Facing Foreclosure from the banks? Tell them to PRODUCE THE NOTE!!

This is a pretty interesting debate, being from the UK we are protected by a consumer credit act, which entitles us to request a true copy of our credit agreement at any time. The lender legally has 12 + 2 days to supply it, failure to do so places the account in dispute and the creditor is prohibited to enforce or apply interest to the debt, we are also not obligated to make a payment once they default.

If an "agreement" is produced it has to contain certain prescribed terms as well as the terms and conditions that existed when the loan/credit card was taken out and all this needs to be within the four corners of the signed document, if anything is missing the document cannot be enforced without a court order, also a judge is bound by a House Of Lords ruling that prohibits enforcement if any one of the prescribed terms are missing and the loan must be regarded as a gift.

You will be amazed at how many banks/lenders can't produce these when requested so they can't meet their legal obligations, but does that stop them from harassing you, lying, breaking debt collection guidelines and making your life unbearable?

It is to simplistic to label all debtors as wont pays, life is complex there are many reasons for being in debt or having arrears. Do you honestly think that the majority of people who won't pay or deliberately refuse to meet their debt obligations, would spend the time and effort to research a way to defend themselves against a ruthless creditor and then be bothered to argue this in front of a judge?

Research UK law especially the consumer credit act 1974 and its amendments and law of property act 1929 which relates to assignment of debt and legal ownership as well as duties and obligations regarding assigned debt. Obviously wont have any relation to US laws but can help with compiling a valid argument as to why an original agreement should be produced before enforcement.

Originally posted by BlackOps719
reply to post by stevegmu

 

I know what I am talking about when i say that these mortgage companies were horribly irresponsible hotbeds of greed and corrupt business practice.

Bought my house in Feb. 2007....relocated because of my wife's employment opportunities (chance to advance). I've had plenty of opportunities so thought it only right to pick up and move.....even though I had absolutely no idea of what I would be doing (employment-wise, 20 years in the automotive industry and saw the writing on the wall). When I went to a mortgage broker to check out the possibility of getting a loan (had figured we'd have to rent for awhile first) one of the first things asked during the initial conversation was "what will you be doing in Indianapolis?" to which I replied "At this moment, I really have no idea"....and ended up being pre-approved for a loan. I was floored by the fact that I had been pre-approved (thinking to myself, I wouldn't loan me money not knowing how I'd pay it back). I spent 8 months looking for employment (been in management for 20 years) before I found something which fit. Thankfully, we made every house payment on time....and did without alot that summer. What's my point? Well, getting mad about "stupid" people stealing money from taxpayers (at this point) is a moot point.....that money has already been stolen from all of us (AKA Bailout). People take risks, (investing's a risk, and the DOW is doing wonderfully, huh) and sometimes have to work hard and make sacrifices to make ends meet after taking a risk. I'm sure people overbought in some instances (no, my house is just a normal 'burbs house) and took risks that just won't pay off. I'm I happy that I'm here now? Yes. Do I have a better understanding of why a mortgage broker would preapprove someone who has no employment. Yes. Do I feel good about being in a house which is worth less now than when I bought it? (Expletive) No! Do I continue to make my payments every month? Absolutely. In some cases people totally used the system available to them ("people" being both borrowers AND Lenders) thinking they could cover their tail before things went sour. I don't think it's as black and white as some want it to be but I really do believe this.....not all borrowers are "stupid" or thieves just wanting to steal taxpayers money (after all, the government doesn't like competition), but ALL lenders who made toxic loans (they knew they were toxic when they made the loan) are pretty much evil in my eyes.

[edit on 25-2-2009 by TruthIsPower]

This is amazing. I hate banks so much, that it's time to stick it to them. I never EVER feel bad if I pay debt late, despite all the guilt they try to toss on you. # the banks, time to live in a money-free society!

Genious!

payce out

Originally posted by northof8
reply to post by BlackOps719

 

What a bunch of losers... I can't pay my mortgage so I will screw with the bank. This is why we are in this mess. Losers like this didn't deserve a mortgage in the first place.

People like this need to be taken out of their homes and flogged period.

You tell them to produce the note? I say how about you put just as much effort in fighting the bank as finding a job and produce a damn paycheck. Losers...

Boy what a good attitude. You know I used to think that until the price of oil plunged and now I can see myself loosing my house if things don't pick up. You better be careful because with that attitude You might be the next one up for foreclosure. Everyone looks at the evil people that got a loan they could not afford. The media likes to blame those people instead of blaming congress, banks, & the loosers .... You never see the person that has been working in a steel mill for twenty years loosing his job when the plant moves to china .... I now look at this in a different light now and You might need to show some compassion or learn what it is....

