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PSA ≠ Trust Agreement: The “Bare Naked Title” Trap Driving Modern Foreclosures TL;DR: A Pooling & Servicing Agreement (PSA) is not a trust agreement. In many MBS foreclosures, only bare legal title is shifted—without any transfer of the underlying debt. Under UCC 9-203 (adopted verbatim in all U.S. jurisdictions), no one can enforce a mortgage […]
Thursdays LIVE! Click in to the Neil Garfield Show Tonight’s Show Hosted by Neil Garfield, Esq. Call in at (347) 850-1260, 6pm Eastern Thursdays In the last show, we talked generally about how the promissory note morphs from a promise to pay a debt into a security that is simply an agreement between someone who does not […]
All successful defenses to foreclosure attempts basically come down to one fact: When tested, the claim cannot be supported because it is untrue. PURCHASE MY TWO HOUR WEBINAR ON DEMAND ON EXAMINATION AND CHALLENGE OF ASSIGNMENTS OF MORTGAGE — CLICK HERE I see in threads of emails that are shared with me considerable discussion and […]
Hat tip to Summer chic From the very beginning — when homeowners or prospective homeowners are first applying for a loan or refinance — they are faced with (a) understanding the transaction (something that TILA was supposed to fix) (b) whether to go on offense and (c) whether to just wait and go on defense. […]
EVERYONE GOT PAID. THERE IS NO FORECLOSURE INVOLVING A REMIC TRUST IN WHICH ANYONE HAS LOST MONEY BECAUSE A HOMEOWNER DIDN’T MAKE A PAYMENT. All assignments “for value” in such siotautions are fake and false. I don’t know why I keep doing it but ever since both decisions were in existence I have continually mixed […]
If the claimant is only a holder it is highly probable that he is neither a holder in due course nor a true lender or creditor. If it was otherwise, he would say so. And only a party who has paid value for the underlying obligation may enforce a mortgage. (Article 9 §203 UCC, adopted […]
Thursdays LIVE! Click into the Neil Garfield Show Tonight’s Show Hosted by Neil Garfield, Esq. Call in at (347) 850-1260, 6pm Eastern Thursdays * You have often heard me speak about how the foreclosure mills want to talk about the note but foreclosures are about the mortgage or deed of trust. Those are governed by two sets […]
See the preview of course materials for Wednesday (9/29) Webinar You definitely need a licensed trial attorney representing you. I know it is difficult to find, but start looking like your life depended upon it. Right now, from a bird’s eye view, most people would conclude that everything looks right with the chain of title. You need to […]
AS A FOLLOW-UP TO WHAT I WROTE A COUPLE OF DAYS AGO, FACEBOOK HAS JUST NOTIFIED ME THAT THEIR PREVIOUS BAN ON THE PHRASE “KEEP YOUR HOUSE” HAS BEEN LIFTED AND THE PAGES ARE NOW PUBLISHED AGAIN. There is an Orwellian atmosphere that has developed around the lending industry and the foreclosure industry. In a […]
See the preview of course materials for Wednesday (9/29) Webinar All causes of action against the REMIC trustee are going to be tricky. By contract, they have no duties and no responsibility for anything that happens with the trust. In court, they never actually appear. A lawyer shows up and says he represents Bank of […]
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