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The "Lender" is allowed to sell your debt by being paid money for the debt and endorsing (you will see endorse spelled indorse in some documents. They are both correct) the Promissory Note to the Purchaser. Exactly like endorsing a check over to someone who has given you money. If you don't endorse the check, your bank won't give money to the person you wanted to have the money. Promissory Notes and checks are both covered by the same UCC law, which covers "Negotiable Instruments."
2. The "fake" foreclosing party will quote state law that says if you don't have the original Promissory Note because it is lost or missing you can foreclose anyway if you have a good and true mortgage or deed of trust. Many, if not all, states do have statutes that start that way.
The Foreclosing party only quotes that first part. But you must read this in your state yourself.
I have not read the statute in all 50 states, but I am comfortable stating that there is no state law that says you just don't need the Promissory Note to foreclose just because you were careless and lost it. or you got swindled.
What those laws go on to say is, "A foreclosing party need not to have the Promissory Note to foreclose if it has the uncontested (uncontroverted) security instrument (remember that is what a mortgage, or a deed of trust actually is) and it can prove this is true with "concrete and particularized" evidence detailing how it obtained ownership of the Promissory Note (debt) and exactly how it came to own it.
They can't answer that question. They will fire back at you with a state law which is exactly the same as the version of federal accusing you of violating the Federal Rule of Civil Procedure (FRCP) 12 (b) (1) failure to state a claim for which relief can be given. Have you seen that yet? You will. They have ibackwards, they are faililng to state a claim for which relief can be given.
The answer to the question of whether the foreclosing party can foreclose on you without "presenting the Note is much more complete with both paragraphs included.
What has been happening in courts since around 2002 is that Borrowers did not know that we had to "object" to their incomplete reference to state law. That was my problem. All I knew about court cases is that you object at the trial itself. I have never had a case go to trial. Everything, I mean everything, is in writing and filed into your docket.
If the foreclosing party (by its attorney(s)) tells a big fat lie that you don't object to, then it is the truth. You must object to that lie immediately by filing your objection into the docket. This is true only in court cases and not the entire universe. Judges have to see it this way. They have no power to do it differently.
However, most of us Borrowers learned about case and court procedure from TV shows probably starting with Perry Mason to Boston Legal and beyond.
But, their cases begin with a murder that has a suspect and the attorneys figure out if that is true or not true. In Boston Legal some attorneys have affairs, or the firm is about to be sanctioned or go bankrupt, and then the trial takes five of the last seven minutes and ends with our deduction of who, what, where, where, when, and why being completely wrong.
Then for the last two minutes Captain Kirk, Starship Captain, and Raymond Reddington, International Bad Guy, sit on the top of a skyscraper and brag and smoke cigars and drink scotch.
All of this is mostly within an hour episode which, with commercials, really is 43 minutes. It has to have a trial. You couldn't make a TV show or even a movie, which was about the filings of a flurry of documents back and forth for a period of 6 real months, to a lifetime.
Why did no one tell this to the Borrowers? I have been. But, not before I beat my head against a wall for a long time. I have used the above analogy a lot, because I think it is funny. I thought I made it simple. But, it won't be simple to Borrowers until they understand this is not about searching for case law and statute. It is about CRIME and CRIMINALS, real racketeers. That is what it is about.
Another question I get is from Comments also:
I have been asked very often, even today on the YouTube Channel (@mtgfrd), "Have I ever dealt with a trust?"
I have dealt with a great many trusts. None could I find existed.
The Trustee often is Bank of New York Mellon, which I think is now under its third name, early on, but making a strange come back is Deutsche Bank National Trust Company, which does not belong to Deutsche Bank, AMG in Berlin Germany (although that bank is a very nasty player), nor any one that I know of.
If you don't believe me, then If you have a problem with them or just about all of your characters, try to get an appointment to talk to an officer at their location.
I have dealt with literally a hundred or more. I should say that I saw those names. I have never dealt with anyone from those Trustee companies.
When you say trust you are talking about "Real Estate Mortgage Investment Conduits" (REMIC) trusts. These are the mortgage-backed securities that the newly deregulated Wall Street cheated so much on that they didn't just almost destroy the U.S. economy, but came close to doing the same to all of the International economies.
I have never seen anyone prove that any of the trusts I have dealt with were in compliance with trust laws. The trustee of a trust cannot foreclose. The trust cannot foreclose. The only way you can be foreclosed by a trust that you have been told owns your debt, is by the owners of the bonds or shares of the trust (the stockholders). The investors in whatever this trust really is, or what it really isn't.
(The debt is the thing, the Promissory Note is the contract and therefore the evidence of the debt.)
I have never seen any of these things in this post, or in bedtime stories I was read to, in any case of mine. I have never seen anyone present an original note. I have seen nearly every player be Assigned The Mortgage, or Deed of Trust. Which is impossible to do in practice or in law. When you understand it better, you can easily take it in.
Today, most of you have assignments of your Security Instrument. (Assignments of Mortgages or Deeds of Trusts) which is claimed to have transferred your loan (debt) from entity to entity. These Assignments look very difficult to understand because of the large number of references to the infamous MERS, or Mortgage Electronic Registration Systems, Inc."
That is a distraction. MERS is not a problem in a loan that was VOID at its inception and double VOIDED by putting MERS in the Security Instrument at all. Do not overly concern yourself with MERS. Those of you that sign up for the workshop can ask for and we will send attached to an email a complete deposition of William Hultman CEO of MERS 15 years ago, which has lotsa pages. But, mainly he testified that MERS had no money interest in anyone's loan. MERS had never invested in any loan and could not do so. He claims that they were just helping all of the counties in America keep track of what they have been keeping track of for 249 years. Forget about MERS.
Although we will look into it when we review what you have had filled against your properties. We won't find anything new.
This is one of the few things I look for to attack. These Assignments are stupid and criminal acts by whoever is trying to steal your home. It is so stupid it should not have worked the first time. There is no such thing as assigning mortgages or deeds of trust.
So, why do they Assign the Security Instrument?
Because they got away with it the first time. Then they just kept getting away with it. I think because if you steal a house that you didn't loan on you have an almost unlimited source of money. When windows 95 came out it was the first time we could send emails for free. Then the internet came along and you could tell anyone in the entire world how to do anything even if you were lying. I think several Wall Street Guys contacted the indigenous Inuit people living near the north pole. The Inuits hung up. They are an honorable people.
See my Article, Down a few Posts: Or click here: "Let's All Take 3 Steps Back From Crazy!"
