[vaalmerruutel]

But if you've got a copy of the title, wouldn't that be enough to prove you own it? If they don't have their copy, all that proves is that there might not be any valid entity that you owe a mortgage to.

Warren Nyerges opened his front door in Naples, Fla., to find a scraggly-haired summons server standing on his stoop. He plopped a foreclosure notice from Bank of America in Nyerges' hands. But Nyerges had paid for his house in cash. And he'd never had a checking account, much less a mortgage, with Bank of America.

Foreclosure errors are hitting more innocent homeowners

http://www.usatoday.com/money/econom...g-people_N.htm

[Grennios]

[SIZE=4]Foreclosure errors are hitting more innocent homeowners

And the homeowners even rightfully so have to spend thousands defending the wrongful foreclosure with no recourse unless they sue in appellate court. Time, stress against a rigged system. If this was a movie I think it would be a comedy but it is real.

[GreesyBeeva]

Be sure to check if it changes the recourse status. I think some streamlines do not. Good luck!

The guys from the banks seem clueless as to whether the loan specifies it is recourse or non-recourse. I'm thinking that perhaps it isn't a question of the loan type, but rather more of a legal question depending on state law? So certain types that perhaps don't have a cash out or are a 2nd would automatically continue to stay non-recourse, and the paperwork itself won't specify either way?

[PekHyvac]

And then the owners of the note come on board and demand you pay them the value of the note.

Funny thing about notes and mortgages. Seems yours is the only signature on the document. Someone waves a copy in your face (even if it is certified from the recorders office) and asks "did you sign this?" your response just might be "I'll be happy to answer your question once the document in question has been entered into evidence." Now as YOUR's is the only signature then YOU are the only one who can be presented with the document while you are on the witness stand and say "yes, I recognize this document".

Wouldn't want to tell a lie. I never have signed a copy in my life. A proper answer is "I don't recognize this document" and as quickly as that any thought of evidence evaporates in the wind.

[Grennios]

Wouldn't want to tell a lie. I never have signed a copy in my life. A proper answer is "I don't recognize this document" and as quickly as that any thought of evidence evaporates in the wind. Damn thats sweet! Wish I was in remembering state. Might have to copy paste in word in my foreclosure file. Thanks a LOT I like it.

[PekHyvac]

Damn thats sweet! Wish I was in remembering state. Might have to copy paste in word in my foreclosure file. Thanks a LOT I like it.

Not a bit.

Bear in mind though that there are two types of hearings ... argument and evidentiary. Getting an evidentiary hearing is like finding hens teeth. Lawyers want to win or lose based only on argument and they want to suck you in to this mode as well. Got to keep demanding an evidentiary hearing. Don't worry. You'll never get one.

[Grennios]

Well that's promising news... ;-[

[obegeLype]

I wonder what their response would be if you were to demand a certified copy of the original docs?

I can tell you what my response would be. I'd break up laughing.

The ONLY document that means anything is the ORIGINAL. And that must be UNMODIFIED. The slightest mark on it is enough to invalidate it.

If a certified document were sufficient all I would have to do would be to go to the recorders office, pay a couple bucks for a certified copy and then foreclose, without having any other involvement with the property (and that is what is happening).

[obegeLype]

I was referring to a certified copy of the original they presumably are holding. {the mortgage company}

Yes. It is still a copy and I don't care who certifies it. They might be certifying a certified copy for that matter.

Or better yet, ask to arrange a time for you to come see it. {the original}

Much better choice. Even better would be to have a signed receipt for the original executed when you left the document in the bank's possession. With that you can visit your original documents every year until such a time as you get the original back.

The thing is, fractional banking permits a bank to loan out 10x the assets they have in their possession. Your $200,000 note lets them loan out $2,000,000 and at 5% interest paid they receive $100,000 a year from other loans. They make more off the document than you pay them in interest.