Why You Must Defend Your Foreclosure

Posted on March 30, 2010
Filed Under Florida Foreclosure |

Why You MUST Defend Your Foreclosure

I have seen thousands of cases, where the homeowner that is facing a potential foreclosure or is already in foreclosure, simply give up and walk away from their home. I can readily understand the pain and hopelessness that goes with this tragedy.

Once someone gets behind on their mortgage payments for a multitude of reasons, they are already ‘teetering” on the brink of credit disaster. Being in the credit industry for so many years, I have had hundreds of clients come to me and after reviewing their credit reports, the one single entry that triggered denials for a mortgage approval was the mention of “MORTGAGE LATES” on a credit report.

Once you have that MORTGAGE LATE on your credit report, the lending industry looks at it in this fashion. Now, whether or not, you “didn’t want to make the payment” “couldn’t make the payment” or “simply forgot to make the payment” don’t make any difference to the underwriters. You see, in the mortgage industry, there is a function called “desk top” underwriting. Your loan file is sent in and the credit report is analyzed automatically and those mortgage late payments automatically trigger a denial.

Now, let’s get back to “why you should defend your foreclosure”. When you defend your foreclosure you force the lender to produce the original note or a certified copy of it. But, if you have been reading any of my previous articles, or any of the other articles available relating to “lost note affidavits” you have to understand how your note was securitized and used and collateral to fund an “ASSET BASED TRUST” of which you knew nothing about. PERIOD. I can rant and rave about the scams and fraud in the industry, but I have already published enough articles on that portion of the industry that when combined might be a small book.

Read the following paragraphs over and over. It, just might affect your family’s entire credit future. You see, once you are late on a mortgage payment, it is reported to the credit bureau, either Experian, Transunion or Equifax as being (30) days late. When, you,  miss the next months payment the mortgage payment is reported as (60) days late.  When the third payment is reported you have a (90) day late on your credit report. Mind you, there is no foreclosure reported on your credit report.

Here is where so much mis-information has been thrown upon average people and those that provide the information should be sanctioned for it. Even though, there is no foreclosure on your credit report at this time, those in the lending industry already know that being (90) days late means the lender can start the foreclosure proceedings. So, now enough damage is already done to your credit report to eliminate any future credit approvals for another mortgage loan.

These peddlers of “credit trash” tell you in their fancy brochures to “sign here” and eliminate the “foreclosure” showing on your credit report. Hell, the majority of the damage is already done by then. The process down the line, once a foreclosure has been legally filed is the “lis pendens” which is the notice to foreclose. You still have the option at that time to sign a “deed in lieu of foreclosure” with the bank and that simply eliminates the additional cost to them. They like this, because it saves them money. You might not be aware, but a foreclosure action costs the bank thousands of dollars.

You save them money by signing a “deed in lieu of foreclosure”. This is how the event is kept off of public records. But, let’s get back to the defense of your mortgage. When you are sued by the lender, who is the plaintiff in this scenario, you defend this by asking the court to have the plaintiff produce the actual note or a certified copy thereof.

Now, there are some states that allow a lender to re-produce the note under oath. But, even though, they might have produced a copy of the note, UNDER OATH, the same rules prevail with that re-production as with the original note. The note must have shown all assignments and endorsements along with it. The endorsements and assignments MUST be recorded in the county records to show the public that the note is legally owned by the party of which it was endorsed to.

Okay, let’s make it simple. IF, I give you a check  made payable to you and you give it to another party, guess what? You have to sign the back of the check and endorse it, in order for the next person to legally own the check and be able to cash it.

A mortgage note follows the same procedure. Now, when you appear in court, or even if you answer the complaint and make the plaintiff produce the note, in the majority of cases they fail. Now, here is what the Judges have ruled throughout the country. You can get samples of these cases by going to my website. The Judges have ruled that the “plaintiff has no standing in court because they are NOT the owner of the note”.

