If you are like many homeowners that are struggling, you are looking for a magic cure-all pill to get out of debt or to fight the oppressive lender or servicing company that is about to take your home away.
The truth is that there is no magic cure-all to fight the fraud that has been committed against homeowners. There is no guarantee you can stop a foreclosure even when the lenders and servicing companies have broken numerous laws. I’m in court and I see it on regular basis. I see people Pro-Se produce proof of fraud committed on them by lenders and servicing companies, and they still get steam-rolled by the system. Suppose you had a forensic audit that shows RESPA/TILA violations, suppose you have proof they securitized your note shortly after your closing and wiped out your debt, suppose they committed securities fraud; You name it, even some of the worst violations possible and breaches in Federal law do not guarantee you can save your home.
Nothing is a cure-all to stop fraud being committed. Just like you cannot stop someone from committing murder, there is no guarantee you will win in court or through any action to stop them. If you live in an area where the judges are fair and unbiased, you stand a great chance of defending your consumer rights. If not, then you are screwed.
The only comfort I can offer to those reading this is that there are still ways to use commercial law to go after lenders and servicing companies once you have lost your home.
You have to find a way to use the same laws that allow lenders and servicing companies to take your home but instead use it to enforce your consumer rights.
First step is educating yourself about mortgages, foreclosure, how money is created in this country, consumer rights and banking. Knowledge is power.
Second, find other neighbors in your area who are in similar situations. You would be surprised to find out how many people have similar stories to mistreatment and violations of the law by the same lenders or servicing companies you are dealing with on a regular basis.
Third, find a local attorney who can assist you and help you protect your rights. Even if you cannot afford a local attorney, most law schools now have foreclosure/commercial/consumer rights clinics where the law students under the supervision of a law professor will help you for free.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your asset
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Hi Ed,
ReplyDelete1. thank you for creating this blog & allowing participation
2. can you tell me the law where it says that its legal for us to remove the POA & replace with our own trustee on public record? Yes I understand that as settlors/grantors/etc. of the deed of trust that when we signed it we have the power to revoke and reassign a trustee but l'd like to see it in writing because I may have to reference it with some cases coming up. As we all know, hearsay doesn't get us very far in court. I am in California.
Ques: Using LFC Remedy. Loan is in my wife's name, but both of us are on title. I am a SPC. Does this affect my process of using a BPN or A4V? Any thoughts?
ReplyDeleteAl G
Ques: My UCC1 filing is in Calif. On a property in FL should I do a second UCC1 in Florida along with a UCC3? Any thoughts?
ReplyDeleteQues: My rental is in foreclosure, but no set date. I received a payoff statement from the atty of 6 pages. I am a SPC. Would I A4V all 6 pages or write a BPN? Any thoughs?
ReplyDeleteAl
Hi Everyone,
ReplyDeleteTo answer briefly a few of the questions,
The authority to do what you are doing stems from the self-executing contract you are creating with the lender/servicer, the fact they have violated the US UCC and State UCC codes by refusal to accept payment when you have offered them, and the fact you are doing everything on notice which they are failing to respond or when do respond; it is considered a non-response.
In terms of A4V, it does work however it is my understanding that due to now over 25 million people sending in A4Vs to the appropiate IRS offices, it could be 6 months or more before you find out if your accounts are accredited.
You can use a Promissory Note/Bill of Exchange, however you will need to complete not just your Secure Party Creditor documents and have them filed but also complete all paperwork necessary to be Bonded (i.e. - putting 18 agencies of the Federal Gov. on notice you are a secure party creditor). Otherwise you may end up putting yourself in a gray area which you don't want to be in terms of the law. This goes to the question about paying other people's debt, you can do that, but you will definitely want to make sure you are not only a secure party creditor but also have gone the extra step by becoming bonded and putting the government on notice first.
Generally, you want to file your UCC in the State where you were born/reside. You may run into resistance at your county clerk since they may not understand the documents and may point out they have no duty to accept documents or just give you a run around. In that case, try and file them in a nearby county, or at a miminum, file them online and do a publication in a local paper announcing there presence. The idea here remember is put people on "public" notice you have filed something declaring your status.
the idea of publishing in local paper and referring to our UCC filings is a good one, i think
ReplyDelete