as an asset and therefore is not “the bank.”
    • For legal purposes, the test is simply whether or not the investment bank has suffered a loss as a result of the refusal or failure of the homeowner to make a scheduled payment.
    • Or, phrased differently, the question from the beginning is whether or not the investment bank has the source of money ever excepted any risk of loss arising from the value of a loan account receivable.
    • The answer to both questions is in the negative. In dozens of cases across the country, lawyers have been asked to identify the creditor and have admitted that they cannot do so.
    • The only logical conclusion is that the transaction was never intended to be a loan (with the exception of the homeowner who did intend to get a loan, but did not receive it).
    • The investment banks wanted the homeowner to believe they were getting a loan instead of an incentive payment to execute a promise to make scheduled payments. They did not want the homeowner to know that they were receiving an incentive payment. Disclosure of that fact is an absolute requirement under the law. If they had disclosed the true nature of the transaction, they would have been subject to bargaining and competition.
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3. PURCHASE OF NEW HOME FROM FORECLOSURE BUYER: generally speaking, relative to any current financing arrangement, no money exchanges hands on these deals because and substance, the foreclosure buyer generally is receiving some sort of protection or indemnification from a title company that has been to issue insurance on a transaction that cannot pass the test of marketability or clear title — mostly because of the above factors. The anecdotal evidence on thousands of cases reviewed by me strongly indicates that nearly every foreclosure buyer is in substance a placeholder or nominee for the investment bank. By flipping the paper title, the foreclosure buyer receives a “profit” that is in substance a fee for legitimizing the foreclosure. That profit or fee is funded by the investment bank.
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4. REFINANCING: generally speaking, all transactions that carry the label of “refinancing” are false transactions. Because securitization does not involve the purchase and sale of any underlying obligation, legal debt, note, or mortgage, each such transaction represents a new opportunity to create a new securitization infrastructure using the same transaction. Investment banks use every means of their disposal to encourage “refinancing” since it is the source of most of their new sales of certificates. The only money paid out is the excess, after fees, over the amount previously declared as “principal.” But this “principal” is not carried on the accounting ledger of any company or any person as an asset, nor is there any reserve for bad debt (simply because there is no risk of loss).
  • Forbearance is a form of “refinancing” because it accomplishes a number of things for the investment bank. First, obtain a signature from the homeowner that ratified or admits that the previous paperwork and financial transactions were all valid. Second, it essentially removes the placeholder originator from the paper trail. Third, it installs a new placeholder name and obtains consent from the homeowner. Fourth, it establishes a company claimed to be the servicer as the legitimate recipient of funds or proceeds from homeowner payments or the sale or foreclosure of the collateral (i.e., the home).
  • Modification is the same as forbearance: It introduces new parties under coercion. Homeowners sign these documents with total strangers mostly out of sheer panic. What they’re doing is waiving rights and creating tracks in the sand that are opposite to their financial interest and well-being.
Given all of that, many people ask me why I have consented or approved of a homeowner entering into a new agreement with players who are conducting an illegal scheme. The answer is simple and the investment bankers know the answer: they have the money to make a homeowner’s life miserable and they are not subjected to vigorous enforcement by regulators and law enforcement.
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The entire burden of resisting this massive scheme of “Financial weapons of mass destruction” Falls on each homeowner, one at a time. It takes considerable time, money, and resources to resist.
So when the opportunity comes to settle the matter on favorable terms that reduce the payment, interest rate, and principal, and the homeowner lacks the will or the resources to resist, the only choice left is to settle with the perpetrators who put them in a bad position and who are cheating each homeowner out of their rightful share of the securitizations scheme.
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DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

CLICK TO DONATE

Click

Neil F Garfield, MBA, JD, 74, 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.
*

FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

Here is How Wall Street Smoke and Mirrors Works

The idea that some company bearing the label of “servicer” is performing financial functions and accounting on behalf of an investor, a trust, a trustee is completely false from end to end. Such companies do nothing and were never intended to do anything except act as a buffer, in name only, to prevent liability attaching to investment banks who had entered the lending marketplace without any intent to enter the business of lending money for profit. But when the homeowner admits that such labels and narratives are true, the law of the case becomes the false narrative and labels. 

As a matter of policy, prudence, and required risk management, none of the tier 1 companies are permitted to actually perform any financial service or accounting. They do not receive or disburse funds. Therefore they do not originate any data input regarding the receipt or disbursement of money.

First of all, you have to remember that the primary goal of investment banks is to hide the existence and function of one or more investment banks including but not limited to the “book runner.”. All of the entities that perform any financials service or accounting are entities that are contractually bound to intermediaries for the investment banks. (see Tier 2 below).

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All of the entities whose names are used as smokescreens (I.e., placeholders or buffers) are not contractually bound to anyone and are the intended targets to be thrown under the bus when there is an unavoidable accusation of fabricated documents using false information used solely for the purpose of squeezing money or property out of homeowners. (see 50 state settlement for example). (see Tier 1 below).

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But none of the companies performing financial services or accounting has any contractual relationship with the homeowner or the company that has been claimed to be the “servicer.” So the first erroneous assumption is that these functions, even if prepared by third-party vendors, are performed at the behest of the companies that are claimed to be “servicers.” Such companies are in charge of nothing and perform no functions.

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Other than a few people on Wall Street, it simply has not occurred to most people that these functions are performed contractually and solely for the benefit of investment banks on Wall Street — who are never named in litigation by either side even though everything that has occurred has been under the sole discretion and instructions of the investment bank. And the investment bank contrary to popular belief in the false national narrative, are working only for themselves — not investors, trusts, or trustees. Their holy grail has been achieved — the sale of securities without ever having to give up the proceeds to the named issuer. But it is patently illegal and probably criminal.

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The idea that some company bearing the label of “servicer” is performing financial functions and accounting on behalf of an investor, a trust, a trustee is completely false from end to end. Such companies do nothing and were never intended to do anything except act as a buffer, in name only, to prevent liability attaching to investment banks who had entered the lending marketplace without any intent to enter the business of lending money for profit. But when the homeowner admits that such labels and narratives are true, the law of the case becomes the false narrative and labels.

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From the perspective of the investment banks, the money paid out under the label of “loans” was simply a cost of doing business — the business bang the sale of securities. The investment banks had no interest, no risk of loss or any other stake in the outcome of any transaction that was falsely labeled as a loan transaction.

