As the trend to sue a lender for broken chain of title, or corrupt title gains steam, the search for information, scope and sequence also gathers steam. Although this strategy in getting a good faith mortgage negotiation from a treacherous mortgage servicer is best left to an alligator of an attorney, many ‘civilians’ want to know the process also.
If you and your attorney are going to attack the secured status of the Trustee of residential mortgage backed securitized trusts, your attorney must be fluent in “UCC” Various Articles of the Uniform Commercial Code as it covers aspects of how a residential mortgage note in a securitized transaction should be transferred.
It is crystal clear that the REST Property Solutions Report, or Title Search, is mandatory at the very outset of any Broken Chain of Title case. This software has proven itself spectacular in previous results.
Currently, Max Gardner is the 1000 lb. gorilla in this field. His BK Bootcamp for attorneys continues to gain attendees at a brisk rate. Two seminars geared for California and New York will deal with specifics of the law in those two states. If you are contemplating this strategy, the more you know, the better.
To understand how securitization is supposed to work, you or your attorney must have a thorough understanding of UCC Articles 3, 9 and 1-302. This session will present the most comprehensive look at the UCC and its impact on foreclosure defense available.
In order for a residential mortgage to be properly securitized within a trust, the note needs to have been properly assigned by ALL parties to the transaction.
According to Max and countless others with experience litigating these cases, you will rarely, if ever find that the parties, A, B, C, D etc. made the proper assignments of the mortgage or deed of trust or transfers of the note. What typically happens, however, is that the foreclosing party will “magically” find the “missing” assignment at the last minute before a trial claiming improper assignment from party A to D.
Max is of the opinion that a residential mortgage note is NOT a negotiable instrument under Article 3 of the UCC and that Pooling and Servicing Agreements actually constitute “otherwise agreed” mandatory methods of perfection as permitted by Article 1-302 of the UCC.
According to one of Max’s recent articles:
“A review of all of the recent “standing” and “real party in interest” cases decided by the bankruptcy courts and the state courts in judicial foreclosure states all arise out of the inability of the mortgage servicer or the Trust to “prove up” an unbroken chain of “assignments and transfers” of the mortgage notes and the mortgages from the originators to the sponsors to the depositors to the trust and to the master document custodian for the trust.
As is likely stated in the PSA, however, the parties have represented and warranted that there is “a complete chain of endorsements from the originator to the last endorsee” for the note. And, the Master Document Custodian must file verified reports that it in fact holds such documents with all “intervening” documents that confirm true sales at each link in the chain.”
This YouTube video on Broken Chain of Title will open your eyes – Chris Whalen:
“We’re turning our banks into REITs.”
“Obama is walking in Herbert Hoovers shoes.”
“This mortgage mess is a cancer; not an event.”
“A Democracy tries all the wrong solutions before doing the right thing.”
This page explains the REST Property Solutions Title Search
It is a pre-requisite to any attorney consultation for this strategy.
The internet being what it is, certain search terms need to be empahasized so that you can find the best information. The REST Report Property Solutions Reportis best classified as a title search to prove broken chain of title in a court suit. Synonyms include clear title, quiet title, assign title, assignment of title, and try title, depending on what state you’re in. The REST Report is used to calculate net present value using the mortgage servicer’s own software for the mortgage trust and allonges. It is a real estate title search.
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tags: allonge, mortgage trust, try title, allonges, clear title, quiet title, calculate Net Present Value, chain of title, assignment of title, real estate title search, rest report, independent mortgage advice, forensic loan audit,assign title, broken chain of title,