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Produce the note


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I found this today. Saw that this is useful. It's pretty much like DVing the mortgage company. You know the (assholes that are fuching you over)

If you are currently facing foreclosure here are some steps you can follow along with some templates for a legal request, a letter to your lender, and a motion to compel.

Fight Foreclosure: Make ‘Em Produce The Note!


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Aside from the bad link, what is getting the note going to do? You, the borrower, should have a copy of it on file and most lenders have these on hand as well. Did I miss something?:neutral:

Edited to add: Nevermind, I found the other thread about lenders misplacing notes, VERY interesting.

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The original foreclosure cases, which were thrown out by a Cleveland, Ohio judge, were all part of a series in which Deustche Bank was assigned as trustee.

This was the same bank that the couple I have been helping, and I sent them to the county courthouse to get a copy of the lien holders.

Sure enough, six days prior to the foreclosure notice, the foreclosure attornies did have the documents updated.

This may still work for some other mortgage companies though.

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Mortgages are bundled into several different types of very complicated securities. Any given loan could be one of thousands in a "pool", and this pool can have thousands of owners. Normally though, paperwork for prepayments and foreclosure would be fast.

The problem is the system was never set up for this type of volume. Asking to Produce the note works if the system is overwhelmed, because the people in charge of foreclosure may target easier loans first.

This advantage as noted doesn't work with everyone and is something every bank is working to fix(not in their best interests). There was that story of a woman who fought foreclosure successfully for 5 years with this tactic.

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The consumerwarningnetwork.com site is up and running so do not give up on it.

Here is some food for thought:

A mortgage lender gets its funds from a "warehouse line of credit". This line of "credit" comes from commercial banks.

Commercial Banks essentially create that "credit or fiat money" out of thin. (Does any of this sound like your credit card company?)

This is, as I understand it, unconstitutional because there is no law or statute that allows a bank to create something from nothing- nor is that "credit/money" backed by gold or silver.

"legal consideration" as defined means: "It is a fundamental principle of contract law that in order to create a binding contract which the law will recognize and enforce, there must be an exchange of consideration between the parties.

"Consideration is simply something of value received by a promisor from a promisee. It can take the form of a right, interest or benefit accruing to one party, or some forbearance, detriment, loss, or responsibility, given, suffered or undertaken by the other .

"If there is no consideration there is no contract; and if there is no contract, there is nothing upon or from which to found or create liability.…

"The act or promise of one party is, as it were, 'bought' or 'bargained for' by the act or promise of the other; each party exchanges something of value. To create an enforceable contract there must be ... 'reciprocal undertakings'. So, if one party is neither giving anything, nor is promising to do or give anything, there is no consideration for the other party’s act or promise."

So basically- your "promise to pay" was not exchanged for anything of value- therefore there can be no contract.


Credit River Decision

Fractional reserve system

Legal Consideration

Contract Law & Common Law

Jerome Daly

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