An escalator can never break,
It can only become stairs.
You should never see an "Escalator Temporarily Out Of Order" sign,
Just "Escalator Temporarily Stairs" "Sorry for the convenience"
Mitch Hedberg
By Danny Hammond of the 3/4 Court Press
First, I have an update. A real update. It is a good update and it concerns the workshops.
UPDATE ON THE WORKSHOPS:
I have faced one obstacle after another in putting together the workshops. This is taking too long and I know there are people that are running out of time.
But, our luck has finally changed, I have found an amazing and talented person to build a staff from and to help me. The difference is amazing. I will be ready in the very near future to start accepting applicants.
Now, back to:
"Is it true that state laws allow a foreclosure to take place without the Foreclosing Party producing the Note?"
For 14 years I have continuously been asked if "your lender" can foreclose without the Promissory Note. This requires a 2 part Answer.
1. Yes, it is true that the original Promissory Note must be presented by anyone claiming to own the Note and is trying to collect money from you, including collecting money by Foreclosure, in both judicial and nonjudicial states.
But it is not a Promissory Note which is owned. The Promissory Note is the title to the debt you still owe, just like the title to a car or machinery.
The lender does not record the Promissory Note and neither does the Borrower in most cases. That is because the law regarding this is in the Uniform Commercial Code (UCC). It says that you should fill out a UCC-1 form describing the transaction and then record both the UCC-1 form and the Promissory Note in the County Recorder's office which is the same place your other recorded documents are recorded and kept.
In fact, very few Borrowers even know they should do this. I knew better but I did not do this on the loans for my properties.
The law is unforgiving. "I was very busy," is not in any law or statute, as far as I know.
So that should expose all of you to the fact that, despite some compliments paid to me occasionally, I am not a certifiable genius. Only certifiable.
If we all had done this, much of the Wall Street Meltdown could not have happened. So, you really need to remember this fact that the Promissory Note is the contract between you and a lender and it is the evidence of the existence of the debt, or remaining debt you owe. When signed It becomes a fact that when you signed for your loan, you agreed you had received the money, and that you owed the money back. This agreement and its terms are what created the contract that is in the Promissory Note and signed by you and the "lender".
That makes your lender, whoever actually sent the money you borrowed to the closing of your loan, the original "person in interest" who owns your remaining debt. That is where you must divide your mind (which if it wasn't true before it probably is now) between the law that you keep asking me about, and Crime. None of the above is what really happened. It is only what should have happened and since it didn't there is no foreclosing party that can meet the Constitutional, Irreducible, Minimum Requirements of Standing.
ALSO, See my Article, Down a few Posts: Or click here: "Let's All Take 3 Steps Back From Crazy!"
