Tag: notes

Title Crisis – Part II – The Documents used to Foreclose are Fraudulent

Title Crisis – Part II – The Documents used to Foreclose are Fraudulent

By Daniel Edstrom
DTC Systems, Inc.

The following was just posted on Neil Garfield’s blog, livinglies.wordpress.com.  It is reposted here with the following comments.  These are fabricated documents placed into the title record at the county recorders.  In non-judicial states these documents do not need to be recorded to foreclose as those foreclosing can instead file a judicial foreclosure and prove their claim.  Because they have no claim and cannot prove it, they knowingly, willingly and without any regard for the consequences, choose to corrupt the land title records instead.  To read about this choice, read the Hooker vs. BofA ruling from a Federal District Court judge out of Oregon: Hooker-v-BofA_and_MERS – Congratulations to Oregon Attorney James Stout for his work on this case.

From Neil Garfield and Lynn Szymoniak (see Lynn Szymoniak in action on 60 Minutes here: http://www.cbsnews.com/8301-504803_162-20049744-10391709.html)

EDITOR’S NOTE (Neil Garfield): We know the foreclosures were gross misrepresentations of fact to the Courts, to the Borrowers and to the Investors. This article shows the crossover between the MegaBanks — sharing and diluting the responsibility for these fabrications as they went along. If you are talking about one big bank you are talking about all the megabanks. Continue reading “Title Crisis – Part II – The Documents used to Foreclose are Fraudulent”

A Shot at the Title

The Title Companies are scrambling right now to try to verify the ability to have issued title insurance. After all, they sent the Notes and Deeds (allegedly) to the “lender” with a stamp of approval and clear title…right?

A Shot at the Title

By James Macklin
Secure Document Research

The Title Companies are scrambling right now to try to verify the ability to have issued title insurance.  After all, they sent the Notes and Deeds (allegedly) to the “lender” with a stamp of approval and clear title…right?

Along with the original mortgage loan file, these critical documents may evidence the beginning of the lack of disclosure that occurred in most of the loans written between 1999 and 2009.

Borrowers may want to contact the original title Company that handled their transaction and request a copy of the wire transfer of funds as received by the Title Company. Continue reading “A Shot at the Title”

Obligations and Defaults

We now jump ahead in the story and skip all the details of securitization including when, if and how your loan was allegedly transferred into the mortgage loan pool (the securitization trust).

If you haven’t heard of John Courson,

I want to change that.

John is the President and CEO of the Mortgage Bankers Association.

by Daniel Edstrom

Mr. Courson believes that it is a moral imperative to keep your financial obligations.  If you haven’t seen the video here http://www.thedailyshow.com/, you should.

Now let’s look at the alleged obligations and who is actually obligated.  This will lead us down the road to defaults and who is actually in default.  If you have a mortgage, you by default are the obligor because you are the one with the “obligation” to repay.  The note you signed is not the obligation but is evidence of the obligation.  The obligation arose when money was advanced by a “creditor” and you accepted the money.  So even if the note doesn’t exist there is still an obligation.  A default occurs when you fail to meet the terms of your obligation.  In days gone by this would be the end of the story, but thanks to Wall Street financial engineering we haven’t even reached the beginning yet.

We now jump ahead in the story and skip all the details of securitization including when, if and how your loan was allegedly transferred into the mortgage loan pool (the securitization trust).  We will just assume for the sake of argument that your loan is in the pool and that everything is A-OK, which is what the big banks with the robo-signing blues are saying anyway.  The SEC Filings are the governing documents and because they are typically a thousand pages of legal gibberish, you have to understand what words mean, such as “obligation” and “default”.  Let’s start with default.  Here is what US Bank, N.A., which acts as Trustee on thousands of securitized trusts says a default is (from http://www.usbank.com/cgi_w/cfm/commercial_business/products_and_services/corp_trust/terms_ps.cfm#d): Continue reading “Obligations and Defaults”