Believe it or not, Attorneys, of all people, are quickly developing a national reputation as champions of homeowners facing foreclosure, and are becoming a serious adversary for those banks attempting to fraudulently take possession of the homes of troubled homeowners, and in some cases receiving the homeowner's property back free & clear, by filing a notice of rescission, and a quiet title action, based on Federal violations pursuant to the Truth In Lending Act (TILA), or the Real Estate Settlement Procedures Act (RESPA).
The new focus on contract law, debt-collection practice, securitized mortgages, the trusts that hold them, and the agreements that govern the trusts, have put foreclosure attorneys at the forefront of the rapidly expanding specialty of foreclosure defense.
Over and over again attorneys have found sloppiness, fraud and outright criminality in the nations mortgage lending industry. Regardless of why homeowners have been unable to pay their mortgages, foreclosure attorneys maintain that nobody deserves to lose a home to the unethical and illegal foreclosure procedures that are now being used by many banks and loan servicers.
Recently, some homeowners have staved off foreclosure for more than four years using a newly employed legal strategy, which requires the lender to "Produce The Promissory Note".
This legal strategy has been employed because of the way mortgages have been securitized. Its often unclear who actually owns the debt, and what has been discovered is that systematically, the originating lenders only pledged these loans and didn't actually transfer them to the trusts that are supposed to hold them and issue the securities.
But only the true debt owner has the legal standing, or right to be a plaintiff in a foreclosure action. This is a basic first-year law school concept. If you're Mike and the debt doesn't belong to you, it belongs to Alice, then Alice better be in court, not Mike. You can't show up in court as Mike, and tell the court you have the right to be there when you know full well that Alice is the true owner.
Yet, time and again, loan servicers and others have sought plaintiff status in order to foreclose on a homeowner, often by using affidavits stating that the actual notes had been lost, and stating that "they anticipate a transfer of assignment of the debt, but the loan originators can't appear in court and claim the right to foreclose because they would be in violation of securities laws for not transferring the loan to the trust when they were supposed to.
Although making an issue out of the actual ownership of the securitized title might strike some as a shameless stalling tactic aimed at abetting a debtor who, after all, owes the money, attorneys argue that if such basic legalities aren'yt adhered to, a homeowner could pay his or her way out of a foreclosure jam only to wind up in another jam when a new plaintiff emerges claiming to own the debt.
Attorneys describe cases in which homeowners have been sued for foreclosure by two different trusts, each claiming they owned their house, and cases where trusts have been sent documents on the same case by two different servicers. So it is essential for the homeowner to determine who is the rightful owner of the debt, before paying off that debt, in order to be provided the legal fairness, and protection that the law intended. Therefore, this legal approach has been viewed as a completely moral and ethical approach.
Additionally, the Government has a dirty little secrest, which it has been surpressing for months. It is that most adjustable rate mortgages were illegally securitized in the haste to convert toxic loans into fee-generating mortgage backed securities.
Judges across the nation, including Boyko, Rose, Kurtz, Schack, Rosenblatt, Bufford, O'Malley, Shaw, Bryant and Foley have issued orders dismissing foreclosures brought by lenders that have illegally securitized loans and are no longer current holders of the notes.
These "quiet title actions" have forced lenders, including Chase, Citibank, Wells Fargo, Washington Mutual, Countrywide, Lehman, Shearson, Indymac, Bear Stearns, Wachovia, and Bank of America to unravel their notes' dizzying journey from the mortgage closing to an investment bank or depositor, then to a series of trustees who pooled and sold the loans and issued shares of mortgage backed securities.
What makes these securitizations illegal is how fraudulently they were conducted, by foregoing proper assignments and transfers required by law to secure an interest in the underlying real estate.
Now, the Obama Administration not only wants to continue this fraud, but is planning to reward the very investment banks and hedge funds that were architects and participants of the securitization that created the global financial crisis we are now experiencing.
While this is devastating news to taxpayers who will be stuck with more debt, it is great news for homeowners' with securitized loans. Ironically, their mortgage lenders' haste to securitize their loans has provided a security blanket that protects them from foreclosure. In fact, many homeowners already own their homes free and clear and just don't know it yet. Consider this reversal of misfortune divine intervention against a greedy global conspiracy aimed at defrauding homeowners and stealing their homes.