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The banks covered up their activities by increasing apparent complexity in a fairly simple transaction — i.e., one in which someone would debit their cash or other asset account and credit the loan account receivable of a borrower. Such accounting never took place in most instances because none of the parties involved in the falsely labeled “origination” was anything other than a placeholder name through which money could be delivered to a closing agent for disbursement to or on behalf of the homeowner or consumer.
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The investment banks have used the placeholder name function at many levels each of which appears to have facial validity but lacks any connection to transactions in the real world. have spread out the functions.
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There are two categories. The first category (Tier 1) is the one that you see. This is the one that reveals the name of a company that is claimed to have some sort of representative authority. In the real world, it has no such authority and it performs no function. The second category (Tier 2) consists of companies that actually perform functions, but whose existence is concealed from the homeowner and from the Court. As well as almost all of the securitization infrastructures, tier one should be tier 2.
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As a matter of policy, prudence, and required risk management, none of the tier 1 companies are permitted to actually perform any financial service or accounting. They do not receive or disburse funds. Therefore they do not originate any data input regarding the receipt or disbursement of money.
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The tier 2 companies that actually perform the services are contractually bound to the intermediaries for the investment banks. The tier 1 companies who allow their names to be used on the letterhead of correspondence and notices (and payment history reports) have no contractual relationship with the investment banks who are avoiding vicarious liability for the mini intended and unintended violations of lending and servicing laws.
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Companies like CoreLogic, CoreLogic tax, Black Knight, FiServ, etc. are tier 2 businesses whose only allegiance, contractually and equitably, is to the investment banks. They are not controlled in any way by any tier 1 companies (including but not limited to companies claim to be a “servicer”). But they are controlled by the investment banks, who direct every action performed by every tier 2 company including law firms.
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Tier 1 companies are merely names acting as placeholders for the investment banks who distance themselves from the business of collecting and communicating with homeowners and other consumers who consider themselves to be borrowers, even if they are no longer borrowers because their loan account receivable has been retired through the receipt of money by the originators —- all of them. Yes, it is like organized crime but in all honesty, so is almost every capitalist enterprise. The structure though is not what creates the crime, it is the intent and effect that makes it illegal either in violation of civil or criminal laws.
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The purpose of all tier 1 companies is to create a mirage. The resulting illusion is filled in by individual presumptions that are not based on fact but rather based on apparent facial validity derived from fabricated documents containing false information — i.e., reporting or memorializing transactions that never occurred.
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Real transactions are concealed and underreported even to regulatory agencies. Such transactions are never disclosed to consumers and homeowners. In this world of illusions, apparent fascial validity has been Weaponized to create the erroneous presumption that a trust account exists, under the supervision of a trust officer, for a brand-name bank.
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The further presumption is that within that trust account is a loan Account receivable due from a particular homeowner. But in reality, there is no trust account, there is no trust officer, and there is no loan account receivable.
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Because of the complexity required to conceal the illegality of the securitization scheme, no information is offered to any homeowner or regulator that would alert them to the fact that fictitious labels are being attached to nonexistent accounts. And most homeowners and regulators lack the resources to investigate the actual money trail.
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So they rely upon the paper trail instead and that is the residence of moral hazard. You can say anything on paper, and it tends to be believed even if it would be met with skepticism if spoken aloud. The investment banks completely understand this dynamic and they have weaponized it to the point where they have established a national narrative with false labels resulting in the collection of illicit profits damaging homeowners and all taxpayers supporting federal, state, and local government.
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DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

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Neil F Garfield, MBA, JD, 74, 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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CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
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CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
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CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
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CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

How Likely Is It That a Homeowner Will Win a Foreclosure Case?

The answer to this question depends upon the homeowner — not the judge.
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If the homeowner rigorously, aggressively and persistently seeks enforcement of the rules of civil procedure, the rules of discovery, the rules of evidence and enforcement of court orders, the chances of quite good that the homeowner role reach a very favorable result.
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If the homeowner attempts to make a claim or state and affirmative defense that requires proof of malfeasance by the opposition (or anyone else), probability of failure is extremely high.
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The general consensus has accepted the proposition set forth in the national narrative promulgated by investment banks. Therefore nearly everyone — including the homeowner and the attorney for the homeowner at times — has accepted the label of “loan” as being the equivalent of an existing loan account receivable which obviously is enforceable at law and in equity (foreclosure of the mortgage).
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Having adopted the narrative and fictitious Terminology of Wall Street, everyone has also therefore accepted the labels of “servicer,” “trust,” “trustee,” etc. This in turn has resulted in the acceptance of the production of a “payment history” report in lieu of producing a copy of the loan account receivable. The question of whether or not the lawyers are representing a client who owns a loan account receivable that is due from you is avoided.
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The above summary is the backdrop for all litigation involving Foreclosure in both judicial and non-judicial states. It is so widely accepted by nearly everyone involved, and so often admitted (tacitly or directly) that judges usually regard defenses and claims from homeowners as being technical nuisances instead of a direct attempt at stopping fraud. That is their initial impression and there is nothing that can change that initial impression.
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But after their initial impression, the litigation begins and the judge is constrained to follow the rules of court.
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All of the cases that I have won outright or settled on terms that people might think are ridiculously beneficial to the homeowner has involved a very skeptical judge who change their mind during the course of litigation. I will also say that as a general rule, the older and more experienced judges will tend to be even more biased at the beginning of the case but will strictly apply the rules of court during litigation.
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The key to winning or losing is in the rules of procedure, the rules of discovery, and the rules of evidence. The defense strategy that tends to work most of the time is one in which the lawyer representing the homeowner continually attacks the ability of the foreclosure lawyer to produce any corroborating evidence for the conclusions that are alleged by the foreclosure complaint or presumed from the filing of apparently facially valid documents to support a non-judicial foreclosure.
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As it turns out, an aggressive and persistent strategy based on demonstrating the unwillingness or inability of opposing counsel to comply with the rules of procedure, rules of discovery, the rules of evidence and court will usually successfully reframe the case from the initial erroneous first impression of “bank versus deadbeat homeowner” to “judge versus recalcitrant foreclosure attorney.” When that happens, and it usually does, the judge always wins and the result is favorable to the homeowner.
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The way that lawyers and pro se litigants have undermined the strategy, is by attempting to go further than simply defeating the action against them. They attempt to prove fraud or other malfeasance, despite their inability to produce any evidence that would prove the required legal elements of such claims. In doing so, they shift the burden of proof from the foreclosure attorney to themselves. And they lift the burden of proof on their own claims from simply more likely than not to clear and convincing.
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Since we already know that nobody from the “Dark Side” is going to give you any information that will prove or corroborate anything you want to say, it is a fool’s errand to allege a claim or affirmative defense and that you will never be able to prove. My experience is that these cases can be defeated most of the time if the homeowner sticks with the goal of simply defeating the claim. But as soon as they step out of that lane, they are headed for failure.

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And of course, in order to pursue a successful strategy, you at least need to pretend that you believe that there is no loan account receivable and therefore nothing to enforce. And if you’ve gotten to the point where I am, you will be completely confident that that is true. I have reviewed over 10,000 cases. There has not been one instance in which a loan account receivable was ever produced.
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The substitution of a payment history report generated from third-party vendors has never been a legal substitute for producing the loan account receivable, and an acknowledgment or attestation from an officer of the named claimant that the loan account receivable belongs to (is owned by) that named claimant. In all the cases that I have reviewed no such acknowledgment or attestation has ever been made. All of those functions are produced under the name of a company that is claimed to be a “servicer” but which does nothing in connection with the receipt and disbursement of any money.
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PRACTICE NOTE FOR LAWYERS: The successful argument for legal standing at the commencement of the case is NOT proof of legal standing. And the argument regarding Article 3 (UCC) enforcement of negotiable instruments is not a substitute for normal legal standing required by Article 9-203 for enforcement of security instruments (mortgages and deeds of trust).
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The object is to show that the foreclosure mill is unwilling or unable to produce the loan account receivable or any acknowledgment or attestation or testimony from an officer of the named claimant. You can show that because there is no loan account receivable and there is no officer willing to perjure themselves. there are no trust accounts managed by REMIC trustees, and even if there were, they would not, do not, and could not contain a loan account receivable due from the homeowner.
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The naming of a company as a “servicer” does not mean it handles receipts, disbursements or accounting for any movement of money. Such a company will be presented as the authorized representative of the named claimant but the named claimant never appears in court. Once the foreclosure mill fails or refuses to comply with discovery demands, their claim that the “servicer” is authorized to act for the claimant also fails because it is not relevant. If the named claimant has no ability to support a claim, then the agency of the “servicer” is irrelevant. The claim lacks foundation.
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DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

CLICK TO DONATE

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Neil F Garfield, MBA, JD, 74, 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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FREE REVIEW: Don’t wait, Act NOW!

