Sick of paying your mortgage?
There’s a good chance you can stop paying on it and never be foreclosed on.
Zero Hedge reports:
Wondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then “Where’s the Note” is for you. The website, which is on the verge of a viral break out, has a simple message: “Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool.” Quick, simple and easy. And in a few days your mortgage bank will have no choice but to tell you if they do in fact have your original mortgage note. And if not – welcome to cost-free living, courtesy of MERS and millions of rushed and fraudulent mortgage note assignments. Yes, it will mean the end of the GSEs, but it will also mean the accelerated write downs on thousands of MBS tranches which will rapidly collapse into insolvency (there is only so much Mark to Unicorn can cover up) and eventually take the insolvent TBTFs banks with them.
Further, Bank of America has currently halted all foreclosures in all 50 states due to them not having the mortgage notes on a large portion of the properties they hold.
If the bank doesn’t have the mortgage note, they can’t foreclose.
This is a result of the securitization of the mortgage market that the banks engaged in to bundle the sub-prime loans in with the AAA rated loans. When the banks bundled the mortgages together, they lost track of who held the mortgage notes. Hence, they can’t legally foreclose.
One important item of note, if you do ask for the note and the bank can’t produce it – the mortgage can now be considered in dispute.
One completely safe course of action is to ACTIVELY SUE THE BANK to get out of the mortgage payments. Since the mortgage is now disputed, they can’t expect you to continue paying on it.
A judge would be forced to nullify the debt unless the bank could produce the note. To my knowledge, you would not be obligated to continue paying after determining that the bank did not have the note. I don’t believe the bank could sue you for back payments if they suddenly found it.
The proper way to do this is with the aid of a competent attorney. It’s going to involve requesting who ever services your mortgage to show the actual note. Then you pay your mortgage into a court escrow until they can prove whoever holds the note. If they can prove it the money from the escrow goes to get you back current if not then you take the escrow and file for quiet title. The process would probably vary wildly from state to state so competent, legal aid is a necessity.
I care not if a miniscule amount of people walk away with free houses. I just want to finally see some prosecutions of the banksters with at least a few of them ending up in orange jumpsuits.
Again DO NOT follow this path without legal advice. You’re just asking to be foreclosed on. Especially in a fast (non-judicial) foreclosure state like Georgia.