Don't pay your mortgage. Make the bank produce the paper trail. They can't.

And when the bank comes up with proof of the past payments that were made on the home, now what does the homeowner say?

This scheme is ridiculous.

The homeowner says “Your honor, it appears that I’ve been making payments to a company that can’t show it holds my mortgage. I’d like all my money returned to me”

The real question is that given a situation where your loan has been resold a dozen times and the paper trail has been lost… is it ethical to use this strategy to get out of paying the loan.

If you would have asked me last year, I’d have said it was unethical.
If you ask me now, I’d say it is perfectly fine.

Obama changed everything when, by force, he took our money and gave it to poorly run financial institutions. If we wanted to invest in Citi we could have. We chose not to.

He was able to take our money because he was elected by a majority who refused to see the dangers of liberal government that lies ahead.

And now all the sheep are throwing up their hands and trying to figure out what happened.

Not paying your legal obligations is not a viable solution no matter how good some may think it feels.:shock:

P.S. Nick, loan me a few hundred thousand. I promise to pay it back Really!:wink:

Is the value of the money you have in your pocket “malleable” now that Obama is printing money (taking the value of your money by force) 24/7 and giving it (for free) to the entity that claims (but doesn’t have the paper trail to prove) that they hold your mortgage note?

I am not happy about the dilution of my assets either but a contract is just that.

A mortgage is an agreement to pay back with interest. Your legal obligation does not end just because the piece of paper was sold.

As with much of the advice given on this MB, you should contact an attorney before pursuing what in my opinion is a foolhardy and illegal course of action.

You risk incurring large penalties for non payment of your monthly obligation to the mortgage holder. If you are at risk of getting behind now it will only get worse if you refuse to pay up.

I wouldn’t “refuse to pay up” or take any risks. I’d do what my neighbor did, contest the note, and get a judge to tell me not to pay until all the lenders can produce the paper trail. So far they can’t.

And who will pay the penalties incurred for each monthly payment that is missed?

Tell your deadbeat neighbor to pay his monthly mortgage payment.:roll:

Deadbeat? He can buy and sell us both 100 times over.

The local bank got their money the day after the loan was originated… they sold it.

Obama and the government have no money. None. Never did. The government can only take money from some people and give it to others. Obama figured out a way to take money (by force) from all of us… he prints 24/7 which devalues all our money by making it less precious through printing. He then gives the difference to financial institutions who not only mis-managed their businesses, but now can’t even find the paper work that shows they hold the notes on our homes.

Your claim about Obama

is correct. He was elected by a majority.

So was our town’s judge.

If you don’t pay your bills your a “deadbeat” in my book.

Sorry if that truth hurts.

Nick,

If you owned stock in the company that held your neighbors mortgage, would you still be OK with his tactic?

He is cheating someone one way or the other.

He is being cheated as well. When a private company cons our government into taking our money (by force) and giving it to them… what do you call it? I call it cheating.

Obama changed everything. He’s basically Robin Hood in reverse.

And still you have not addressed the very real penalties your deadbeat neighbor will have added to what he owes.

I am not arguing that what Obama and the congress have done is right or even constitutional but they have the power now so get used to it.

Watch this and see if you don’t agree with Santelli.

Owes whom?

If I go to your bank and buy your note, your bank is paid off. If I then sell it to Dave and Dave sells it to Jane and Jane sells it to Bob… fine.

But Bob needs to prove that he now holds the bad paper. If Bob can’t… too bad for Bob. A poor business person like Bob is not entitled to collect a debt through a drastic means such as foreclosure… unless he can prove he is owed the money.

The very simple fact that your neighbor has been sending his payment to someone every month to avoid penalties for late payment speaks volumes. Think about it.

That the paper has been sold repeatedly is meaningless to that fact that your neighbor still owes the mortgage holder the entire balance.

I see what you’re saying, what if you pay Bib for ten years and all of a sudden find out that Bob never did really hold the note, he just said he did, be kind of hard to recover then, hunh! i had a mortgage that got sold to the Money Tree, they kept messing up, not paying the insurance and property Taxes, so I got angry and refinaced, after about 1 year, my mortgage was sold twice, guess who the last time? I was so mad, I could not see straight, so I tried to refinance it again and ther Money Tree would not provide the new lender with the figures needed, they stalled until they could sell my mortgage in a package deal1 They are all a bunch of thieves, that’s why I am so mad at having to bail them out, just so they can survive to screw me again! But between them and the insurance companies, they own Congress. I’m with Todd Palin, it’s time to Secede!

True, he owes it. He just doesn’t have to pay it. Well, he doesn’t have to pay it until someone can show they hold the note… and no one can.

If there is not a lien filed at the Courthouse, he can sell the house.

It seems to bother you that you are living next to a deadbeat.

I understand it hard to see ones neighborhood go in the crapper.

Nothing positive can be gained by employing this gimmicky tactic to make some ethereal point to the man.

The man only cares that he gets the money that is owned him and he will get it or use the force of law to drive the property into foreclosure and then your property will be worth much less.

If I were you I would be convincing my neighbor to pay up to preserve your own property value.