Livinglies's Weblog

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I continually get the same question, mostly because neither the homeowner nor the “investigators” understand anything about being a licensed, educated, experienced investment banker, lawyer, or accountant. If they were any of those, they would not ask the question.

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The latest question was whether the discharge in bankruptcy helps.

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The discharge in bankruptcy does not interfere with the ability to enforce the lien if the lien is valid — and the enforcer is a creditor who maintains an unpaid loan account receivable due from the homeowner on the ledgers of that creditor. I think the lien is invalid because it did not secure an underlying obligation created by the original transaction.

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Thereafter, no party treated the transaction as a loan, nor did any party claim ownership of an unpaid loan account on their accounting ledgers. But documents were filed in support of fraudulent claims for foreclosure remedies that appeared to be facially valid, raising the presumption that the loan account existed.

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I think the problem is that people can’t wrap their heads around one idea. The transaction they signed into was not a loan. If there is no lender, creditor or loan account, there cannot be a loan that is recognized in our legal system, nor should there be.

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If there is no loan, no loan account, nor any creditor sitting with an accounting ledger on which they report the acquisition of an obligation due from you, you don’t owe the money to them. If no such creditor exists, you don’t owe the money at all.

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The mortgage lien is designed to protect against financial loss — not to promote financial gain. If Wall Street wants to protect the financial gains it created from its crazy scheme using weapons of mass financial destruction, then the least it should do is share a little of that with homeowners, consumers, the government, and investors.

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We are so trained to believe that we are not entitled to profit from Wall Street schemes designed to defraud us that we refuse to accept the profit even when it is sitting on a golden plate in front of us.

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Neil F Garfield, MBA, JD, 75, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. THE COMMENTS ON THIS BLOG AND ELSEWHERE ARE BASED ON THE ABILITY OF A HOMEOWNER TO WIN THE CASE NOT MERELY SETTLE IT. OTHER LAWYERS HAVE STRATEGIES DIRECTED AT SETTLEMENT OR MODIFICATION. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.

But challenging the “servicers” and other claimants before they seek enforcement can delay action by them for as much as 14 years or more. In addition, although currently rare, it can also result in your homestead being free and clear of any mortgage lien that you contested. (No Guarantee).

Yes you DO need a lawyer.
If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.

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