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Mortgage Promissory Note, Allonge, And Mortgage Foreclosure Help

February 28, 2017

A mortgage promissory note is a promise to pay. If you don’t pay, then your home or commercial property could go into foreclosure where the Lender, bank servicer, trustee, or investor can use questionable tactics to get your property. There is a mortgage that goes along with the note, a contract in real estate. The Bank Lender created both the note and mortgage for their benefit. You can use their own promissory note and mortgage contract against them to regain your home or property. Let’s talk about the note first.

The note on the last page should have an allonge or allonges to prove a true sale(s) to a Trust, another bank, or investor each and every time the note with the mortgage is sold, assigned, or transferred. An allonge is an illegal alteration of an incomplete note. An allonge in blank, without the assignee signing it is illegal as per the Uniform Commercial Code, UCC, Federal code of laws that is controlling the world and the lender’s Pooling and Servicing Agreement that controls the Trust that your note and mortgage are supposed to be in.

When the lender assigns, transfers, or sells the note and mortgage, they become securitized and are sold multiple times to investors or into a trust for multiple streams of income for the lender. Within 30 days of each assignment, transfer, or sell, the assignment of true sale must be recorded under States’ statute. The dates of the allonge endorsement(s) and the notarized assignment(s) must match to prove true sales before a foreclosure can legally occur.

In addition to other disclosures required by TILA, 15 U.S.C. §1641(f)(2), Liability of assignees, not later than 30 days after the date on which a mortgage loan, including mortgage and note, is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including-

(A) the identity, address, telephone number of the new creditor;

(B) the date of transfer;

(C) how to reach an agent or party having authority to act on behalf of the

new creditor;

(D) the location of the place where transfer of ownership of the debt is

recorded; and

(E) any other relevant information regarding the new creditor.

This requirement of law is quite useful in a case when you have authoritative documentation that there are other holders of the note that are not the same as the party who claims the right in a mortgage foreclosure action.

It can be the catalyst to force the court to make the foreclosure attorney to produce the note titled to them and other evidences of ownership of the loan since it is a violation of Federal and State law not to. True fraud evidence becomes a very useful plank in your quiet title law suit to oppose and stop foreclosure.

In most foreclosure cases, the judge does not know the law governing the real estate mortgage and note under the Uniformed Commercial Code of Federal Laws, UCC, Articles 3, 8, and 9. Otherwise, the judge would know that bank securitization is unlawful and illegal and the homeowner would win against the banks every time. We surveyed 10 judges in the State of Florida in 10 different counties and only one judge knew what bank mortgage securitization actually is and how it affected mortgage foreclosure cases.

The mortgage is created to perfect the note. There are no such words in Black’s Law dictionary as a security instrument. It is a made up terminology by the banking industry to take your money and property. The mortgage is the contract with many legal flaws. Nowhere does it say that the note and mortgage must be paid by the borrower.

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