Stay put! PRODUCE THE NOTE! Follow the law!

[Joanne98]

http://www. PlanetNetopia.com
Leading the world to Freedom!

Stay Put
Produce the note
Follow the law

Wall Street and its co-conspirators on Main Street had a great plan.

Step 1: Ram predatory loans down the market with fraud and deceptive marketing.

Step 2: Some of the loans will blow up, but in the aggregate it will all work out and besides, the loans will be bundled and sold off to investors (spreading the toxic waste), so who cares?

Great plan, but it had a few problems.

Problem #1: It destroyed the world financial system (minor detail)

Problem #2 (And he’s where it get VERY interesting…) For a loan to be valid, the lender needs to be able to produce the paperwork.

Guess what?

In their mad greed to screw the American people and line their own pockets, Wall Street forgot that little detail.

Many of these loans and been sliced and diced and sold and re-sold so many times that not only is the paperwork not easy to lay hands on, in some cases, it’s not clear who actually owns the loan.

Here’s where property law comes in.

If the bank can’t produce the documents and the real owner of the loan can’t be identified, the contract is null and void.

You’ve got to hand it to Congresswoman Marcy Kaptur (and Ohio which produces a lot of great Congresspeople.)

By telling a bank to “produce the note,” a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt.

Now, the banks own sloth and disorganization (and inherent dishonesty) can be used against it.

Final word: The media (and Wall Street and its criminal partners in Congress and the former Bush White House) love to call these loans sup-prime.

Here’s the old fashioned word: predatory.

Many of the loans that were made in the past five years that have created so many problems would have been illegal until Bush & Co not only gutted lending laws, but also literally sued states to stop them from enforcing their own lending laws.

Former governor Elliott Spitzer was the ring leader of the state movement to enforce local lending laws…and you saw what happened to him.

He’s no saint (and truth be told, he’s kind of a jerk) but if every politician who went to hookers was busted, Washington and all the state capitals would be ghost towns.

Why Elliot Spitzer was assassinated
http://www.brasschecktv.com/page/291.html

http://www.advancecenter.net/stay-put-produce-the-note-follow-the-law.html

[aquamarina]

1. Wish I could recommend this post 1000 times.

and and BIG FYI, mortgage servicing companies are NOT the note holders.

[flvegan]

2. Neither is MERS.

Something else I wish a lot of folks knew.

[Myrina]

3. I know mine was swapped a couple times ... but its an FHA loan

... not a predatory loan.

Is there a way I can find out if this would apply to me?

[tavalon]

4. Yes, tell them to produce the note

Then you'll know one way or the other.

[Frustratedlady]

5. What a tangled web we weave when first we practice to deceive.

I'm hoping Bush, Cheney, Rove, Meiers, et al., will be caught the same way...those nasty little details.

[madrchsod]

6. that`s why my conservative local bank will not sell my mortgage

they also do not "foreclose".

[rrneck]

7. I had a job once

that put me on a lot of loading docks in a large city. Each of those docks had a huge garbage compactor for all the waste that came out of the building. On more than one occasion, when we pulled into the dock the compactor would be open and a gaggle of bank employees would be wading around in all that filthy garbage in their good shoes. I asked my sister who worked in a bank what was going on and she said, "somebody lost a note".

That's exactly where all those fuckers need to be that caused this mess - wading around in the garbage of this financial crisis finding a solution to the problem.

[Myrina]

8. I think if they can't produce the paperwork, they should write them off.

Homeowners: "You can't prove I owe you $100k by producing the paperwork? Then I guess I don't owe you $100k. Possession is nine-tenths of the law, and I'm living in this house that you can't prove YOU loaned me money for, so therefore, I must own
it. Now fuck off."



That'll teach 'em all.

[rrneck]

11. According to my sister, that's exactly what would happen.

[tclambert]

22. If they cannot legally prove they own the mortgage, they have no more right to foreclose on you than

I do. And I choose not to.

[Jim Sagle]

9. Actually they need to be inside the compactor.

[Shipwack]

10. All well and good... But...

As someone that had their home home illegally foreclosed on (many years ago), I love this. But...

Where's -your- note? If you fend off the banks with this, and win, what do you do to prove you have ownership if you ever want to sell your property?