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CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

The fallacy of construing negative decisions as bad decisions for homeowners

It’s not the job of courts to save litigants from their own admissions. 

Here is a simple rule: if you admit the existence of the loan account receivable and you admit the rights of the servicer and the currently named claimant, you have no viable basis to challenge standing or enforceability. “Yes, but” doesn’t count in court.

Here is the other rule: if you challenge the existence of the loan account receivable and deny the rights of the servicer and the currently named claimant consistently, starting with the first notices and correspondence that you receive after the apparent “closing” the transaction, AND if you aggressively pursue statutory and discovery demands, your opposition will be unable to prove a case against you. 

Amongst the people out there who would like to see better decisions for homeowners in the courts, there are those who continue to point to decisions against the homeowner at the trial court level, the intermediate appellate level, and even at the supreme court level. And in keeping with the high level of conspiracy thinking, many people assume that such decisions are the result of corruption, and then come to the conclusion that the government is corrupt.

I suggest taking a different view. The decisions in court are perfectly rational and proper if you accept the facts that have been recited. Given those facts, the courts had no choice but to rule against the homeowner.

I get in trouble for saying this, I think the problem is with the homeowners and not with the courts. And specifically, I think the problem is that the homeowners believe in the national narrative and labels used by the banks. Virtually all homeowners believe that they established a loan transaction merely because they applied for one.

Virtually all homeowners believe that notices of transfer of ownership and servicing are true. And virtually all homeowners will admit those facts in telephone conversations, correspondence and pleadings when they go to court.

Here is a simple rule: if you admit the existence of the loan account receivable and you admit the rights of the servicer and the currently named claimant, you have no viable basis to challenge standing or enforceability.

Here is an exchange I just had with a client and her lawyer regarding ar recent decision from the 3rd DCA in Florida. Yes, it is annoying, but if I was sitting on that court I would have ruled the same way. It’s not the job of courts to save litigants from their own admissions.

This case is another good example of starting off on the wrong foot and then compounding the error. The trial court and the appellate court were proceeding based upon an assumption of facts, none of which were true. But the homeowner had admitted those facts and the expert for the homeowner had reinforced the admission. It is virtually impossible that the named originator of the transaction was an originator or lender. It was merely a placeholder for the purpose of creating the illusion of a loan transaction. It did not provide any funds to the homeowner.

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The initial recitation by the court that this was a straightforward foreclosure action is also completely wrong. But given the fact as they were recited by the appellate court, their decision was completely correct.
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I obviously don’t know what happened in the trial court, but the judge signed an unusual order. This is frequently caused by the judge having a stack of proposed orders in front of him or her combined with the desire to get out of the office.
The bottom line is that none of these cases are “straightforward foreclosures.” In fact, when you scratch the surface, they are not foreclosures until the judge signs a final judgment of foreclosure.
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At the beginning (i.e., at time of filing), they are mere attempts to abuse the legal process for profit, masquerading as some recognized cause of action but without any true facts or authentic, valid documents to back up their claim. They (the law firms) win most of the time because nobody has the courage to challenge the basic claim and thus they don’t use available discovery rights to defeat the ability of the claimant to prove a case. The main mistake, therefore, is in thinking that because the case has been pleaded in a satisfactory (or apparently satisfactory) manner, that the basic elements of the allegations are true., They are not.

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And the law firms, proceeding under both plausible deniability and litigation immunity, or making allegations about the existence of a client and a claim that are completely false. The law firm in most cases (nearly all) has had no contact with the named plaintiff, beneficiary, or claimant and maintains no contractual relationship for representation in court. In fact, if you demand acknowledgment from an officer of the named claimant, you will never get it — because that’s not part of the deal for allowing their names to be used as the plaintiff, beneficiary, or claimant in a judicial, non-judicial, or bankruptcy proceeding.

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DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

CLICK TO DONATE

Click

Neil F Garfield, MBA, JD, 74, 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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FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

Unilateral Mistake: Equitable Defenses Explained — How homeowners can get the upper hand and defend against enforcement of contract that is different from the one they knew or intended

Homeowners are missing out on a huge opportunity for economic gain that balances the power between Wall Street and consumers. 

Courts of equity are courts of conscience, which should not be shackled by rigid rules of procedure,[51] and inherent in a court’s equitable powers is the authority to prevent injustice engendered by fraud, accident, or mistake.[52] Florida Bar Journal Novembert/December 2021 “Two, Three or Four Prongs? The Contractual Defense of Unilateral mistake in Florida”

Second, there is a distinction between the equitable remedies of rescission and reformation that may further blur the lines. The Florida Supreme Court and a few others have ruled that reformation is not appropriate except for mutual mistake,[53] but other Florida courts have extended it in the case of unilateral mistake where there is some form of inequitable conduct or inducement by the party seeking to avoid the defense.[54

Rescission should return the parties to status quo ante; reformation calls for a court, looking at the parties’ intent, to “rewrite” the agreement. The latter is more extreme and against the longstanding principle of court hesitancy to rewrite contracts. The Florida courts have long endeavored to refrain from the rewriting of terms in contracts.[55] Apparently, some bad act by the party seeking to enforce an agreement could under more extenuating circumstances, however, convince a court to rewrite a portion of an agreement.[56]

the courts must take their arguments as presented. Our system is adversarial,[58] and even in equity (with perhaps a bit more flexibility), courts are constrained to consider what parties present. It is not the courts’ role to re-craft a party’s arguments. Whether by choice of the parties or steerage by the courts, assertion of fraud in contracts cases is not undertaken lightly; other arguments devoid of accusations of fraud are more palatable. Additionally, to avoid having to address the fraud question, courts may entertain contractual defense arguments based on mutual mistake, unconscionability and possibly even undue influence (which has an inducement feature balanced with the level of susceptibility, but it is not outright “fraud”). Why find a party guilty of fraud, in a civil case, when a court could reach the same result based on a defense other than fraud? [e.s.]

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THIS ARTICLE APPLIES ONLY TO HOMEOWNER TRANSACTIONS IN WHICH THE SCHEDULED PAYMENTS ARE SUBJECT TO CLAIMS OF SECURITIZATION OF DEBT.

Matthew Marin and Paul Carrier wrote an important article featured in the recent Florida Bar Journal that provides a coherent explanation of contractual defenses that can be applied to contracts claimed to be loans and defenses against enforcement of the note or mortgage. In so doing they remind us of basic principles of what a court can and cannot do — including, I emphasize, the fact that a judge COULD think to himself or herself that an argument or claim or defense could be presented better does not establish the authority to do so. Judges are charged with considering the arguments presented — not the ones that could be presented. And the omission of the ones that could have been presented waives any later attempt to assert them.

This is not up for discussion or debate. It is a basic fact in litigation — one which homeowners have learned (or not) the hard way. Blaming a judge for not doing it is like blaming a dog for failure to fly. Homeowners in my opinion SHOULD be attacking most claims of authority to administer, collect or enforce scheduled payments, and there are plenty of grounds for doing so. In fact, there are good grounds for asking for money in addition to avoiding liability for issuing a promissory note without consideration — and If more homeowners did it the landscape would look totally different. The bottom line is hard for most to accept: the deal was not what it appeared to be.

The grounds for the attack should be largely equitable, but also include legal defenses —- they should be directed at authority (even if the contract was not rescinded, reformed, or set aside in whole or in part) and also on equitable grounds like a unilateral mistake, no meeting of the minds, etc. And as the article points out, validating what I have been saying, alleging fraud makes it far more difficult to plead or prove your point.

So here is the hardest part for homeowners and lawyers for homeowners to understand or even admit.

