Promisary notes shredded???

This just keeps getting better....and better.....

Fixing the paperwork won't be easy because many of the notes have been lost or even deliberately shredded. The Florida Bankers Assn. told the state Supreme Court last year that in many cases "the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file." www.businessweek.com...

"to avoid confusion"..................
forgive me, but I just can't help it!!!


I really did find that one rather hilarious...till I ran into this one:

"Modification is an expensive and ineffective medicine," Willen said. "We can't prevent millions of foreclosures using the tools people are currently using," he added, noting that the policy prescriptions have been a safe harbor to protect servicers from lawsuits and incentive payments to servicers. Tackling the foreclosure issue is expensive and someone will have to pay since there is no free lunch even in foreclosureland, he suggested. "To prevent foreclosures we must pay lenders or borrowers a lot of money or force lenders to modify loans even when they don't want to," Willen said. So the question of foreclosure prevention is more a political one, since the country just needs to be prepared to spend such money but only for those which deserve that money. imarketnews.com.../21333

oh, yes...we need to be prepared to spend such money...for those who deserve it....
like the idiots who shredded the notes I suppose???

Originally posted by dawnstar
This just keeps getting better....and better.....

Fixing the paperwork won't be easy because many of the notes have been lost or even deliberately shredded. The Florida Bankers Assn. told the state Supreme Court last year that in many cases "the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file." www.businessweek.com...

"to avoid confusion"..................
forgive me, but I just can't help it!!!

I really did find that one rather hilarious...till I ran into this one:

"Modification is an expensive and ineffective medicine," Willen said. "We can't prevent millions of foreclosures using the tools people are currently using," he added, noting that the policy prescriptions have been a safe harbor to protect servicers from lawsuits and incentive payments to servicers. Tackling the foreclosure issue is expensive and someone will have to pay since there is no free lunch even in foreclosureland, he suggested. "To prevent foreclosures we must pay lenders or borrowers a lot of money or force lenders to modify loans even when they don't want to," Willen said. So the question of foreclosure prevention is more a political one, since the country just needs to be prepared to spend such money but only for those which deserve that money. imarketnews.com.../21333

oh, yes...we need to be prepared to spend such money...for those who deserve it....
like the idiots who shredded the notes I suppose???

f these mother F-ers... I want to keep my house... they want to take it... they shredded said documente... the H with their lobbyist favors to call in.... revolution.... lets go cmon change of the guard.... ah man this economy is so fixed with fixed rates and homeowners with money to spend on other things like .... TVs, CDs, Cars, Weed, Liquor/beer, women, clothes, Jordans, Cable, Ipads, condoms, morning after pills, cigarettes, cigars, pills, clubs, insurance, bail, etc... cmon we want to live stress free dammit.... why cant the government just take care of business truly secretly and ler us blissfully f up our lives?... we dont ask for much

Wow...is it just an old fashioned notion in my head that when the bank no longer holds a physical, signed note the debt is null and void? Cause damn, if there is some way the laws didn't get completely bent for the banks a good lawyer could play hell with the banks on this one!

Hmmm...was B of A involved in all this? I better do some more research! ;D

Great! I hope someone somewhere accidentally shredded my master promissory note for my student loans.....

if any of you have any doubts about
your home loan contract, contact
your lender and ask for them to send
you a copy of the legal signed mortgage
contract. If they can't produce one ....
well I think you know what to do next

I think it will turn out this was done deliberately, and quite often. I have a feeling this was done on purpose to basically force MERS to be accepted as a valid way to keep track of the title transfers, simply because it is the only record that now exists no matter how faulty.

I'm sure the next step is for the fed gov to pass some law saying title transfers done by MERS even when they were signed by Mickey Mouse are valid for the good of the country. Thing is I don't see how a federal law can overrule the states on this though. So hopefully some states will stand firm and finally the banks will be made to pay.

This is just like too big to fail, only now its too big a fraud to prosecute. The banks have figured out that maneuver works. It's really financial terrorism, only the fed gov always gives in to these terrorist's demands.

Originally posted by proximo
I think it will turn out this was done deliberately, and quite often. I have a feeling this was done on purpose to basically force MERS to be accepted as a valid way to keep track of the title transfers, simply because it is the only record that now exists no matter how faulty.

