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Wondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then "Where's the Note" is for you. The website, which is on the verge of a viral break out, has a simple message: "Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool." Quick, simple and easy. And in a few days your mortgage bank will have no choice but to tell you if they do in fact have your original mortgage note. And if not - welcome to cost-free living, courtesy of MERS and millions of rushed and fraudulent mortgage note assignments. Yes, it will mean the end of the GSEs, but it will also mean the accelerated write downs on thousands of MBS tranches which will rapidly collapse into insolvency (there is only so much Mark to Unicorn can cover up) and eventually take the insolvent TBTFs banks with them.
The proper way to do this is with the aid of a competent attorney. It's going to involve requesting who ever services your mortgage to show the actual note. Then you pay your mortgage into a court escrow until they can prove whoever holds the note. If they can prove it the money from the escrow goes to get you back current if not then you take the escrow and file for quiet title. The process would probably vary wildly from state to state so competent, legal aid is a necessity.
I care not if a miniscule amount of people walk away with free houses. I just want to finally see some prosecutions of the banksters with at least a few of them ending up in orange jumpsuits.
Again DO NOT follow this path without legal advice. You're just asking to be foreclosed on. Especially in a fast (non-judicial) foreclosure state like Georgia.
Originally posted by hotbakedtater
I have heard of this. I am going to be looking into this closely int he next few months, and thank you for the link to the webpage, Bank of America happens to be the mortgage holder in the situation I am thinking about. I wonder if they will be able to find the note?
Originally posted by OutKast Searcher
I don't know why anyone would...but just in case...PLEASE people...DON'T listen to the OP.
Because once they find the original note...you will be defaulted...and trust me...they WILL find the note. They may not have it on hand to show you right away...but please please please don't think that means you don't have to pay your mortgage.
OP...you are dangerous...because you spread misinformation.
It may take years before this is resolved.
Just make sure you have enough cash to create a backup plan if they suddenly produce the note and begin foreclosure proceedings. At worst, you'll get kicked out of your current home and have to find somewhere else to live. - which is peanuts for getting to live rent free for several years
I don't see any "danger" in not paying.
As I just posted, worst case scenario is they dig up the note - which is highly unlikely if they don't have it to begin with - and foreclose on you.
I could accumulate a tremendous amount of wealth in that time period living rent free.
If the bank doesn't have the note, the odds of them suddenly producing it are remote.
Especially as this firestorm unfolds. The banks will be inundated with demands to produce mortgage notes
Originally posted by mnemeth1
As long as you keep making your property tax payments, I don't think there's anything they can do to you.
Just make sure you have enough cash to create a backup plan if they suddenly produce the note and begin foreclosure proceedings. At worst, you'll get kicked out of your current home and have to find somewhere else to live. - which is peanuts for getting to live rent free for several years.
edit on 12-10-2010 by mnemeth1 because: (no reason given)
Originally posted by mnemeth1
[I could accumulate a tremendous amount of wealth in that time period living rent free.
If the bank doesn't have the note, the odds of them suddenly producing it are remote. Especially as this firestorm unfolds. The banks will be inundated with demands to produce mortgage notes.
Originally posted by mnemeth1
reply to post by wutone
Of course the non-payments are taxable income - and the bank can sue you all they want, but if they don't have the note they will lose.
Originally posted by Blaine91555
reply to post by mnemeth1
Only temporarily and at your own peril. The documentation still exists, its the methodology the banks are using to conduct the Foreclosures that was flawed. They have been "rubber stamping" before assembling the documents.
Eventually if you don't pay:
-Your credit will be ruined.
-You will be evicted.
-You won't be able to get a credit card.
-Liens will be placed on what you do own.
-You won't be able to rent or lease decent accommodations without a good credit score, so you will have to live under Slum Lords.
-If you find a buyer to bail you out you won't be able to sell and the buyers won't dare buy anyway.
This has been in the news for a few days now and heavily covered. They hold the notes legally and people who borrowed the money will still have to pay or be evicted. This will just slow down the recovery while they get the papers, which still exist in order.
It's bad news all around. Some people who could not be trusted anyway might take advantage of it making it even worse. Why people think they can just borrow huge amounts of money and not pay it back while still retaining what they bought with it, is beyond reason to me. How much damage this does will depend on how dishonest people are.
Originally posted by SpaDe_
This is great! I just sent in my information and will respond back here if I do in fact find out that my bank does not hold my mortgage. I hope this really makes the banks own up to the mess that they had a huge part in creating.