Nearly all notes and mortgages are issued because of unilateral mistake(s) on the part of the homeowner, induced by investment banks who continue to hide facts that are statutorily required to be disclosed, including but not limited to:

  • They do not know that they are doing business with an undisclosed investment bank doing business through a string of intermediaries.
  • They do not know that the supposed loan transaction is being underwritten for the purpose of justifying sale of unregulated securities and not for purposes of justifying a loan.
  • They do not know that the appraisal is being forced high to justify the contract price and the amount of the “loan”
  •  They do not know that there is an absence of any real party in interest that has a risk of loss — the essential balancing element of all contracts
  • They do not know that the undisclosed revenue for the sale of securities vastly exceeds the amount of their transaction. At the moment they sign, homeowners have triggered revenue that erases all possible risk of loss and eliminates the need to establish a loan account receivable on the books of anyone.
  • They do not know that it is their signature on purported loan documents that creates the illusion of a loan transaction thus triggering the undisclosed sale of securities (without which the “loan” would never have offered, much less occurred.
    • This one fact triggers a series of claims on behalf of homeowners that does not require alleging fraud and keeps the burden of proof manageable (generally preponderance, rather than clear and convincing).
    • Homeowners were not borrowers. They were investors and participants in the sale of unregulated securities. They were entitled to know that and bargain for a fair share of the proceeds. The issuance of the note by the homeowner was based upon a universal error or mistake by all homeowners that they were purchasing a loan product which was not true.
    • In addition, if the transaction was deemed by a court of competent jurisdiction to be a true loan with a “true lender” as set forth in the regulations, then the undisclosed amount of revenue generated from the sale of securities arising from the closing of the transaction with the homeowner is owed back to the homeowner (in full) under the Federal Truth in Lending Act.
      • This element of foreclosure litigation has not been adequately pursued. In judicial states it is an affirmative defense that is not barred by the statute of limitations. In nonjudicial states, the application of the statute of limitations to such claims must be unconstitutional because of unequal treatment based upon choice of procedure. Homeowners should not be barred from using meritorious defenses that are available under the same state’s judicial foreclosure procedure.
  • They do not know that no loan account receivable is created or maintained — thus making modification or workouts rare or impossible
  • They do not know that there is nobody who is legally authorized to administer, collect or enforce the promise they made to make scheduled payments, to wit: the presumed authority to enforce arising from the alleged possession of the alleged original note leads to a false conclusion of fact. Such authority ultimate must come from the party who owns the underlying obligation as contained on their records as a loan account receivable. There is no such loan account receivable.
  • They do not know that the transaction is going to be subject to false claims of servicing
  • They do not know that the “servicing” is not performed by the named “servicer”

The bottom line is that homeowners did not get what they applied for and the investment banks did not pay money to the homeowner or on their behalf because they wanted to loan money. They wanted to sell securities and they needed homeowners to do it. The fact that a homeowner received money and used it to either buy a home or settle a previous financial transaction does NOT make it a loan. A loan is a label for a certain type of contract. There must be a meeting of the minds. In cases where there was no meeting of the minds, there is no contract. And if there was no meeting of the minds because one party to the alleged contract was hiding and did not disclose the real terms as required by laws, rules, and regulations concerning loan contracts make it is imperative that established existing remedies be allowed to homeowners.

PRACTICE NOTE: It seems that a lot of people don’t understand the judicial notice and the insignificance of documents uploaded to the sec.gov site. By filing a registration statement followed by a notice that no further filings are necessary, anyone can upload anything to sec.gov. In effect, it is nothing more than box.com, dropbox, etc.

Lawyers and others involved in false foreclosure claims often upload documents under that cloud and then download those documents from the sec.gov site such that the download shows the sec.gov header.

They then file a motion for judicial notice of the document of a government document even though it was never reviewed accepted, approved nor even a part of a required registration since the sale of “certificates” is not regulated as securities. It is not subject to judicial notice because the document was not an official record of any governmental agency and was never officially registered or recorded.

It does not establish the existence of a trust or the powers of a trustee. Therefore, it cannot serve as the foundation for the claims of the company claiming to be a servicer for that “trust.” It is worthless as to its existence (probably because it is incomplete in the text or exhibits) and it contains only statements of future intent — not a recital of anything that has occurred.

 

DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

CLICK TO DONATE

Click

Neil F Garfield, MBA, JD, 74, 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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FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
CLICK HERE TO ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

 

Who gets a QWR or DVL and When?

LEARN HOW TO FIGHT WITH HONOR AND WIN!

After some reflection, legal research and analysis I have come to the conclusion that a very good way for homeowners to put tracks in the sand that they can use later with success is to use the following protocol — subject to the opinion of local counsel:

  1. Send QWR and DVL to “servicer” and nobody else. Under statutes, service to one is service to all anyway.
  2. In cases where the creditor is either asserted or implied to be a bank as trustee for a REMIC trust, send a second QWR and DVL to the trustee expressly demanding that they acknowledge that they are in fact the creditor who purchased the alleged underlying obligation and that they have a record of such purchase.
  3. After receiving an evasive answer, file an FDCPA suit against the trustee only alleging that it is renting its name to third parties who are using it to collect money on the fake premise that money is owed to them.
    1. As an alleged debtor, if there is a change in who is allowed to collect the debt, the debtor is entitled to receive direct notice from the old creditor that they are not the creditor anymore and that the new creditor has been identified. You never received that notice from the old creditor. You went the extra step of asking for it. You still didn’t get the answer.
    2. For transactions in which the homeowner is treated as current, you want to deposit the money into the court registry until they comply with the statute. ANd you want fees, costs and statutory damages.
  4. In judicial states, file a motion for summary judgment (not an affirmative defense) along with an affidavit that asserts that the bank trustee and the trust have failed to produce any proof of payment for the underlying obligation and an affidavit from the homeowner stating failure to receive notice of change of creditor and failure to receive notice of appointment of the servicer from the old creditor or the new creditor. An unsigned notice that comes from the servicer is not notice from the old creditor — by definition. It is a company proclaiming itself to be the servicer without identifying its authority to make that announcement.
  5. In all cases after a Notice of Default is issued, litigation should include declaratory and injunctive relief to declare the notice invalid and enjoin the would-be servicer from issuing such notices absent acknowledgment from an officer of the bank that serves as a trustee of the REMIC trust that the bank maintains a trust accounting ledger on which the debt from the homeowner is reported as an asset of the REMIC trust —- and in which the Trustee has appointed the “servicer” to act as servicer and that the servicer does, in fact, handle money receipts and disbursements of payments from homeowners such that the servicer is the actual recipient of such funds and is the actual disbursement agent of such funds.
  6. In nonjudicial cases, the same protocol would be appropriate in my opinion.

The object of this protocol is to undermine the premise that the proceeds of foreclosure sales go to creditors who are reducing an asset that they paid for and to offset the loss from failure to receive scheduled payments. You don’t have to believe it or understand it. Just use it!

PRACTICE HINT: Do not attempt to prove an allegation that the debt does not exist or that the parties seeking to enforce have no authority to do so. Limit the attack to the ability of the foreclosure mill to produce required proof of payment that is required when a debtor makes the challenge. Do nothing that puts the burden of proof on the homeowner. Make no allegation of fact except that you asked and failed to receive the notices you were supposed to get.

