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“Cursing my eyes… People I’ve seen… Crawlin’ Through Ruin of the American Dream”
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Perhaps the biggest aid to illegal foreclosing parties is the word “mortgage”.
The term is widely misused as a synonym for “home loan” in all 50 states. Home loan has come to be known as the term mortgage.
But, taking a mortgage is not a home loan at all. It is simply the name of an incidental, but not essential, means used to define collateral that a borrower of any type of loan has agreed to pledge as security for repayment of the loan. Is. The lender and the borrower have agreed that in the event of a default, the borrower’s pledged collateral will be forfeited. The term mortgage has evolved from the fact that home loans included property as collateral. Mortgage described collateral. In fact, the correct name for this type of document or device is a “security device”.
The term “mortgage” is used in most jurisdictional foreclosure states to identify the security device. But, in most non-judicial foreclosure states it is known as a “deed of trust”. In all 50 states, it is the promissory note that binds the borrower to his loan.
Furthermore, in all 50 states, the security instrument is required or used only when a borrower signs a promissory note as physical evidence of money and is used by both the lending party and the borrowing party. goes. This security instrument (remember it can be called a mortgage or deed of trust) is only used when the borrower ends up buying back his promissory note (which means the home loan is paid off). , or he becomes unable to pay it.
This is important to remember because court judges have no idea how real estate deals work and are being fooled time and time again by their perception of the situation, not the laws. You must explain to the judge that the promissory note is not a top priority. Loan, O.T. Money is what is real real. It was money that paid for the house. The promissory note is physical evidence that a loan of money was made. But, each foreclosing party has to prove how it came to be legally. The possession of a promissory note is not proof of ownership of the loan, then the possession of an automobile is proof of ownership of that automobile. Proof of ownership should come from contracts, wires, cashier’s checks, etc. involved in the transaction. The Constitution states that without “concrete and specific” evidence to support the claims of the right to foreclose, there is no right to foreclose.
You are not bound to give a promissory note to the holder in due course of your loan, you are bound to return the money received as loan. The promissory note is important because it is all that exists to certify the loan in the event the borrower repays it, or fails to meet the payments. We focus on getting that message across to the judges. As a debt collector, the foreclosing party will focus on the wording of its claim and those words only, not the money it represents.
If you have not received money from the lender named on your promissory note and security instrument, there is no way that either party can claim that they have legally purchased the promissory note. The fraud is that they only say that they have the promissory note and do not even try to prove how they got it. Without substantiating this claim with “concrete and specific” evidence, the promissory note they say they have is void. A debt collector cannot collect money from someone who does not have any money.
The debt collector must prove they have authority to collect (foreclosure is an act of “debt collection”) so they must also prove beyond a reasonable doubt that they paid money for your promissory note, before they can demand that you give them any money back. No debtor can be made to pay any person to whom he is not the debtor. I believe that 100% of home loans made after 1999 or possibly even earlier had the name of a lender that did not give the borrower any of the promised money. Yes, the borrower definitely got the money, but from whom? He should pay the interest to the genuine party only.
The debt collector has to prove that it was him, or them. Once a borrower has spent the borrowed money for the purpose, there should be proof of the loan and repayment terms. The promissory note is the evidence and necessary proof that the loan has been given and is due. If the borrower and the lending party have agreed that something is necessary enough to warrant, the lending party can recover the money borrowed by them, even if the borrower is unable to pay it back. Are. The borrower can pledge something that he has as a guarantee which is commonly called collateral.
Some synonyms of the word collateral are: surety, guarantee, surety, insurance, indemnity, endorsement, indemnity; as in “he put up his house as collateral for the loan”
Using the term mortgage to mean home loan creates a lot of confusion. Some of it is an innocent development of the words note and mortgage which in the past have both been part of a single document or instrument.
