Why Nevada is suing bank of America and you should too…
History of the FED is one of theft.
A few years back when I was doing a stint on the radio, we had a realestate section. During that time I would call numerous realestate agents and would ask them if they knew the what a promissory note is and could they explain its function. Among many calls only one knew. You should consider asking realtor every realtor you meet this same question.
So what is this fabled note everyone keeps yelling about to ask for in court?
First of all, you should get it through your head that, it won’t matter a mouse’s fart if God himself asks for the Promissory note if the presiding judge is not up to speed on realestate 101.
The note is the written promise you made to pay a certain amount for a property. Hence the term promissory note.
The mortgage is a contract that is attached to the note and on this paper are the terms and conditions that the payments are to be made.
Mortgage service, is what certain Companies do on behalf of banks and financing co’s. All they do is collect and distribute the monies based on the terms of the mortgage. 99.99% of the time these co’s never ever hold the promissory note.
The importance of the note and why they make you sign in Blue ink is because there can only be one original note that must be shown in order to avoid fraud, scams, swindles and theft.
The mortgage and the notes are two different instruments. The note offers the property as collateral for the loan/mortgage. If the note is separated from the mortgage said mortgage become an unsecured debt.
To help you understand think of the note as water in a pot. This pot is the mortgage and the fire is the service to the mortgage. (a loan secured by the note)
The fire frees the note from the mortgage when paid in full. (terms and conditions)
(1) The Note. (2) Mortgage. (3) Service of Mortgage.
You see as easy as 1,2,3. The back bone of realestate and the American economy in a nut shell.
Now if your lawyer can’t explain the above to you or a sitting judge. Get yourself another lawyer
Again the reason the promissory note is signed in Blue ink is to prevent fraud and theft of properties through the use of copies. Only mortgagors have an original note for any given property.
Today we banks, service companies (MERS) investors all going to court claiming to have a certified copy of the fabled note.
Think about this, two series trust derivatives investors and a bank can’t all possibly have the original, now can they?
When a mortgage gets separated from the note and sold individually. This same mortgage becomes an unsecured debt. This is what was done when they created those Mortgage backed series trust investments.
What Wellsfargo, Countrywide, GMAC and others did was, They sold the Mortgages but kept the original notes. Those who bought the mortgages without the notes purchased unsecured loans. Then those same mortgages were bundled and sold to investors as Series Trust Certificates.
You see now why the original note signed in blue ink is so important. The mortgage and the note must be kept together in order for the mortgage loan to remain a secured debt.
The paper work showing line of transfers must be shown in order to rightly claim title to property. This is why a major American title insurance co is refusing to issue title insurance to properties foreclosed by Citibank and Bank of America.
In view of all this. Anybody who is getting foreclosed, SUE. Even if foreclosed two years ago get a lawyer and sue make the banks show chain of possession to title. Force the banks and those investors suing to foreclose to produce the original note with the proper paper trail.
If there’s a time gap, a notary seal with the wrong expiration date. Did they used a robo-signer? Then they have no claim or right to foreclose and the property could be yours and yours alone.
In conclusion if you got foreclosed sue for wrongful taking and let them prove otherwise.
BOA has admitted wrong doing, the employees have admitted that they routinely misled loan holders, they threw away document just so they could speed up the foreclosure. They have admitted in depositions under OATH that they did all of these acts.
What does this mean to you, nothing if you had no dealing with BOA, but if you did have dealing with country wide and held a Mortgage by any of them?
If you got foreclosed or know anyone who did…You can if you want to SUE Even if foreclosed two years ago. The ground for suing is. “I was in the middle of a Mortgage modification and they (use 2nd paragraph).
You should in the lawsuit ask for the house to be returned to your family and that the mortgage be modified, if not you just want punitive damages for the amount of the mortgage plus compensation for the mental anguish and torture in the amount of 100 times the mortgage.
You can follow the link to the story or read it below.
Again if you started a modification but the bank foreclosed, Get yourself a real estate lawyer and sue. Even if the lawyer says you don’t have a case tell them to sue or get one who will.