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Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

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Neil F Garfield, MBA, JD, 74, is a Florida licensed trial and appellate 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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CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
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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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

EARLY BIRD DISCOUNT ON WEBINAR ENDS 9/22/21

APPROVED FOR 2.5 CLE CREDITS APPROVED BY THE FLORIDA BAR

HOMEOWNER ATTENDANCE PERMITTED

Live and On-Demand Available

EARLY BIRD DISCOUNT ENDS 9/22/21

  • What to Look for in Examining an Assignment

  • How to Successfully Litigate the Issues

  • How lawyers can make money in this niche

APON and GTC Honors, Inc. an approved host provider for CLE (for lawyers) credits in Florida and 26 other states that allow reciprocal credits for licensed attorneys announce that they are producing a seminar presented by Neil F Garfield, MBA, JD , trial lawyer for nearly 45 years and investment banker for 50 years.

Only lawyers will be able to ask questions. It will be followed up with a conference call 2 weeks after the presentation. The presentation will be live on 9/29/21 at 3 PM EDT or on-demand.

Included in the curriculum will be business plan tips for lawyers entering what will be an exciting opportunity to win cases and profit. 

Examination and Challenge

of Assignments of Mortgage

WEDNESDAY, SEPTEMBER 29, 2021

3PM EDT

2.5 CLE CREDITS

Click here to register

for Live Attendance or

On-Demand After Live Presentation is Completed

Curriculum:

  • The Coming Challenge to Lawyers: Another Foreclosure Tidal Wave
  • The Ethics of Foreclosure Defense and Foreclosure Advice.
  • Why Make the Challenge?
  • How to Examine the Assignment of Assets Like Mortgage Liens.
  • How to prevent evidence from coming in
  • How to get admitted evidence out
  • How to undermine the admitted evidence 
  • What to Look for in Examining an Assignment:
    • Timing
    • Complete names
    • Verified names
    • Direct signatures
    • Indirect/derivative signatures
    • Robosigning
    • Dates
    • MERS
    • Recital of consideration
    • Identified subject (asset) of transfer
    • Warranty of title to asset
    • Notices from creditor
    • Derivative notices from creditor
    • Notices from “servicer”
  • How to Successfully Litigate the Issues:
    • Admissions Against Interests
    • Motion to Dismiss
    • Discovery and Definitions
    • Motion for Summary Judgment
    • BUSINESS RECORD EXCEPTION TO HEARSAY RULE
    • Motion to Compel Discovery
    • Motion for Sanctions
    • Motion in Limine
    • Objections at Trial and Cross-examination
  • How lawyers can make money in this niche
  • Q&A for lawyers only
  • Follow up conference call 2 weeks later 

Virtually all foreclosures today are based on written recorded instruments purporting to transfer title to the mortgage lien from one legal person to another.

The questions for today are different from the questions that were present when the forms, rules and procedures were developed before present claims of securitization of debt.

Neil F Garfield, a Florida attorney and investment banker, presents the results of 16 years of research, analysis, trial appearances, expert witness presentations, and CLE presentations. In this modified course presentation, he focuses on the duties of lawyers who use or oppose assignments of mortgage, and the methods that can be used to perform expert analysis.

  • Sponsor: APON
  • Host/Provider: GTC Honors, Inc.
  • Course Number 2106918N
  • Provider # 1030277
  • 2.5 Credits for Continuing Legal Education
  • Level: Intermediate
  • Approval Period: 09/22/2021 – 03/31/2023
  • Presenter: Neil F Garfield
  • Florida Bar Number 229318

GTC Honors, Inc. the Florida approved course provider, is a Florida Corporation, Publisher of the Livinglies.me blog and thousands of articles, treatises and guides to successfully defend foreclosure cases in the era of self-serving declarations about the securitization of debt.

CLICK HERE TO REGISTER FOR APON SPONSORED WEBINAR: Assignments of Mortgage!

Tonight! Neil Garfield makes it simple: Lying for Dollars: How to Apply Your Understanding of Securitization Claims to Win

Thursdays LIVE! Click into the Neil Garfield Show

Tonight’s Show Hosted by Neil Garfield, Esq.

Call in at (347) 850-1260, 6pm Eastern Thursdays

“Your Honor, this is a standard foreclosure.” That is the first lie told in court as lawyers, and companies claiming to be servicers, lenders, or trustees continue to play their game of lying for dollars.

It’s obvious I have not simplified the explanation enough because both lawyers and homeowners still mostly don’t understand what I am talking about. That means they can’t use it effectively, as I have, and that means the judge won’t have any idea what you are talking about.

You can prove that the documents used by your opposition can’t be trusted. More importantly, you can prove that the lawyers opposing you cannot be trusted. And that means the opposition must prove their case by reference in well-founded relevant testimony from competent witnesses as to the actual transaction, proof of payment, etc. And they can’t do that.

That is how I win. And that is how homeowners across the country have won. And that is how all homeowners are faced with false claims of securitization or false claims of ownership where there is MERS or other signs of claimed securitization in the background.

So let me take a stab at another type of explanation of what happened. I concede that it is difficult for anyone to comprehend including Wall Street investment bankers. This will be the show tonight — my attempt at simplifying the explanation of why homeowners should win every time.

This will be an oversimplification. It is an example of the progression of events that occur when a legitimate loan is claimed to be subject to what is called securitization.

You must be tenacious, persistent, and unrelenting to the point where you can clearly demonstrate that the opposition is not complying with either court rules or court orders. That is when you have them in your sights and can shoot down their claim.

Attack the “Successors”

In analyzing the paperwork in front of you, make sure you read every word and do not accept anything said at face value. A popular ruse by foreclosure mills is the use of the word “successor.” I have been saying that this word is used as a cover-up for “we don’t have title to the debt, note or mortgage.” That means they have no loss connected with a claimed scheduled payment that was not received by a “Servicer” who had no right to receive it in the first place.

Hat tip to Gary Dubin, Esq. and Shelley Erickson.

If they have no loss, they have no claim. You don’t have a claim payable to you if you simply know that your neighbor has skipped a payment to someone. You don’t have the right to declare a default. There could be numerous reasons why the payments stopped that are none of your business. In that scenario, any action undertaken as if you did have the claim would be illegal in both the criminal and civil arenas. Such actions would include notice of substitution of trustee, a notice of default, a notice of sale, summons and complaint, etc. The practical problem is that the longer you wait to contest such actions, the more it seems like the perpetrator does have a claim.

Very often, you will see “Successor” used when it makes no sense if you even give it a moment’s thought. For example, if U.S. Bank is recited as successor to Bank of America, that is literally impossible. U.S. Bank did not buy, acquire or purchase Bank of America. They are referring, of course, to the “sale” of the position of “trustee” (without any legal trust powers) from Bank of America to U.S. Bank after Bank of America acquired LaSalle Bank, which is after LaSalle Bank had been effectively acquired by the owners of ABN AMRO, who had merged with Citi.

The key question is whether the position of a trustee if it actually exists, could ever be sold by the trustee without the advice and consent of the beneficiaries and/or the trustor/settlor. Of course, if that was alleged, i.e., that U.S. Bank had acquired the rights to be trustee through purchase, it would then need to disclose the content of the agreement of purchase and sale, and that alone would involve showing the consent of beneficiaries.

Because of the erroneous assumption/presumption that the beneficiaries of a REMIC trust are the investors, it is assumed that they must have consented. But the real beneficiaries are shown in the actual trust agreement (not the PSA most of which is a statement of future intention and not past events).

The real beneficiaries are securities brokerage firms (“investment banks”) which would, in turn, reveal that the investment banks are the primary parties in control of administration, collection, and enforcement — despite the fact that the investment banks retained no financial stake in the outcome of any transaction that was labeled as a loan.