[rrneck]

12. Good question. Uh, since I'm not a homeowner I'll have

to guess. There may be some sort of squatters claim, plus the fact that you could probably document residence for quite some time, so a negotiated settlement might be in order.

[Recursion]

14. Houses aren't cars

All the homeowners I know have their own deeds, and separate from that they have a mortgage against the house.

[tclambert]

23. Indeed, the deed is your proof of ownership. Yes, indeedy.

[diane in sf]

13. thank you--great article, this is very good info to get to every foreclosed buyer

[bonito]

15. Kicking for further reading n/t

[ThisThreadIsSatire]

16. Glad to see someone already posted this!

Just saw an interview with Congresswoman Kaptur...

I'm not a homeowner but, thanks.

Hope info like this keeps more people in their homes.

It's nice to know sometimes the rules backfire on the greedy bastards...

[Left Coast2020]

17. There is a Senator, or Congressman who wants to go after

these greedy bastards. I think it may have been Sanders of VT., but I'm not sure. I think I'm correct, but I'd have to look for the story from thursday/friday. Now Holder is new AG. I hope he considers throwing some of this scum in the compactor himself.

[Kablooie]

18. Here is a website with instructions and legal templates for requesting them to produce the note.

http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

[ColbertWatcher]

19. ***That is an excellent site*** Thank you for posting! n/t

[Joanne98]

21. Thank you Kablooie

[L. Coyote]

28. I smell a wildfire

[fasttense]

20. All the world is a con and we are merely marks.

The US has turned into one big game for a con artist. We all are marks for the corporations to pick clean. This is what the bush has turned this once proud country into.

If the bush and his cronies are not prosecuted, we will se an even bigger con in 30 years.

[Christa]

24. K & R nt

[OwnedByFerrets]

25. K AND R

[peacetalksforall]

26. If the bank cannot trace the paper and writes it off, couldn't the write-off

be the legal document for a future sale?

It should involved a Federal law which should be done fast.

It would seem Republicans could not fight it, because Republicans are not exempted from the affect of this man-made mess.

[L. Coyote]

27. And OHIO AG Marc Dann got the Spitzer treatment for investigating the 2004 election!!

And Don Siegelman pissed of Big Oil

Deja DU: Gov. Don Siegelman, the Roughly $3.6 Billion, ExxonMobil, and Pissing Off BIG OIL.
Mar '08 - http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3070446

[myrna minx]

29. Brilliant. K&R n/t

[Wapsie B]

30. Very interesting..........

"If the bank can’t produce the documents and the real owner of the loan can’t be identified, the contract is null and void."

How many of these undocumented loans are out there? Let's find out and wipe them off the books.

[Rockholm]

31. And the companies that pushed the new bankruptcy laws....

KNEW what was coming. Bank of Americas, Citibank, Wells Fargo, etc. all were writing these mortgages. They also were credit card issuers. They KNEW that these ARM's would adjust and KNEW that some, if not most, people would not be able to afford their homes. The banks were covering their butts 3= years ago when the new bankruptcy laws were passed.

[Beavker]

32. How about a 2nd loan?

If I had a 2nd that changed hands (Countrywide now has it, which sounds like a cluster in the making anyway) could you just ask them to produce the note to see if you would technically owe them nothing? Being that there is a first, you have your ownership proof. My only thought would be the Interest deductions on Taxes that have been taken for a loan that you say you now all the sudden don't have (because if they don't have the note, I'd be inclined to make my copy disappear too). The tax filing seems to raise some eyebrows. Though the lender would not be able to prove it was them who you owed...then again, I've made payements to them via my checking account...proving I have paid them in the past. Or does that just not matter. They can't prove they own the loan, anything done in the past is moot?

[Mongooseflies]

33. WOW!

Thank you for this. I'm going to share it with every single homeowner i know.

Cheers!

:fistbump:

[pleah]

34. K&R

[wroberts189]

35. This may not work for all .. it depends.

Did they use a direct lender like Wells Fargo?

Or has their mortgage been resold a dozen times?

[ColbertWatcher]

36. Good point, but ...

... for people who got loans that were resold a dozen times it would be a good idea.

[bonito]

37. Kick n/t

[tom_paine]

38. Error: you can only recommend threads which were started in the past 24 hours

:kick: