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Originally posted by Use your brain
Just wanted to reaffirm what others have added to this thread: Do not stop paying your mortgage. As others have pointed out, just because the note is not immediately on-hand, it will be. Even if it takes months, all that non-payment will come back to haunt you. You will be called on to pay your dues once the note is obtained, and if you don't have the money on-hand immediately to pay, your credit will be slammed and your house may be foreclosed on. While I support average joe on main street, I do not want to come ATS one day and see a thread about someone being foreclosed on because they thought this would pan out. Use discernment my friends, this is a costly and dangerous game, especially for those with a family to support.
Originally posted by chiponbothshoulders
reply to post by OutKast Searcher
It's a matter of honor and dishonor.
It's a matter of honor and dishonor.
It's a matter of honor and dishonor.
It's a matter of honor and dishonor.
If they cannot immediately produce the note in defense of their case,they are in dishonor,and the one who is dishonored wins the case.
They do not have forever to produce the note.
If they cannot produce it within a certain time limit,they lose.
Originally posted by babybunnies
Regarding the judgement "wiping out the mortgage" of the guy who's bank couldn't produce the note.
You can guarantee that when they DO produce the note, they will appeal.
They will also likely tell the guy that since the mortgage is no longer valid (as per the Judge) the ENTIRE note is now due immediately, rather than spread out over 20 or 30 years. If he wants to renegotiate terms, you can bet your bottom dollar that they won't give him prime rate, even if his credit is excellent. They'll give him the highest rate of interest on the new loan that they can get away with.
The homeowner may be celebrating now, but guess who will win this one in the end?
Originally posted by mnemeth1
Originally posted by babybunnies
Regarding the judgement "wiping out the mortgage" of the guy who's bank couldn't produce the note.
You can guarantee that when they DO produce the note, they will appeal.
They will also likely tell the guy that since the mortgage is no longer valid (as per the Judge) the ENTIRE note is now due immediately, rather than spread out over 20 or 30 years. If he wants to renegotiate terms, you can bet your bottom dollar that they won't give him prime rate, even if his credit is excellent. They'll give him the highest rate of interest on the new loan that they can get away with.
The homeowner may be celebrating now, but guess who will win this one in the end?
Once the debt is discharged and a quit claim has been filed, the bank is barred from suing.
That's what the quit claim does - it bars the bank from suing again.
Originally posted by Blaine91555
reply to post by mnemeth1
You honestly believe they don't have the documents Interesting.
Like I said, those dishonest enough to go this route will cause the recovery to be delayed and I have no doubt their are plenty of lowlifes so dishonest they will take advantage. The documents do exist, don't fool yourself. Rationalizing dishonest behavior does not change anything.
A void judgment is a nullity, a brutum fulmen… and is subject to collateral attack and may be stricken at any time. The passage of time cannot make valid that which has always been void.
Ramagli Realty v. Craver, 121 So. 2d. 648
One important item of note, if you do ask for the note and the bank can't produce it - the mortgage can now be considered in dispute.
the path is set the only way out is to follow the letter of the law MERS brakes chain of tittle and cant foreclose the owner gets tittle and no morgage whos fault is it that MERS was set up?
the only way anybody learns a lesson from all this is to penalize those at fault
the borrower and the lender perpatrate fraud
MERS perpatrates fraud
the bank on sells the morgage without telling the borrower causeing fraud
the courts cant prosicute everyone so the inforce the law to the letter
no foreclosure on a fraudulent morgage
when everyone ownes their holmes they can be re morgaged
more money for consumers to spend
america is people in homes
america cant work with millions on the street and empty houses
how does it help banks if foreclosing lowers the value of the house and they cant sell it anywhay
xploder
I'm done trying to talk sense.
If you guys think you have found some golden loophole...go ahead and proceed.
When you lose your house...please come back to this thread to admit you were wrong.
Testimony by Mr. Morgan, the bank's president,First National Bank of Montgomery vs. Daly (1969) Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, . . .
did create the entire $14,000.00 in money and credit upon its own books by bookkeeping entry. That this was the consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note.
The court rejected the bank's claim for foreclosure, and the defendant kept his house. To Daly, the implications were enormous. If bankers were indeed extending credit without consideration – without backing their loans with money they actually had in their vaults and were entitled to lend – a decision declaring their loans void could topple the power base of the world. He wrote in a local news article:
This decision, which is legally sound, has the effect of declaring all private mortgages on real and personal property, and all U.S. and State bonds held by the Federal Reserve, National and State banks to be null and void. This amounts to an emancipation of this Nation from personal, national and state debt purportedly owed to this banking system. Every American owes it to himself . . . to study this decision very carefully . . . for upon it hangs the question of freedom or slavery.
.....Justice Mahoney, who was not dependent on campaign financing or hamstrung by precedent, went so far as to threaten to prosecute and expose the bank. He died less than six months after the trial, in a mysterious accident that appeared to involve poisoning. Since that time, a number of defendants have attempted to avoid loan defaults using the defense Daly raised; but they have met with only limited success.
As one judge said off the record:
If I let you do that – you and everyone else – it would bring the whole system down. . . . I cannot let you go behind the bar of the bank. . . . We are not going behind that curtain!
www.webofdebt.com...
Originally posted by OutKast Searcher
reply to post by mnemeth1
Responsibility people...stop looking for a free ride and just be responsible.
Originally posted by mnemeth1
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.
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.