People ask me whether there are cases supporting my analysis. there are hundreds of them, but they are rarely reviewed, much less used, by any homeowner or lawyer. Here is one such example from 2019 that has never been overruled, citing many other cases:

Certo v. Bank of N.Y. Mellon, 268 So. 3d 901, 903 (Fla. Dist. Ct. App. 2019) (“On the other hand, it is insufficient for the plaintiff to rely on its acquisition of the other entity. See Fielding v. PNC Bank Nat’l Ass’n , 239 So.3d 140, 142-43 (Fla. 5th DCA 2018) ; Kyser v. Bank of Am., N.A. , 186 So.3d 58, 61 (Fla. 1st DCA 2016) (despite testimony of merger, witness gave no testimony as to what assets exactly were acquired); Fiorito v. JP Morgan Chase Bank, Nat’l Ass’n , 174 So.3d 519, 520-21 (Fla. 4th DCA 2015) (testimony one entity “took over” another is not sufficient); Lamb v. Nationstar Mortg., LLC , 174 So.3d 1039, 1041 (Fla. 4th DCA 2015) (listing cases). Similarly, listing party status as “successor by merger” or claiming a title is not sufficient; a plaintiff must support its claim by evidence. See Buckingham v. Bank of Am., N.A. , 230 So.3d 923, 924-25 (Fla. 2d DCA 2017) (holding words “successor by merger” were insufficient to “establish the merger, let alone that the [plaintiff] acquired all of [the successor’s] assets”); DiGiovanni v. Deutsche Bank Nat’l Trust Co. , 226 So.3d 984, 988-89 (Fla. 2d DCA 2017) (finding no standing where Deutsche presented no evidence “Bankers Trust had been renamed Deutsche Bank”); Murray v. HSBC Bank USA , 157 So.3d 355, 358-59 (Fla. 4th DCA 2015) (explaining “Option One California” was not “Option One Mortgage Corporation”); Verizzo v. Bank of N.Y. , 28 So.3d 976, 977, 978 (Fla. 2d DCA 2010) (explaining plaintiff listing itself as “successor trustee” was insufficient).”)

Certo v. Bank of N.Y. Mellon, 268 So. 3d 901, 903 (Fla. Dist. Ct. App. 2019) (“The trouble here, similar to the trouble in Conley , is Mellon’s link to Bank of NY and Bank of NY’s link to JP Morgan. Because the final special indorsement is to JP Morgan, Mellon needed to evidence how it obtained the Note or interest. It claims to have it because Bank of NY is a successor to JP Morgan and Mellon is the new Bank of NY. However, the record does not establish either of those necessary links.”)

The bottom line here is that there is no succession regardless of how many times they assert it. Attacking the pleadings, motions, and exhibits with your own motions, answers, affirmative defenses and potential counterclaims is probably a good tactical response to the assertion of this type of lie perpetrators use in the courts every day. Bernie Madoff got away with his Ponzi scheme for decades. It was in most ways identical to what the investment banks have done with what they called “residential lending.”
The banks called it “securitization” without ever selling a single loan to investors or any part thereof. Madoff called it options trading without ever trading a single option. It was all based upon the “hidden magic” and “genius” of some secret formula that nobody else could access. Compare it yourself. Madoff’s scheme, now exposed, reveals what was really happening with homeowner transactions, investor transactions, and “foreclosures” of nonexistent claims.
THE BIG QUESTION IS WHERE ARE THE REGULATORS? THEY MISSED IT WITH MADOFF DESPITE CLEAR SIGNS OF WRONGDOING AND THEY ARE DOING IT AGAIN WITH INVESTMENT BANKS TOUTING NONEXISTENT SECURITIZATION.
DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

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Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate 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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CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
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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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

Florida Supreme Court Reverses: Homeowners can recover attorney fees even if they prove lack of standing when they win

see Page v. Deutsche Bank Tr.

Kudos to Nicole R. Moskowitz of Neustein Law Group, P.A., Aventura, Florida, for Petitioner William L. Grimsley and Kimberly Held Israel, Jacksonville, Florida, Daniel Alvarado, Elia Alvarado, South Florida Defense Group, Bowin Law Group, Michael Jay Wrubel, P.A., Jonathan Kline, P.A.

“The certified conflict issue in this case is whether a unilateral attorney’s fee provision in a note and mortgage is made reciprocal to a borrower under section 57.105(7), Florida Statutes (2019), when the borrower prevails in a foreclosure action in which the plaintiff bank established standing to enforce the note and mortgage at the time of trial but not at the time suit was filed. We have jurisdiction. See art. V, § 3(b)(4), Fla. Const.”

The Bank argues in the alternative that even if we do not approve Page, the trial court nevertheless lacked “subject-matter jurisdiction” to award fees. At the heart of the Bank’s argument is the assertion that “standing is a component of subject-matter jurisdiction” and that the trial court “erred by taking any further action” beyond dismissing the case. We reject the Bank’s argument.

The Bank waived its jurisdictional argument by waiting until the appeal of the fee award to first raise the issue.

Subject-matter jurisdiction is universally acknowledged to never be waivable. See, e.g., United States v. Cotton, 16  535 U.S. *16 625, 630 (2002) (“[S]ubject-matter jurisdiction, because it involves a court’s power to hear a case, can never be forfeited or waived.”). But this Court has held that the issue of standing is a waivable defense. See Krivanek v. Take Back Tampa Political Comm., 625 So. 2d 840, 842 (Fla. 1993). And if standing is waivable, then standing is obviously not “a component of subject-matter jurisdiction.” The Bank’s foundational assertion is thus incorrect. See Paulucci v. Gen. Dynamics Corp., 842 So. 2d 797, 801 n.3 (Fla. 2003) (“Jurisdiction is a broad term that includes several concepts, each with its own legal significance.”). And the Bank offers no other explanation for why its argument should be considered timely. [e.s.]

We conclude that the unilateral fee provisions in the contracts at issue are made reciprocal to the prevailing borrowers under section 57.105(7). Accordingly, we quash Page and approve Madl and Harris.

It is so ordered. POLSTON, LABARGA, LAWSON, MUÑIZ, and COURIEL, JJ., concur.
GROSSHANS, J., did not participate. NOT FINAL UNTIL TIME EXPIRES TO FILE REHEARING MOTION AND, IF FILED, DETERMINED. Application for Review of the Decision of the District Court of Appeal – Certified Direct Conflict of Decisions

In the never-ending quest of the courts to squelch homeowner defenses, some of the courts of appeal decided that the bank argument was valid. The law was, in a word, NUTS.

This Supreme Court case cures part of the nuttiness. If someone brings a baseless claim they cannot escape liability for fees and costs on the basis that the claim is baseless.

Yes, that is the issue — the lack of basis means that the named Plaintiff in foreclosure had no contractual relationship with the Defendant homeowner. So the fee provision of the contract they were seeking to “enforce” could not apply once it was proven they had no right to enforce it. The case, in my opinion, was probably decided with the elements of estoppel in mind,. Once you invoke a contract or statute and you cannot escape the negative consequence when you lose.

One case I had which is still being litigated for the second time is illustrative of the problem. The homeowners were sued in foreclosure. The various lawyers continued to pursue foreclosure from 2008-the date of trial in August 2016.

The defense was that the named plaintiff had no business being in court and no legal standing. All the documents were all fabricated and U.S. Bank as trustee for a fictitious trust never had ownership of the debt, note, or mortgage. They also never had possession of the note but that was supposedly cured by the claim that the note was received by Ocwen  — AFTER the lawsuit began.

Patrick Giunta and I easily won the case, resting at the conclusion of the Plaintiff’s case. We never put on any evidence. The trial judge took or 2 hours to reach a decision and then dictated into the record the findings of fact and conclusions of law, entering Judgment of Involuntary Dismissal against “U.S. Bank as Trustee of SASCO trust etc.”.