But, today the criminal foreclosing parties (I don’t use the term lender here, because very, very rarely the foreclosing party is the actual lender or even the legal owner of the required promissory note) can foreclose on the mortgage (or deed). using assignment. of the trust to transfer ownership of your loan. But, they are really preying on a common misconception of the term “mortgage”, meaning “home loan”.
This is an act of intentional misleading and misrepresentation, as there is no such thing as an assignment of mortgage. Only the assignment of the promissory note can transfer the ownership of the loan. Just like when you endorse a check to deposit it into your bank account, or to withdraw cash.
The mortgage, as an agreement of description and collateral, always follows the promissory note because it is essential to the loan. The promissory note is never followed by an assignment of a “contingent” mortgage.
The US Supreme Court described this in the case of “Longan v. Carpenter” in 1872, and since then all decisions and orders of the Supreme Court of the United States are binding as law on all courts of the nation. All courts are arms of the US Supreme Court.
I learned a lot in early 2012 from reading authors I know who were trying to help borrowers locked in fraudulent foreclosures. Today I know that even though they were assistant writers. Were not clear on these problems and had a genuine intent to find a way to make money off misinformed borrowers/ I had an advantage over most borrowers because I am not a lawyer. However, I have been a home loan expert for a long time, as I am both a real estate broker and a mortgage broker (here again I misuse the term mortgage).
What we call a lender (among the worse names) claimed to the borrower that they were going to lend him or her money to buy your home, but the lender can’t trust everyone just knowing that you borrowed the money. Have borrowed There should be proof that you borrowed the money and you know who loaned it to you.
So, if I gave you a loan of $200,000 (the dreamer) and you gave it to the seller of the house, the money is gone. What is left when the money is given to the seller of the house? What is left over after you, the borrower, have paid money to the seller of the home is the lender’s debt, which is the “debt” that you must pay back.
You sign the promissory note and provide physical evidence to the lender that you have borrowed money from them and that you have promised to pay it back according to the terms you and your lender have agreed upon. (This includes the interest rate, the amount of time until it is all paid back, how often you make payments, and how much you pay each time you make a payment).
So, promissory note is the evidence of debt. (But, not really a loan.) A promissory note must be required by law to be recorded, but as we’ll talk about later, there is a recording that indicates there was a promissory note at one time.
Now, since you have made a promise to return the money that was given to you and there is a written physical proof of the money received by you, then we can say that the promissory note is necessary for the deal you have entered into. For many hundreds of years everyone preferred to call the promissory note (many professionals and other puppets “note”, but I’ve learned to call it exactly how it’s meant to be called).
Anyway, literally everyone has always known for hundreds of years that the promissory note is the only essential piece of a home loan.
But, the lender has paid for the house for you and that house is actually the best collateral to attach to the loan taken by him. There’s no law defining what you and the lender can agree on as to what mortgage you’ll owe to the lender if you can’t pay back the money you borrowed, but the home you’re selling to Buying with borrowed money makes logical sense.
In today’s world (post 1994) you probably couldn’t talk a lender into any other collateral, so you probably signed a security instrument describing the asset and what happens when you pay back all the money. , or what happens if you are unable to repay the money as per the terms of the promissory note.
The safety device, then, is a kind of rulebook of what happens if everything goes well and what happens if things don’t. More simply, the security instrument is the rulebook for the loan. It describes a promissory note and is the guide you will use if A. you pay a signed promissory note to get money to buy your home and B. you don’t pay the promissory note.
A better description might be that you don’t actually pay off your house as we think of it. In effect you buy back the promissory note that you signed and issued to use the money. When you have finished buying back your promissory note, you always mark the promissory note as paid. But, the banking world influenced legislative bodies across the country to allow short cuts which further confused the judges.
The promissory note is no longer proof of any debt, because when you agreed to pay back all the money, you owe no debt. People used to have parties and burn promissory notes when they were marked as paid and this purchase of promissory notes can be defined by the term “free and clear”. The word means free from any lien.
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