Originally posted by ice1300
Here is the easiest way to avoid foreclosure, are you ready this is a big one.............. PAY YOU DA#M BILLS!!!!!!!!!!!!!!!!!!!!!!!! But wait you say you don’t have enough money, then get another job. Wait stop pity party for me I was a big bad manager or a CEO; get over it you aren’t anymore. There are always jobs out there you just have to be willing to do them. McDonalds is always hiring. I don’t care if you got laid off (Its always someone else’s fault) get it together and go find work. If you want to keep your home stop blaming the mortgage company you signed the paper you knew what you were doing and if you didn’t then you had no business buying a home in the first place.

I ask again for the 4th time (to 3 different people).

Why do you hold the defaulters to the law, but not the banks?

Originally posted by ironwolf
reply to post by ANNED

 

Hello ANNED,

Just FYI, bimonthly payments actually means that you pay every two weeks. Thus you would make24 payments per year.

Bimonthly can mean twice a month OR every two months; e.g. in the publishing industry it is used fairly consistently to mean 'every two months'

Are you serious? So you're telling me you sign a contract, you can't pay (NOT THE BANKS FAULT), and you want to force the bank to produce a note that YOU KNOW exists because you wouldn't have closed?

The other guy is right. This is why we're in the mess we're in right now.

Hi Anon from the UK.

I am familar with the Consumer credit act etc but was wondering, in your opinion, would uk mortgage holders be as lax with ownership documents?

Quite a lot of the mortgages mainly sub prime loans are with American companys. As far as I can figure, a lot of the uk banks are involved with selling on debts (securitised) to other companys.

We would surely have similar legal requirements here for mortgages?

reply to post by northof8


hallelujah for the voice of reason! couldn't agree with you more....guess no one else is bothered by the woman on the clip who knew her house was only worth 39,000 but refi. 3X times so now she owes 145,000? hmm, wonder where here common sense & the rest of the money went? now that it's gone, she's not responsible, other taxpayers are??

Originally posted by rocksarerocks
Are you serious? So you're telling me you sign a contract, you can't pay (NOT THE BANKS FAULT), and you want to force the bank to produce a note that YOU KNOW exists because you wouldn't have closed?

The other guy is right. This is why we're in the mess we're in right now.

Why do you hold the defaulters up the the law, but do not hold the banks up to the same law?

(5th time this question was asked, to 4 different people)

The Note is easy to get. I use to be in mortgage, all I had to do is call the title company to provide the note. I mean that's y u pay the title fee in the first place, so they can keep records of these things.

If they don't know how to find the note, they must be noobs to the business. I can easily locate it, even if it gets sold ten times.

Originally posted by northof8
reply to post by BlackOps719

 

What a bunch of losers... I can't pay my mortgage so I will screw with the bank. This is why we are in this mess. Losers like this didn't deserve a mortgage in the first place.

People like this need to be taken out of their homes and flogged period.

You tell them to produce the note? I say how about you put just as much effort in fighting the bank as finding a job and produce a damn paycheck. Losers...

Im happy that you are the all knowing of problems that purge people in todays times. It's nice to see someone such as your self that everyone must take note and see "how things are done" Beside these "rats" who can't pay their mortgage they aren't the people who have had their life savings they stuck into a bank and that bank out of greed write off bad loans or investments and not have the capitol to back them and those "rats" lost every thing and are now 80 years old working a part-time job after they lost everything and are about to lose their home...noooo way these people should be kicked out of america...."right"? Always nice to see a "Great American" show off that American spirit....

FYI..

Just tried it with my bank

I said could you please provide me the note...

They said oh, you saw the link on yahoo didn't you and then stated ok we will mail it right out to you

My loan has been sold 2 times.. Maybe they were bluffing, but wanted to post...

Originally posted by sir_chancealot

Originally posted by rocksarerocks
Are you serious? So you're telling me you sign a contract, you can't pay (NOT THE BANKS FAULT), and you want to force the bank to produce a note that YOU KNOW exists because you wouldn't have closed?

The other guy is right. This is why we're in the mess we're in right now.

Why do you hold the defaulters up the the law, but do not hold the banks up to the same law?

(5th time this question was asked, to 4 different people)

NO....Wrong again! We are in this mess because AIG decided to let all the sub-prime lenders know they could back their junk loans with out having the proper capital to back them. And when people who took Adjustable rates which were created for business and property investment companies to use from the banks to flip houses BUT were made ready to the residential sector purchaser because there were a stock pile of new homes in America in the middle to late 90's because of the construction boom and not enough new home purchasers to fill those homes.
The feds and special intrest groups put pressure on the banks to provide equal lending for people of less than prime credit ratings and the banks said "fine" we will stick them in sub-prime loans and we had a housing purchase boom that set property values through the roof! And when people started using there homes as ATM machines and living on refi loans and all that good jazz the market was over inflated.
And when it came time to pay the piper people lost jobs and then mortgages went into default and then AIG had all these insurance backed loans that went belly up and they didn't have the capitol on hand to cover the default claims and the jig was up! and the lending sector got all its tricks show to the public. And thats why we are here...It's not a buncha losers who just stopped paying mortgages...But if you really looked past the news smoke screen you would have seen that you and everyone who purchased a house or car or took credit cards out was part of the biggest corporate geed scandel ever created from top to bottom. Thats the problem

Originally posted by mrm143
FYI..