The court found facts showing there was no basis for the action, that U.S. Bank did not own the note or mortgage or debt, and that the trust could not have owned it either. But the judge correctly stated that the law in that District required involuntary dismissal without prejudice once there was a finding of lack of standing.

If the Plaintiff lacked standing, then the court supposedly lacked jurisdiction to do anything except the ministerial act of dismissing without prejudice.

The law in that district also said that even though the homeowner had spent $200,000 in fees and costs, the recovery of attorney fees only applied to a much shorter period during which the Plaintiff had claimed possession of the note even though they had not shown any authority to enforce it. So recovery of fees only started when and if the foreclosure mill filed the original note with the court.

The judge we had clearly did not like what he was required to do so he made it into a final judgment for the homeowner incorporating all of the findings of fact and conclusions of law before the finding of lack of legal standing.

Under the law of that  District, the recovery of fees was thus either cut off or reduced considerably. This left foreclosure mills with the ability to claim attorney fees if they won and avoid liability for fees if they lost — something expressly prohibited by statute and the rules. Now the Florida Supreme Court, in a very well reasoned and well-written decision (J Canady) has established that lawyers cannot sue in the name of a disinterested party to claim foreclosure, attorney fees, and costs — and upon losing avoid the reciprocal liability.

This frees up homeowners’ access to legal representation to defend against illegal fraudulent foreclosures. Lawyers are far more likely to take foreclosure defense cases. If you are looking for a lawyer to represent you start with contacting the lawyers mentioned in this article.

DID YOU LIKE THIS ARTICLE?

Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.

Please Donate to Support Neil Garfield’s Efforts to Stop Foreclosure Fraud.

Click

*
Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate 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.
*

FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
*
CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
*
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
*
Please visit www.lendinglies.com for more information.

 

Homeowner’s Dilemma and Pro Se Nightmare: Wanting the system to change is not the way to win a case

Homeowners win because there is no legal claim against them. But they will lose every time if they fail to establish the inability or unwillingness of the foreclosure mill to come up with concrete evidence that there is, in fact, a loan receivable entry on the accounting ledgers of the claimant and that it got there by virtue of a real-world transaction in which value was paid for the underlying obligation.

Unfortunately, as we all know, all perjury and fraud upon the court is illegal but always allowed unless it is challenged in a timely and proper way. We need to change the rules and the preapproved form pleading such that the main element of the playbook of the banks can be defeated. The main element is to force the homeowner Into a position where the homeowner must expend huge quantities of time, money, and energy defending a frivolous claim.

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Their goal is to wear out the homeowner and the homeowner’s attorney. And they are using this strategy because it works. Over 96% of all foreclosures proceed by the default of the homeowner, to wit: they simply assume that everything alleged against them is true and they walk away.

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The rules and preapproved form pleading are focussed on judicial economy and finality — i.e., how to quickly bring a dispute to final and complete resolution. They must start somewhere and in our system, they start with the claim. In most situations, the system requires a judge to treat the claim as true for most of the proceeding unless there is something obviously wrong that is clearly and indisputably known and demonstrated.

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Claiming that aliens from the planet Zorcar gave you the assignment of mortgage would be an exception to the rule. Your claim will not be accepted as true under the rules unless you claimed (and attached exhibits) also to have proof that aliens were involved, that the planet  Zorcar existed, and that they were the owners of the underlying debt. Since your premise is outside of the normal knowledge of any reasonable person or lawyer or judge, it would be dismissed for lack of credibility — because in the absence of your allegations that you did have such proof, the presumption in that situation would be that you had no way of proving it.

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In most of the small percentage of cases where homeowners contest the Foreclosure both they and their attorneys are seeking only delays in what they think is an inevitable result. So no real effort is made to reveal the fact that the attorneys in the Foreclosure Mill have absolutely no concrete evidence to support the claim they are advocating on behalf of entities that probably don’t exist. And in most of those cases, the homeowner admits that the “loan” exists, that the obligation exists, that the obligation is owed to the claimant, etc. In doing that, the homeowner falls into a trap. Once all of those facts are admitted by the homeowner, the defense becomes “yes, but” which rarely works.
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It is only where homeowners are unrelenting in their contest of the f foreclosure and where they follow the rules on discovery, motions enforcing discovery, objections, and cross-examination that the homeowner wins. They win because there is no legal claim against them. But they will lose every time if they fail to establish the inability or unwillingness of the foreclosure mill to come up with concrete evidence that there is, in fact, a loan receivable entry on the accounting ledgers of the claimant and that it got there by virtue of a real-world transaction in which value was paid for the underlying obligation.
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You might not like that answer but it is perfectly correct and true. Your only chance of winning these cases is by excepting the fact that the rules apply and that the judge is bound to follow them. You can use the rules against your opposition and reveal the fact that there is no concrete evidence for the basic elements of their claim. But if you fail to do that, the rules favor party that makes the claim. That is not just true in foreclosures, it is true in all civil cases.
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If you want an analogy, think about a murder case. Everyone knows that it is against the law to kill somebody. And yet the murderer will go completely free without any damage to his reputation Or without any damage to his record and without any loss of freedom — unless someone catches him, charges him, shows probable cause, gets a conviction, and wins on appeal.
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Homeowners must realize that is the essence of their defense is closely related to criminal fraud. That is never going to be presumed to be true at the beginning of the case. In our system, or people who are accused of such illegal behavior are presumed innocent even if they have exhibited a pattern of illegal behavior in the past. It is an age-old problem That in individual cases people are offended that such offenders go free. We could debate the philosophy behind those rules but we cannot debate the fact that those rules exist.
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It is unfair that homeowners must master the rules of court in order to defend themselves against frivolous claims. While they are allowed to represent themselves in court they have no idea how to do that. They walk into court believing that being right is enough. It isn’t enough and it never is. So they will most often lose cases that a good trial lawyer would win. Or they delay hiring a lawyer until it is too late for the lawyer to do anything constructive under the rules.
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Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate 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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FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In  the meanwhile you can order any of the following:
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CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS, AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
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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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
Please visit www.lendinglies.com for more information.

DO WE REALLY WANT TO LOSE CREDITORS IN CONSUMER TRANSACTIONS?

ALL EXISTING LAW AGREES WITH MY MAIN POINT: There is no basis for claiming you are a creditor unless you own the debt or represent someone who owns the debt. Since 2000 and maybe before that we have abandoned real creditors and steadily transformed administration, collection, and enforcement of alleged debts to include virtual creditors who neither own the debt nor receive the proceeds of collection. And there is no basis for claiming you are a servicer if you (a) maintain no custodial accounts and (b) you are not paying the money you collect to a creditor.

I HAVE WON NEARLY ALL CASES ON THE BASIS OF CHALLENGING THE EXISTENCE, OWNERSHIP, AND ENFORCEMENT OF THE ALLEGED DEBT. It’s a matter of court record.

AND YET — CFPB, FTC, AND SEC, ALONG WITH STATE AND FEDERAL COURTS, HAVE ALLOWED FOR THE “INSITUTIONALIZATION” OF VIRTUAL CREDITORS INSTEAD OF REAL ONES. Complaints to CFPB based upon challenges to the existence, ownership, and right to enforce the alleged debt result in gibberish answered from companies who have no knowledge and say nothing about the identity of the alleged creditor or the date of the transaction where value was paid one exchange for a conveyance of ownership of the alleged underlying obligation as required by Article 9§203 of the UCC adopted in all 50 states.

