Comments on: If nobody owns your mortgage note then you are in luck

By: Curt

Curt — Fri, 23 Dec 2011 17:53:11 +0000

Hi my brother hasnt been able to pay his mortgage because he got laid off due to the economy – please respond to curtmarts@comcast.net

By: AMG

AMG — Thu, 22 Dec 2011 23:53:14 +0000

I know this response is way late –welcome 2012!
No mortgage lender owns it. It’s money created out of air. You can keep your house- you own it. Ha! Ha! I’m being sarcastic of course, but I truly think your loan was created
‘out of air’! Remembering a case many, many years ago- I forget the era, maybe the 1930s’?, of a homeowner who was about to lose his home, went to trial and the President of the bank, who ‘loaned’ the money, upon being placed on the stand for questioning, actually admitted that there was no money to lend in the first place? The homeowner was able to keep his house after all. I went thru Ownit originally, Litton Loan with 2 mortgages. Sky high interest rates, I’m Hispanic..and was in transition trying to find a job with a fiance’ who had to get a letter from his company stating yes he ‘will be’ eventually making this amount of money. Read the current news on Countrywide/Bank of America and lawsuit. I believe our situation with Ownit /Litton Loan is the same. I can tell you a story on how I got the loan with a very pushy, unscrupulous broker. They give you hopes that yes you can own a home even when questioning it and they tell that it’s still possible. The banks definitely were working it very very hard. It is sad how everything was handled. Horribly sad.

By: D & G

D & G — Sun, 13 Nov 2011 02:59:52 +0000

I found this page through a google search, and am so glad I did! I’ve read the comments, but am not sure if anyone can help with my situation, but I’m hoping so… My loan has been sold a number of times. The last owner was Bank of America, who gave me the royal runaround when I tried to track down who owned my original note. I’m not proud to say it, but I got frustrated and gave up. Now, I receive a letter that they are selling my loan on Dec 1st to Nationstar, a very disreputable company, and I still have no proof that anyone owns the note but will have to start over trying to argue the info out of them.

I am not in default, have a perfect payment record, yet Bank of America would not refinance my ludicrously high interest rate (BS about me not being able to afford the payment amount, which would be a few hundred dollars lower than I *already* pay them each month). That’s far from all, but this comment is long already, so long story short I believe I have been clinched into a scam.

I’m in NH, is anyone qualified to offer legal advice on some matters for me?

By: Omar Norwood

Omar Norwood — Wed, 26 Oct 2011 17:59:06 +0000

Listen idiot! A default on a loan is “NOT” a criminal offense. Due to the economy, lots of people lost their jobs and couldnt pay their mortgages. Your are right about “legal contracts”, but the banks and lending institutions must honor their side of the contract as well which is governed by the UCC, federal, state and county laws. They have the bigger burden of making sure that when these loan contracts are bought/sold, that they make official recordings of these transactions. By law, they must pay the counties a recording fee, so that it is recognized by the law. The problems started when the mortgage/banking industry created a centralized-computerized system that bypasses these lawful proceedures. Once this system was up and running, the banks and lenders were buying and selling mortgages soo fast, that they disregarded the legal requirements when it comes to the contracts. Some, actually quite a few, banks even went as far as to change the numbers on contracts after the borrowers signed the promissory notes in an effort to maximize profits. This didnt even faze them because they knew they were going to sell the loans fast and take profit. Its sort of like running a “pyramid scheme”, the loan goes from one spot (lender) to another and the lenders are being paid each time as they transfer the loan from one to another. Eventually, the last lender “will” get caught holding a worthless peice of paper and cant collect. Why worthless, because the law wasnt followed at the beginning of the loan. Why do you think these lenders get rid of loans so quickly? They dont want to be the ones to not get paid thats why. So how do you stop this pyramid scheme from continuing? THE BORROWER MUST FILE SUIT! That’s when the scheme will fall apart and the court will rule if favor of the borrowers as a punishment to the banking industry for violation of mortgage/land contracts. Again defaulting on a loan is not a criminal offense, but frauding the counties out of recording fees, forging documents, stealing equity and property are crinimal offenses. “Show the note” destroys the pyramid scheme so it must take place Period!

By: Jerry G. Obrecht

Jerry G. Obrecht — Thu, 15 Sep 2011 09:30:55 +0000

I am in Christchurch NZ as well. This article ‘The Nature of Money’ is amazing. It paints the picture so clearly even with legislation provided. I am going to prepare a document touse in case of needing to defend myself in court after using the letters provided in the article ‘sticking it to the bankers’ on the website mindwarpsectorfour. Hopefully court wont be needed as this article if sent to the bank should truely scare them and any lawyer who would choose to be an associate to the bank.

By: Curt

Curt — Wed, 24 Aug 2011 16:59:27 +0000

Lance, then why are judges ruling in favor homeowers in many cases when the lender cannot produce the original note? Other things also such as placing signatures on the docs long after the fact to show the court, or initially accepting bad paper (unsigned transfers, or auto/robo signatures)

In the vast cases, where the loan is is shown to be without proper securitization in the chain of transfers, then it is esentially an unsecured debt like your credit cards – yes still owed, legally, ethically, morally, but unsecured, so they cannot legitimately foreclose on it and take it from you.

The whole idea in most of these cases is simply to get an out of court settlement to modify the loan to make it affordable enough for the homeowner to stay, or in cases of foreclosure, to stop it and do a reasonable work-out with the occupants.

But the banks and their servicers make so much more $ from a foreclosure due to the insurance and resale.., much more than doing a permanent modification or principal reduction, obviously. Many lender offers to do a mod are only temporary reductions in interest rate – not all that helpful in the medium to long term – this bad economy and joblessness is not going to clear up by next year.

By: Stop Whining

Stop Whining — Wed, 24 Aug 2011 14:26:55 +0000

Majority of the fraud has happened with the shady mortgage brokers and fly by the night loan companies, who then sold the notes. Most of the banks bought the bad debt and did not know the fraud was happening. Just like BOA assumed all of Countrywide’s shady business. Angelo Mozilo should be in jail. No the banks are not clean, they should go after the individuals who ran the underwriting and wrote loans that should never of been loaned out.

Fraud is intentional deception. Homeowners who know that they have a debt to pay and are intentionally try to deceit the lender of the note if fraud. You signed the mortgage, it your obligation to pay or you go to foreclosure. Not saying “show me the note” and trying to get away with not paying.

By: Lance Wiggs

Lance Wiggs — Mon, 22 Aug 2011 23:10:22 +0000

So were the banks clean here? I think not – the banks were not responsible lenders, and their agents even less so.

By: Stop Whining

Stop Whining — Mon, 22 Aug 2011 22:52:41 +0000

Let me get this straight, homeowners who rightfully and knowingly have signed a contract and a legal promissory note are now blaming the banks for their unwillingness to pay back the loan. They are scamming banks by saying “show me the note.” You knowingly under your own content signed a promissory note to pay back the loan. Hence that is a legal contract, a PROMISE. Who cares where the note was sold. I don’t care if a pile of dirt owns the note, you have a legal obligation and contract to pay back the note or you should go through foreclosure. What a scam, you should not have the right to get a loan! You know you owe money on a loan, yet you try and intentionally deceit the lender by saying “show me the note”. Last time I checked that is fraud: intentional deception made for personal gain!

By: John Kiwa

John Kiwa — Sun, 03 Jul 2011 20:10:22 +0000

Tena koe Maree,
just happened on this site,facing foreclosure here in BOP,need help fast
have challenged the Bank to produce the note or loan contract
Kia ora Wayne