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1. Missing and Intervening Assignments
Typically, when a bank forecloses only one assignment has been filed and the last alleged holder in due course is proclaiming to be the creditor with the authority to foreclose. Most often every time the loan has been transferred numerous of times.
The homeowner started out paying one lender and later is told the loan was transferred and sold to another lender. Hence the homeowner now has to make payments to a new lender.
In this case those Assignments of mortgages that were never recorded threatens the banks authority to foreclose because missing and intervening mortgage assignments is evidence that the bank is not a holder in due course. Potentially the homeowner is left owing the same debt repeatedly to every lender for missing and intervening assignments. By the way this is an ultimate foreclosure defense today.
2. Fabricated Assignments
Banks are well aware that foreclosure mills prepare FAKE Assignments. The widespread of Robo Signers is evidence that this is happening across the country. You see major banks know that without an Assignment they technically can not foreclose on the homeowner. So they hire foreclosure law firms and document prepares as foreclosure mills.
Likely this illegal malicious practice should work? It has worked but it is fraudulent and the truth shall come to light. Class action suits, federal investigations, and criminal investigations are turning up the heat. Those executives at the top of major banks should be very afraid and rightfully so.
These fabricated mortgage assignments are signed by Robo signers that proclaim to hold different authority roles and positions at other major banks. They not only Robo sign for mortgage assignments but cancellations as well. So if you think that you have paid off your mortgage you might even want to investigate that too.
3. Original Notes Missing
Here is where securitization gets very tricky for major banks. Even with hiring top law firms to strong arm homeowners and of course fabricating recorded assignments to give the appearance they have authority to foreclose. The missing original note is what can stop every foreclosure even without the homeowner never ever making any payments.
Banks think they have it down the fabricated mortgage assignment gives a front that they are the true holder in due course. So certainly they must have the note in their possession? NOPE! Likely there has not been one securitized mortgage especially that had a CSI type inspection and found to be the original note.
Like say the homeowner’s finger prints on the document, signed signature not reproduced electronically by MERS (Mortgage Electronic Registration Systems, Inc). Furthermost the age of the note and evidence that it is original and not electronically generated. Remember wrongful foreclosure is a crime and the same discover of evidence is needed.
So in other words these original notes allegedly in possession by the banks when challenged they likely hold little validity.
This is what banks don’t want homeowners to know about securitization and this flawed systems. Sadly, many homeowners have attempted to challenge the banks and the legal system designed to serve justice have ignored the homeowners rights.
If homeowners want to fight back they need to learn about mortgages and the dirty secrets of the mortgage business. Learning how to audit securitization can determine if a crime has been committed or is about to be committed. Wrongful foreclosure is a CRIME.
To learn how-to detect improper mortgage securitization and stop foreclosure please visit http://GoFightForeclosure.com .
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The Go Fight Foreclosure System™ provides homeowners in foreclosure situations the resources needed to fight foreclosure sales. To learn more about the system please visit http://GoFightForeclosure.com .