THE RESULT IS THAT ADMINISTRATION, COLLECTION, AND ENFORCEMENT OF THE ALLEGED DEBT RESULTS IN BONUSES, COMMISSIONS, AND OTHER COMPENSATION INSTEAD OF PAYING DOWN (REDUCING) THE PRESUMED LOAN ACCOUNT RECEIVABLE ON THE ACCOUNTING LEDGERS OF SOME COMPANY OR PERSON. Is this what we really want? Do we really want to ignore laws established over centuries?

BOTTOM LINE: THE BASICS OF ALL LENDING TRANSACTIONS HAVE BEEN CHANGED BEYOND RECOGNITION:

  • There is no lending anymore.
  • There are consumers who wish to be borrowers but there is nobody who wants to be a lender.
  • There are inducements to issue a note, a mortgage or a security instrument in an auto loan — even though no loan account is ever established.
  • Money paid to consumers is ephemeral — like a magic trick. The money paid to consumers is the inducement to sign the papers. But the virtual or pretender lender wants that money back.
  • The consumer thinks he/she is buying a loan product but the “lender” is neither lending nor does it have any lending intent. The “lender” neither funds the loan nor does it have any risk of loss.
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Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate 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.
*

FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In the meanwhile you can order any of the following:
*
CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS, AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
*
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
*
Please visit www.lendinglies.com for more information.

Think You Have a Loan? Think Again! Don’t allow the Wall Street “investment banks” to steal back money that was earned by homeowners. 

What is obvious is false but only investment bankers know it. 

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Without knowing it, you are probably doing business with a Wall Street securities brokerage firm calling itself an “investment bank.” You didn’t know because they were never disclosed. And the money they paid to you was not a loan — at least not for them it wasn’t. They didn’t treat it that way on their own records and neither should you. That means they are attempting to collect back the money they paid to you even though it wasn’t a loan.
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So what did they pay you for? When you issued the promissory note what were you buying?
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The plain truth is that without an extensive background in investment banking — and all the experience, training, and education that requires — you have no way of understanding the nature of the transaction. So I’m breaking it down into its simplest components here — useful for litigation but not a complete description.
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You asked for and thought you received a loan. After all, you did get the money, didn’t you? When you applied for a loan, you thought you had identified the lender with whom you were doing business. After all, the money came after you signed the “closing documents”, right? So when the judge asked if you received the loan, you say “yes” believing there is no way you could deny the “obvious.
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And that is how Wall Street has been winning for 20 years. What is obvious is false but only investment bankers know it. 
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Here is what you didn’t know (in nearly all cases):
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  1. Yes, you asked for a loan, but the application you submitted was not to a lender.
  2. Contrary to the laws governing loan transactions many things were not disclosed to you.
  3. In most cases, the intake for the application for a “loan” is performed by a loan broker, who doesn’t care what the transaction is called as long as he/she gets the commission.
  4. The loan broker gets paid if you sign the closing documents. By signing the promissory note you have created an obligation — but is it enforceable? The answer is yes if it really was a loan transaction.
  5. The loan broker then forwards the information on the “loan” application to an IT platform that is controlled by a third party platform which in turn is acting for a securities firm preparing to issue and sell securities to investors. As far as they’re concerned they would prefer to pay you $1 rather than $200,000. But then how could they get you to sign a note for $200,000?
  6. The securities that are issued and sold are not a conveyance of any interest in your transaction. They are bets based upon reports issued by the securities firm. The prices of those securities are unrelated to the total amount of your transaction or any part of your transaction. So they can sell these securities indefinitely until the market is saturated (no more demand).
  7. On average, the dollar volume of revenue generated by the securities firm selling the securities is $12 for each $1 of your transaction.
  8. The amount they paid you was, therefore, on average, around 8.5% of the total revenue. It was a commission, not a loan. But you didn’t know that.
  9. You received a payment that was dressed up as a loan. You never thought to bargain for reasonable compensation for entering into a transaction that was the keystone of all the sales of all of the securities. And you never thought about whether you wanted to be part of a business venture whose purpose was to sell betting rights based upon reports about your transaction and whether you were making scheduled payments.
  10. Collection and enforcement of the obligation you created when you executed the promissory note is the act of taking back the commission they paid to you. And because they want all of it back plus interest that leaves you with negative compensation for initiating a huge business venture and allowing the use of your name and reputation. (They get all the benefits, you get the shaft).
  11. And even at the point of collection and enforcement you still don’t know that you are actually dealing with a securities firm that has no financial interest in your transaction. You don’t know because nobody is telling you that. They insist on calling it a loan and since it looks like a loan, everyone (including you) thinks it is a loan.
  12. When they get money from you or from the sale of your property they have no place to put it. They can’t debit an account receivable that reflects ownership of your obligation because there is no account receivable on the ledger of any company. Your payments constitute a return of the commission they paid to you — an amount that they deemed reasonable. That means that their payment is evidence of the amount of commission to the homeowner that the securities firm deemed reasonable. Ask any lawyer what that could mean.
  13. In court, they seek to increase their profits by forcing the sale of your house. But that can only be done legally if the forced sale is granted by a court because the action is a foreclosure. But it isn’t a foreclosure if the claimant is not the owner of your obligation. And they can’t be the owner of your obligation unless they paid value for it — which is why there would be an entry on the accounting ledgers of some company if anyone paid for your obligation and received a conveyance of ownership of your obligation. 
  14. In every loan, there is the lender and a borrower. You intended to be a borrower but you never made the journey. The biggest problem in foreclosure defense is the fact that homeowners and their lawyers (and the judges before whom they appear) believe that you did make the journey.
  15. That is because your counterpart was not a lender, had no means or intention of being a lender, and was seeking to avoid being called a lender at all costs — because they didn’t want to be held responsible for violations of the Federal Truth in Lending Act and other federal and state law governing lending, collections, and enforcement.
  16. The borrower has every legal right and legal expectation that the party representing itself as a lender is doing the underwriting of a loan with due diligence. That means they have a stake in the outcome of the transaction. It if its a loan, their revenue, profit, and assets are dependent upon repayment of the ”loan.” 
  17. In most cases, your transaction was conducted by the securities firm acting through sham conduit intermediaries. The sole purpose was to start the sale of securities. Some of those securities were bets against the performance data of your loan.
  18. So they had an incentive and a vested interest in seeing your “obligation” fail. That is why they inflated appraisals, granted no doc loans, granted NINJA loans, and offered “teaser” terms that were guaranteed to fail when the scheduled payments were reset.  The securities brokerage firm was betting on a sure thing. 
  19. In addition, the riskier the loan the higher the interest they could charge. That’s because everyone (except the Wall Street firm) thought it was a loan. And the higher the interest the less they had to pay out from the fund of capital generated by selling securities to investors. So if you had a $200,000 transaction where the securities brokerage firm set a price of 10% “interest,”  they were receiving around $400,000 from investors to cover that “loan” (which was actually a commission). That is why there is no loan account receivable on the books of anyone — not even the securities brokerage firm that funded it out of investor capital.
  20. Everyone on the “securitization” team got paid without exception. There is no debt.

So here is the message to homeowners, lawyers, regulators, law enforcement, and lawmakers:

Don’t allow the Wall Street “investment banks” to steal back money that was earned by homeowners. 

*
Neil F Garfield, MBA, JD, 73, is a Florida licensed trial and appellate 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.
*

FREE REVIEW: Don’t wait, Act NOW!

CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In the meanwhile you can order any of the following:
*
CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS, AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation. Suggestions for discovery demands are included.
*
CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*
CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*
*
CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
*
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.
  • Yes you DO need a lawyer.
  • If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
*
Please visit www.lendinglies.com for more information.
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