I'm sure the next step is for the fed gov to pass some law saying title transfers done by MERS even when they were signed by Mickey Mouse are valid for the good of the country. Thing is I don't see how a federal law can overrule the states on this though. So hopefully some states will stand firm and finally the banks will be made to pay.

This is just like too big to fail, only now its too big a fraud to prosecute. The banks have figured out that maneuver works. It's really financial terrorism, only the fed gov always gives in to these terrorist's demands.

"Too big a fraud to prosecute"? wow I understand but cannot believe it has come to this.... America is dead, freedom is no more, the constitution is a "gotdamn piece of paper".... being an American citizen is really being a corporate guinea pig.... it is time to boycott the system... we can eat nuts and berries and drink water for 3 months... itll be funny to see them beggin us to work and buy stuff.... they will institute no tax week.... and stuff like that lol .... the power is in our unity and what is to be feared but fear itself?

reply to post by proximo


I don't see where they have a choice...but well....
I do hope that this time they lay some conditions on the table!!!
I mean all those big bailouts we've given to the banks already has been enough probably to pay off every mortgage in the country anyways.....(which, well, ain't our fault if the banks opted to use that money for perks, parties, and big bonuses for their employees!! so, hey I'm perfectly game if they want to go that way.....the big "too big to fails" can just sell off their assetts to pay off the investors for all I care..."

but, well, ain't nothing gonna get done till after the election, although I don't see where anyone holding office now deserves to be reelected....they should all be in washington, working on a bill that resolves this problem!! and that probably means that there will be enough republicans in the house and senate, along with spineless democrats to overrule the pres veto on the bill that they had, which basically made all the fraud legal...when one finds oneself in ten feet of crap is it always wise to throw another couple of feet of fresh crap on top....reduces the stench, at least for a time...
I do hope that:
one, they force them to pay the counties and such the filing fees that they own them
transform all these variable rate, balloons ect into decent fixed rate mortgages, then if the borrower still can't pay, well, they can proceed with foreclosure...
make mers documents only legal for this one time!!! the paper trail is the better option to me, I mean, get a good graphic artist, and well, they can turn us all into bankrupted losers, even those who never borrowed anything in their their lives!
oh, and no more bailouts!! if they do this, then well, they lose the option of future bailouts....we've given the idiots enough money!
if they chose to give them another bailout, well, then they should just declare all that money that has been given as payment for all the mortgages and well.....we can all have our homes.....free and clear! which would probably be enough to get our economy humming along!!!

I think the shredding was done on purpose, but not to just make mers legally accepted, but to bilk the investors (many of whom are other countries!!)...

Originally posted by boondock-saint
if any of you have any doubts about
your home loan contract, contact
your lender and ask for them to send
you a copy of the legal signed mortgage
contract. If they can't produce one ....
well I think you know what to do next

What would be the next move? I think Imma go for it

Why would they shred a promissory note? By law, the note must be produced to collect on the foreclosure. In some states, the actual note with the wet signature must be produced.(On a side note, this is why people MUST go to court when it comes to foreclosures to make sure everything is being done right.)

Either what is going on is absolute insanity with banks cutting corners, or there is epic fraud going on with many parties trying to claim ownership to sell as investment vehicles.

Oh well, laws and taxes are only for the little people anyways....

reply to post by boondock-saint
Simple "Wet Ink" documentation of legal and financial commitments are going to become a really,really big issue.

Until they start writing laws to protect themselves from the truth.

Fraud is Fraud.

Produce the note,or go away and leave me alone.

This is what the foreclosure freeze was all about.

I was messing with this crap in 2002.

I lost my house,but it bought me enough time to buy a boat.

I have been on vacation ever since.

reply to post by wutone


just blame it on the crappy school system, they don't teach much of anything anymore, heck might as well start saying the colleges and universities are crappy also...since the shredders were probably college grads...and for them to be "alot" that was shredded, kind of makes me think that someone above the shredders gave them the idea to shred the things! maybe I am wrong, but I think that I knew before I graduated from high school that one does not shred, lose, destroy promisary notes! the person giving the order to shred should have known better at least!

I did run across an article that claimed some of these notes were sold two or more times....
which kind of makes me think that they had the shredders working overtime, mainly to destroy the evidence....now, all they need is a nice little solar flare aimed at the mers computer...and they are free and clear!!