Foreclosure and the Original Bank Note

Someone near and dear to me was having troubles paying for their home. They were facing foreclosure and the value of the home had dropped so that there would still be considerable debt remaining even if the house were sold.

I had read about requesting the Original Bank Note from the financer after they start the foreclosure process. This at the very least can provide a few months free of a mortgage to accrue the finances necessary to find a new dwelling, and at the most can result in the possession of a home free and clear.

The homeowner had expressed a willingness to be a guinea pig as the homeowner had little regard for the future of the home, or the impact it may have on the homeowners credit score.

Foreclosure begun months ago. A request was made for the Original Bank Note. Letters started coming in from the financial institution with options to try to solve the issue. Then threats of eviction and auction. There were even ads for said auctions in the classifieds with the home’s address. However, when said auction date came to pass it was always cancelled. The homeowner moved out of the home during this process and has allowed me to stay there. Even though it has been months since the date the eviction was to take place the homeowner is still skeptical of the idea.

I can say personally that when faced with foreclosure asking for the Original Bank Note can at the very least buy you some time. Currently the financing company has stopped communicating with the homeowner. I hope that this may help someone in need of an option.

-dillon

reply to post by Namaste


Thanks this is info I and the people I know were wondering about.

S&F This is good to know. Keep us up to date on what the mortgage company does. I heard those notes can be very hard for a mortgage company to find. Our mortgage was sold to an investor about a year after we bought our house. Sometimes a mortgage can get bounced around from one investor to another and stuff gets misplaced. I hope they don't find the note on the house you are in.

The mind set of "Corporations" is that if they have you committed to their process they own you. If they get your signature then own you. The truth is that the contracts needs to be bilateral. Both parties need to sign and commit to the legal process and perform. Banks almost never sign. I think the reason is that they would be committing themselves to fraud. If an officer of the company doesn't sign it isn't a valid contract. That goes for credit cards, car loans, house loans, etc.. Banks do not conform to the "Law of the Land" in a dozen ways. So they pretend and bluff and sucker the county sheriffs with the idea that they have entitlement. This is the basis of what becomes the fascist government perspective. If they business says its so, it's so. Credit Bureaus exemplify this process. They are not based on lawful proof only the opinion of the company and a network of companies conspiring to support the black list.

Thank you all for the well wishes.

I will most definitely keep you all updated, but honestly I doubt anything will ever come from it. The mortgage was passed around through multiple companies. Odds are with the rash of foreclosures, they are going to deal with the easy fish, and keep putting this mortgage at the bottom of the pile.

As of now all the mortgage company has said was they are assigning a negotiator. Whatever that means...

reply to post by Namaste


I have a friend that is doing this for a living right now. If the mortage has been sold on the market, technically they broke the contract.
Where your at now with it, what he does, is sues them for proof of contract. So far, they have paid everyone off and cleared all debt to keep it out of court.
If it sets precident in court, all those derivatives out there are in big trouble. They grouped mortages and sold them as paper instead of going thru official process which involves the owner of the house.
If they had legal ground, your house would have been taken long ago.

It is not right to make a debt and not pay it. But it's even more wrong to go above and beyond the original contract for more profit. Same BS the credit card compaines pull. You charge it up and they change the rules as to how your payment is applied and what charges are. This is all techically illegal and our Govt has let them all do this.

I just thought I'd drop in to say that I am still living at the property without any issue.

reply to post by hardamber
It has been my experience so far i have been in my home nearly 3 years. they have recently called my bluff and decided to sell my home at foreclosure sale.
I did the wheres the note and they still have not produced it, nor have they produced letters of assignment nor have they produced the general ledger sworn to by the person making the entries. searching the sec.gov found my security was more than likely sold to jp morgan . i now have to file a complaint in federal court, and ask the court to compell the other party to produce the note along with the other documents. i have been thrue 4 forclosure sale threats . the courts are finding that our notes we create with our signature (money) are being sold, seperated from the deed of trusts, making the notes worthless and the deeds of trust unable to be enforced... all should study the law. specifically promissory notes and what it takes to enforce the deeds of trust.. you will be suprised to know, noone owns the note. or its just gone. and more specifically study trust law.

I recall hearing of a judge somewhere who was fed up with his docket being cluttered with bank foreclosures and having to watch helpless families thrown out into the streets, so he damanded on his own that EVERY foreclosure be proceeded with ALL of the legal paperwork before proceeding to trial. The last I had heard, very few foreclosures have actually been processed as a result.

The "Show me the papers" startegy has become HUGELY popular and is securing people's homes for them.

Produce The Note Strategy for Foreclosure
Missing Mortgage Notes Delay Some Foreclosures
Banks Lose to Deadbeat Homeowners
And my favorite, a brief filed by an attorney in Florida on How this works!

Anyone facing foreclosure should IMMEDIATELY contact an attorney and have them determine the legitimacy of the actions of the bank claiming to own the mortgage!

reply to post by Namaste


Congratulations to you for standing firm, Namaste

I sent my letter to them requesting the same type of information & a brief explaination of my two year fight. That was a week & a half ago & still no response or sheriff at my door. I even copied the letter to the Clerk of Courts & the Attorney General, but no word from them either. I'm still going to pack up some unnecessary things to move over to my parents' house in case I get the 3 day notice to move out, but my necessities & I are going to stay until forcefully removed! Thanks again for your update. Scare tactics will get them nowhere!

reply to post by Afterthought


It's been nearly a year now. Believe it or not the finance company even made the property tax payment this month.

reply to post by Namaste


you may wish to dispute the tax payments. They may be playing an end around game with your owners! In most states who ever pays the back taxes can be deemed to OWN the dwelling and ALL contents no matter who may be living there!

Zindo

[edit on 5/4/2010 by ZindoDoone]

reply to post by ZindoDoone


Thank you for the heads up; though they weren't back taxes. It was the yearly property taxes and it is actually a requirement per the terms of the mortgage contract.

reply to post by Namaste


It still remains Amigo, he who pays the taxes, specially when the property is in dispute, might have an upper hand. I would do some investigation of Wyoming law before I would allow them to just pay and use it against you later!

Zindo

reply to post by Namaste


I love it! What a riot. BofA's collections dept. called me today even though they sent me a letter in March stating that I couldn't be pressured for anymore money. I asked her if she was aware that she was committing a criminal act & directly violating company orders. She said her computer didn't indicate anything like I was stating. I then said that I needed her full name & employee identification number. She asked why, to which I replied that I needed to know who to charge with harrassment. Can you believe she hung up on me?

reply to post by ZindoDoone


You seem to have made a valid point there. I'm happy my property taxes aren't due until November. Whew!

All of this is pretty cool.

I wouldn't have thought of any of that!

Originally posted by Namaste
reply to post by Afterthought

 

It's been nearly a year now. Believe it or not the finance company even made the property tax payment this month.

I just wanted to give you a quick update. I finally got a letter from BofA asking me to graciously allow them the time to answer the 18 questions I sent them. I mailed the letter on the 22nd of April & they're just now addressing it. Want to make some bets on how long it's going to take them to respond?

I would also like you & everyone to know that I spoke with my Credit Union manager about this & she said that another of their members were getting jerked around the same way I am being done. When they went to court, the judge was so enraged by how the mortgage company had been treating the mortgagee that he ordered the criminals, er, I mean, company to cut his mortgage in half. Instead of paying $1800/month, he now pays $250/month. There is justice after all! I can't wait to go to court with my mountain of evidence!