This is so important for you regarding your credit report. We know the credit reporting agencies have reported what the furnishers of information have provided to them. BUT, when you confront the credit reporting agencies with a copy of the court’s ruling regarding the ownership of the note, the credit reporting agencies are reporting information from someone, whom the courts have determined do not own the note, illegally.

How can someone that has NO INTEREST in a debt, report information on a consumer? This would be tantamount to letting strangers report information to a credit bureau because they had a grudge. This is the ONLY ammunition that I know of, that gives you a chance to eliminate those ninety day lates and even the foreclosure entry.

Now, if you fail to defend your foreclosure, and the plaintiff gets a default judgment, you have given up any chance of helping yourself. Run this by your attorney or accountant. Hell, they don’t understand this portion of the law and they will say “let me research it” and you spend thousands of dollars letting them practice on you.

Hope this gives some light to your candle of life. You deserve some honest answers and a total understanding of our system.

Respectfully,

Regis Sauger  Author/Speaker

Regis Sauger
http://www.articlesbase.com/credit-articles/why-you-must-defend-your-foreclosure-701153.html

Comments

3 Responses to “Why You Must Defend Your Foreclosure”

  1. Janice F on March 30th, 2010 9:11 am

    For those of you who believe in 0bama and ACORN, you must see this. Don't you? You don't care do you?
    Glenn Beck exposed this beginning yesterday

    Chaos for Glory: My Time With ACORN
    by James O’Keefe

    A famous community organizer once said, “The only way to upset the power structure in your communities is to goad them, confuse them, irritate them and, most of all, make them live by their own rules. If you make them live by their own rules, you destroy them.” Impossible demands can irritate modern leftists in ways nothing else can, whether it’s by banning Lucky Charms cereal because it’s racist against Irish people, calling Planned Parenthood saying you want to donate money for black abortions in the name of Margaret Sanger, or making Sen. Snowe sign an oversized bailout check for a billion dollars to Amtrak, in her own office.

    See the next two videos of ACORN Prostitution Investigation I and II

    The scenario we posed the ACORN Housing employees in Baltimore is due to the application of similar power tactics. We gave ACORN a taste of its own medicine. ACORN was alleged to be thug-like, criminal, and nefarious. This criminal behavior was evidenced by a video of Baltimore ACORN community organizers breaking the locks on foreclosed homes. Instead of railing against their radicalism, it is best to bring out this type of radicalism. Hannah Giles and I took advantage of ACORN’s regard for thug criminality by posing the most ridiculous criminal scenario we could think of and seeing if they would comply–which they did without hesitation.

    Additionally, instead of focusing on foreclosure itself, which has become seemingly as politicized as abortion, we focused on crimes more difficult for the left to defend: trafficking of young helpless girls and tax evasion. The first group represents the severely disadvantaged, the second a threat to the distribution of wealth.

    While manipulation or entrapment occurs when people are encouraged to do things they otherwise wouldn’t, the pre-set trap is their own. These tactics allow the viewer to see ACORN’s soul; their playing field and their morality, out in the open. Their system is based on conflict and change for its own sake. This system is based on totalitarian principles and class war techniques. These people understand pressure, power and self-interest. When the Baltimore employees saw we were shady dealers, their instincts clicked in, as we were prime recruits.

    ACORN has ascended. They elect our politicians and receive billions in tax money. Their world is a revolutionary, socialistic, atheistic world, where all means are justifiable. And they create chaos, again, for it’s own sake. It is time for us to be studying and applying their tactics, many of which are ideologically neutral. It is time, as Hannah said as we walked out of the ACORN facility, for conservative activists to “create chaos for glory.”

    http://biggovernment.com/2009/09/10/chaos-for-glory/

  2. Sinizter on March 30th, 2010 2:13 pm

    Acorn needs to be destroyed plain and simple.this is UNDENIABLE PROOF that they are as corrupted as they come
    References :

  3. Sudeep King of Scorn on March 30th, 2010 2:15 pm

    Acorn? I only believe in scorn.
    References :

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