The Truth About Debt Relief

It is important to understand that in order to resolve a almost any dispute, you must be willing to file documents in court. You must also stay current on your payments. Only non-payment will result in a foreclosure, repossession or garnishment of wages.

Irresponsible individuals and organizations claim that they can “cancel your mortgage administratively” or “non-judicially” and this is patently false.

When asked, none of these individuals has ever produced an actual release of mortgage lien or other record that the note has been eliminated using any method other than payment.

Only through the court system is it possible to cancel any mortgage, student loan or auto loan, and the probability that it will happen is miniscule. If you are in default on your mortgage, you must be able to prove fraud in order to win. Legally, this should be easy to do but, in actuality, you won’t be able to accomplish this without a tenacious effort.

Having said that, here is what you need to know to go forward.

Original Note

In order for the bank to win its case against you, they must be able to produce the original note as evidence in support of a mortgage foreclosure action or to foreclose on your property.

The truth is that most banks cannot produce the original note unless they trick the court into producing a new one or trick the defendant into certifying that a copy of the original is true.

Upon origination of the loan, the mortgage note is “securitized” by a third party for investors in the mortgage backed securities market. The bank is then required by the SEC to create a new entity (corporation or trust) to be the custodian of the original note.

After the note is transferred to the third party custodian, it cannot be recovered by the bank. That would be considered defrauding the investors.

Instead the bank defrauds the court and the defendant by obtaining the court’s permission to create a new note (asset). Only the original, endorsed note is the true note and only the true note gives the bank the right to foreclose.

You must make this clear to the court. This gives you your best chance of winning without having to prove fraud.

Please contact me if you wish to learn more.

Filed under: Mortgage Relief