Just tried it with my bank

I said could you please provide me the note...

They said oh, you saw the link on yahoo didn't you and then stated ok we will mail it right out to you

My loan has been sold 2 times.. Maybe they were bluffing, but wanted to post...

Good for you! I think its great that you stood up even if it does nothing
And If I were you I would pull any accounts you have with the banks don't use the banks don't buy any companies goods the tax money has gone to.
The only way out of this it to make the power banks and companys FAIL.
Re-structure and start from scratch.

reply to post by tsloan


As hard as this may seem to swallow...he is right!
Banks write bad loans? Yeah and who TOOK those loans?
Did the banks force them to do it?
But they wanted a house to live in right?
Well, NO MONEY NO HOUSE!
It's a simple as this.
But the sheeple don't want to hear about that, they want something they can't afford. You know what this is called? GREED!

Everybodys talking about evil greedy banks, but everyone forgets that it were THE SHEEPLE (yes, YOU!) who gave the banks all their power and money.
Remember how all the conspiracy-videos tell us that the banks only hold 10% of what they are lending to us?
How come?
How on earth did it develope this way?
Because there was an overwhelming DEMAND on LOANS from the sheeple (yes, YOU again)! And this demand never decreased since then!
Do you really think that the FED just throws money into the system?
NO! They increase the money-supply because there is a demand on it.
How can you blame the banks for giving the people what they want?
You would even blame the banks if they would say "sorry all the money we have belongs to someone else so we cannot give you a loan". You would say "they've got sooo much money piled up in there and people out here are starving, evil evil banksters!!".

But I know what you want....you want money (or food, shelter, clothing, etc) for free. You want to take a loan and pay no interest in it.
Bad news for you! That's NOT how things work! The zebras DONT go to the lions and say "EAT ME". The lion has to run and hunt (WORK) for its food!
If he doesnt work hard enough he cannot afford a zebra. period!

And if the zebras would not run away from the lions anymore the zebras would become extinct and so would the lions.


Hard but true!

Originally posted by tsloan

Originally posted by northof8
reply to post by BlackOps719

 

What a bunch of losers... I can't pay my mortgage so I will screw with the bank. This is why we are in this mess. Losers like this didn't deserve a mortgage in the first place.

People like this need to be taken out of their homes and flogged period.

You tell them to produce the note? I say how about you put just as much effort in fighting the bank as finding a job and produce a damn paycheck. Losers...

Im happy that you are the all knowing of problems that purge people in todays times. It's nice to see someone such as your self that everyone must take note and see "how things are done" Beside these "rats" who can't pay their mortgage they aren't the people who have had their life savings they stuck into a bank and that bank out of greed write off bad loans or investments and not have the capitol to back them and those "rats" lost every thing and are now 80 years old working a part-time job after they lost everything and are about to lose their home...noooo way these people should be kicked out of america...."right"? Always nice to see a "Great American" show off that American spirit....

Another post to blame everyone else except the one who signed the contract. It is immoral and there is no argument that anyone can give that would satisfy the one rule in life. Nothing is free! Nothing and if you can't deal with it just go off somewhere and die...

Thats what addicts do when they can't get their fix. Those that are addicted to entitlement need to get off the fix or go the way of all addicts...

Is it my fault that i lost my job due to layoffs, took what i could at the time, and then was unable to pay the bill... I think not. I could have just collected unemployment using the taxpayers money, but i didn't. I took a low paying job and at one point 2 jobs to feed my family. My wife works, but still, we cannot afford the mortgage. No raises this year makes it even harder. I am lucky to have a job, and will do anything in my power to keep my home that up untill now I have worked hard to keep.

Originally posted by mrm143
Is it my fault that i lost my job due to layoffs, took what i could at the time, and then was unable to pay the bill... I think not. I could have just collected unemployment using the taxpayers money, but i didn't. I took a low paying job and at one point 2 jobs to feed my family. My wife works, but still, we cannot afford the mortgage. No raises this year makes it even harder. I am lucky to have a job, and will do anything in my power to keep my home that up untill now I have worked hard to keep.

No! Your fault was to take a loan to buy something you could not afford, and that was because you were GREEDY!
Your fault! Entirely!
If you don't have the money you CANNOT buy it! Period! End of story!

Is this really that hard to understand?