Protect Your Home
As foreclosures reach record numbers and the poor are blamed for the sub-prime mortgage fiasco, the real culprit, the mortgage companies and banks escape. Thousands of Americans have been scammed on their mortgages by a very clever securitization technique employed by lenders. Have you been scammed? Here's an easy way to find out:
The easiest way to determine if your "note" was converted to a negotiable instrument by your Lender and sold or traded is to examine your Note and your Deed of Trust. First, your note will have a date approximately at least one week BEFORE you actually sign it.
In the old days, your Note would say, "For value received..."
If you have a Note that the Lender wanted to convert to a negotiable instrument and make 10X the amount of the Note for themselves, your note will start out:
"In return for a loan that I have received, I promise to pay ..."
Of course you have not received an electronic transfer to your account, nor a cashier's check, nor any form of payment at all. You have not received a long yet, but the LENDER has completed step one of the fraud.
Step 2 is to get you to say that you own the home free and clear and can deed it to anyone you want. Of course you don't (or do you?)
Check out Page 3 of your Deed of Trust. Under Borrowers Covenants, if it says: "The borrower covenants that he/she/they are "lawfully seized of the estate."
There it is. You have told the Lender:
1) That you have already received a loan, and
2) That you own your home free and clear of encumbrances.
Based on that, the Lender slaps an allonge on the back and deposits it in their own bank, which considers it just like a cashiers check or pay order and credits the Lender 10X the amount of your note.
In a common scam transaction, a 1st mortgage of $324, once sold or traded, earned the Lender $3.24 million, less $400K to pay the seller and commission. Nice payday!
The Lender has been PAID IN FULL for just your signature on the Note. Of course they ignore the RELEASE section of the Deed of Trust which says that once PAID IN FULL they must then reconvey the property to the Borrower and release the lien. Instead it is "reconveyed" to the Lender who has already been paid in full (10X).
He then sits back and gets paid again over 30 years by YOU, the generous fool that gave him the property in the first place.
The Candid Blogger, like Clark Kent, fights for Truth, Justice and the American Way. Not unlike the Daily Planet, the Candid Blogger is dedicated to presenting the Truth to the people.