Back to Basics: Here is what you need to know when you start defending against foreclosures and other collections

1. Although you issued a promise to pay, it does not currently appear as an asset on the books of any company or person. THAT ABSENCE IS A FATAL DEFECT IN ANY CLAIM AGAINST YOU. The process of securitization extinguishes all risk of financial loss by extinguishing the underlying obligation and therefore the legal debt. Any aggressive effort in discovery on your behalf that requires the opposition to show the existence of a loan account receivable due from you and any documents or transaction history in which the loan account receivable was established will reveal its absence, or the inability to prove the existence of the debt. Either one is equally effective in defeating claims to enforce it.
2. The absence of the asset is legally equivalent to the absence of a creditor.
3. The absence of a creditor eliminates or completely undermines any claim to represent a creditor.
4. The company claiming to be the servicer is not performing and never has performed any servicing functions such as the collection of money or disbursement of money. Therefore any record (e.g. payment history) is not admissible as an exception to the hearsay rule since neither the “servicer” nor its predecessors ever handled any money from anyone.
5. The lawyer who filed the foreclosure has most likely never had contact with the named designated plaintiff or claimant. Hence while the filing of the lawsuit is an implied representation that the lawyer represents the named designated claimant or plaintiff, it is not supported by facts in the real world. Efforts to pierce through this veil and hold the attorney accountable have failed because of the faulty application of litigation of immunity.
6. If the foreclosure nevertheless results in the formal sale of the property and a deed is issued, the proceeds of sale from the auction or the liquidation of REO property will not result in posting a credit to any loan receivable account. The money proceeds will instead be distributed as either revenue or uncategorized receipts that are frequently channeled to offshore accounts.

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