So, you can move to stop the foreclosure, and fight for your home by acquiring a "Forencis Loan Audit that will identify any possible lender fraud, or Federal violations of the Truth and Lending Act (TILA), or the Real Estate Settlement Procedures Act (RESPA). Expose the fraud, stop the foreclosure, and take your home back by fighting your foreclosure!
The new focus on contract law, debt-collection practice, securitized mortgages, the trusts that hold them, and the agreements that govern the trusts, have put foreclosure attorneys at the forefront of the rapidly expanding specialty of foreclosure defense.
Over and over again attorneys have found sloppiness, fraud and outright criminality in the nations mortgage lending industry. Regardless of why homeowners have been unable to pay their mortgages, foreclosure attorneys maintain that nobody deserves to lose a home to the unethical and illegal foreclosure procedures that are now being used by many banks and loan servicers.
Recently, some homeowners have staved off foreclosure for more than four years using a newly employed legal strategy, which requires the lender to "Produce The Promissory Note".
This legal strategy has been employed because of the way mortgages have been securitized. Its often unclear who actually owns the debt, and what has been discovered is that systematically, the originating lenders only pledged these loans and didn't actually transfer them to the trusts that are supposed to hold them and issue the securities.
But only the true debt owner has the legal standing, or right to be a plaintiff in a foreclosure action. This is a basic first-year law school concept. If you're Mike and the debt doesn't belong to you, it belongs to Alice, then Alice better be in court, not Mike. You can't show up in court as Mike, and tell the court you have the right to be there when you know full well that Alice is the true owner.
Yet, time and again, loan servicers and others have sought plaintiff status in order to foreclose on a homeowner, often by using affidavits stating that the actual notes had been lost, and stating that "they anticipate a transfer of assignment of the debt, but the loan originators can't appear in court and claim the right to foreclose because they would be in violation of securities laws for not transferring the loan to the trust when they were supposed to.
Although making an issue out of the actual ownership of the securitized title might strike some as a shameless stalling tactic aimed at abetting a debtor who, after all, owes the money, attorneys argue that if such basic legalities aren'yt adhered to, a homeowner could pay his or her way out of a foreclosure jam only to wind up in another jam when a new plaintiff emerges claiming to own the debt.
Attorneys describe cases in which homeowners have been sued for foreclosure by two different trusts, each claiming they owned their house, and cases where trusts have been sent documents on the same case by two different servicers. So it is essential for the homeowner to determine who is the rightful owner of the debt, before paying off that debt, in order to be provided the legal fairness, and protection that the law intended. Therefore, this legal approach has been viewed as a completely moral and ethical approach.
Additionally, the Government has a dirty little secrest, which it has been surpressing for months. It is that most adjustable rate mortgages were illegally securitized in the haste to convert toxic loans into fee-generating mortgage backed securities.
Judges across the nation, including Boyko, Rose, Kurtz, Schack, Rosenblatt, Bufford, O'Malley, Shaw, Bryant and Foley have issued orders dismissing foreclosures brought by lenders that have illegally securitized loans and are no longer current holders of the notes.
These "quiet title actions" have forced lenders, including Chase, Citibank, Wells Fargo, Washington Mutual, Countrywide, Lehman, Shearson, Indymac, Bear Stearns, Wachovia, and Bank of America to unravel their notes' dizzying journey from the mortgage closing to an investment bank or depositor, then to a series of trustees who pooled and sold the loans and issued shares of mortgage backed securities.
What makes these securitizations illegal is how fraudulently they were conducted, by foregoing proper assignments and transfers required by law to secure an interest in the underlying real estate.
Now, the Obama Administration not only wants to continue this fraud, but is planning to reward the very investment banks and hedge funds that were architects and participants of the securitization that created the global financial crisis we are now experiencing.
While this is devastating news to taxpayers who will be stuck with more debt, it is great news for homeowners' with securitized loans. Ironically, their mortgage lenders' haste to securitize their loans has provided a security blanket that protects them from foreclosure. In fact, many homeowners already own their homes free and clear and just don't know it yet. Consider this reversal of misfortune divine intervention against a greedy global conspiracy aimed at defrauding homeowners and stealing their homes.
So, you can move to stop the foreclosure, and fight for your home by acquiring a "Forencis Loan Audit that will identify any possible lender fraud, or Federal violations of the Truth and Lending Act (TILA), or the Real Estate Settlement Procedures Act (RESPA). Expose the fraud, stop the foreclosure, and take your home back by fighting your foreclosure!
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