Millions of mortgage notes are prime candidates for modification to reflect both current property values and homeowner affordability. However, mortgage notes can only be modified by those who can demonstrate they hold 100% of the rights to that note. Only the rightful owner is entitled to accept fair compensation.
If no such control exists within any party to the loan transaction, or, if no such owner can be identified, the mortgage lien against the property securing the mortgage note can then be wiped off title or extinguished. How? By alleged mortgagors filing lawsuits demanding their "alleged" lender produce a lawful claim as required by the Uniform Commercial Code, or, to take a hike.
"Alleged" lenders are now being told by many courts to put up or shut up. The growing sense in the anti-foreclosure realm is that more and more courts will rule against these "alleged" lenders who submit fraudulent documents as proof because they cannot produce proof of lawful right to initiate foreclosure, or to modify mortgage notes.
In several cases courts have ruled that the loans NEVER EXISTED.
"Our loan contract never existed? No loan? No mortgage! Oh, Baby!"
Oh, Baby indeed. If the mortgage note is ruled to be invalid or void, then it follows that the mortgage lien, which secured the alleged note, could also be voidable. If there is no loan, is the house now owned "free and clear" of a mortgage? How can a homeowner have the mortgage lien extinguished?
It's a legal process called Quiet Title Action. More about that a bit later.
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