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When promissory notes and mortgages are sold and transferred from one entity to the other,
it’s just like there has to be an endorsement just like on a check where someone writes
on the back of the check: pay to the order of Uncle Ned and they sign it and then that
transfers ownership of that check to Uncle Ned.Well the same thing goes on if a bank
sells your mortgage loan and the promissory note to another bank. They have to have an
endorsement on there that says pay to the order of whoever they’re selling it to.
And these loans were being passed around fast and furious and it came time to foreclose
and all of a sudden well there are no endorsements.
Well we better go back and get them. Well we don’t want them dated now, we want them
dated when this thing allegedly changed hands. So you end up having these things fraudulently
backdated signed by people who didn’t even work at the bank at the time it was being
assigned and now they’re signing it.
We’ve actually seen documents where we found the same person signing for two different
entities literally within the same week. Well who do you work for? Do you work for the entity
that you signed on this note? Or do you work for the entity where you signed on this note?
Or do you work for somebody else? And nobody knows but again they get away with it because
it doesn’t get brought up.
So, that begs the question then how do you bring it up? How do you know that these things
are going on? And that leads to something I’ve talked about before and that’s getting
an audit done on your mortgage and your promissory note and basically you’ve got two kinds
of audits.
One is a forensic audit: which commonly refers to an analysis of what kind of interest rate
have you been charged vs. what the closing documents or the loan papers say that you
were supposed to be charged.
And it’s incredible how many times the interest you’ve been paying for three, five, fifteen
years is different from the interest rate that the documents say that you were supposed
to be charged. And other fees and escrows that are supposed to be taking place. That
are just wrong. And there can be significant penalties for doing this for having those
mistakes.
And the other kind of audit that gets right down to who’s really got the right to bring
the lawsuit and that is what’s generally referred to as a securitization audit. Where
it tracks the history of the loan as it got sold from one bank to another to another.
And when these loans were bundled up. And then how those were then sold on Wall Street.
And then, so who really owns those loans, who really has the right to bring the lawsuit?
And it may not be a question of do you owe the money? All right, there’s a loan out
there, somebody’s owed the money. But you want to make sure that you’re paying the
right person.
Just like if somebody shows up with a check and says, “here you wrote this check,”
two months ago, two years ago, and I’m here to cash it. Well how do I know you’re really
the right person to have that check.
Well you have the same right in foreclosure in dealing with a promissory note. All right,
I owe somebody the money. But I want to make sure that if I pay you, that you’re the
person that I’m supposed to pay. And somebody else isn’t going to show up next year and
say well, sorry if you paid that other guy but the reality is that you owe me.
So it’s a very legitimate question that if somebody comes into court and in any kind
of case where the defendant says, “well prove it;” bring forth the evidence. Which
is what you’re required to do and under our system of law, you’ve been required
to do for a thousand years. And all you’re doing is saying I want it done in my case
as well as it’s done in any other.