Apr 13, 2011
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GREAT MEMBERS TELECONFERENCE YESTERDAY. HERE’S A QUESTION WE DIDN’T HAVE TIME TO ANSWER:
Q: I have a question I just got a copy of my note showing the assignments the problem is none of the individuals making the assignments work for the bank: example
Flagstone Lending Group Sadie Young as Vice President (is not a vice president for flagstone) signs over to Vicky Alexander Authorized Secretary for JP Morgan Chase NA no one can find such a employee.
A: This is an example of how the scam is continuing. The pretender lenders would have no need to resort to fraud if the mortgages and notes were valid and enforceable and if the lender was not a pretender. The mere fact that they used a robo-signer instead of having the documents properly executed and notarized for recording corroborates the claim that they are not the creditor, not the authorized agent of the creditor and not entitled to enforce the note nor to use the mortgage or deed of trust as a vehicle for initiating foreclosure, the sale of the house or making a non-cash credit bid.
In this case your intuition is just following common sense. If the person signing is shown on the document as a vice-president of Flagstone the originating lender (which happens more often than not) then the pretender lender has succeeded in creating the appearance of a valid document. If you have discovered that the person signing was not an employee of Flagstone at the time that the document was signed, then the illusion is destroyed and the signature of the Flagstone by Sadie Young as VP is an untrue statement.
If the signature of Sadie Young proves to be the signature of a person that was not an employee of Flagstone it follows that they could not have been vice president of a company that did not employ them. Any notary used would be a fraudulent notary and frequently would subject the notary to criminal or civil prosecution. But most importantly, the document is proved a nullity once you prove that the person was not an employee. You might even find that Sadie didn’t sign, but that someone else signed Sadie’s name.
You get this information through discovery, which means you need to file a lawsuit in a non-judicial state alleging that the assignment is fraudulent, to wit: the signer represented that she was Sadie (possibly t rue) and that she was a vice-president (untrue). Thus the assignment is void. Any action taken based upon the assignment is equally void — including a declaration of default, notice of sale or the filing of a foreclosure lawsuit.
While you are in discovery you might want to check out the circumstances of the “transaction.” You will most likely find that no money exchanged hands for the “assignment”, that Flagstone had nothing to assign because the loan was in actuality funded by a third party, and that therefore the note and mortgage or deed of trust were unenforceable because they describe a transaction that did not occur.
Also, look for lawsuits by the investors over the same “trust” that your loan is claimed to be an asset. The lawsuit by the investor-lender may allege that the mortgages are invalid and unenforceable and were not qualified to be assigned into the trust as per the terms of the PSA. See the next article in the blog as to why. The allegation by the investors might be used as an admission against interest by the real lender and knock the pretender lender out of the court-room. Check with a licensed lawyer in your jurisdiction before taking action on any of the items discussed in this article.
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