“Dear Homeowner, we lowered your payment” letter

[Arraya]

“it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business”

Why not take it a step further. Familiarize yourself with the 1969 case of Daly V some bank.

The case was made that the home was never really the banks because it did not have in legal speak “consideration”. The money was was created out of thin air and was never in the possession of the bank and thus the home was not the property of the bank in legal terms.

http://www.foreclosurefish.com/blog/index.php?id=439

The judge and a representative testifying on behalf of the bank also agreed with Daly’s argument, in effect. The bank’s president, Mr. Morgan, admitted that the money did not exist until Daly was given the mortgage, and the money was created out of thin air.

The judge wrote a supporting decision in the case agreeing with Daly, writing “The money and credit first came into existence when they created it. Mr. Morgan [the bank’s president] admitted that no United States Law or Statute existed which gave him the right to do this.” Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.

This case has been suppressed far more than argued against, and it has not been overturned. What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract. This case is, quite possibly, a get out of debt-jail free card.

[patientlywaiting]

23109VC, even if you were to refinance and have a recourse mortgage, as I understand it, the lender can only obtain a deficiency judgment though legal foreclosure (and not trustee’s sale).

So lenders who foreclose through trustees’ sales (the normal way of foreclosing in CA) actually give up recourse, regardless of whether the loans were purchase money or not.

Of course, if there are other recourse debts, those lenders could go to court and obtain deficiency judgments. But would they want to spend good money trying to get blood out of a turnip?

[patientlywaiting]

23109VC, even if you were to refinance and have a recourse mortgage, as I understand it, the lender can only obtain a deficiency judgment though legal foreclosure (and not trustee’s sale).

So lenders who foreclose through trustees’ sales (the normal way of foreclosing in CA) actually give up recourse, regardless of whether the loans were purchase money or not.

Of course, if there are other recourse debts, those lenders could go to court and obtain deficiency judgments. But would they want to spend good money trying to get blood out of a turnip?

[patientlywaiting]

23109VC, even if you were to refinance and have a recourse mortgage, as I understand it, the lender can only obtain a deficiency judgment though legal foreclosure (and not trustee’s sale).

So lenders who foreclose through trustees’ sales (the normal way of foreclosing in CA) actually give up recourse, regardless of whether the loans were purchase money or not.

Of course, if there are other recourse debts, those lenders could go to court and obtain deficiency judgments. But would they want to spend good money trying to get blood out of a turnip?

[patientlywaiting]

23109VC, even if you were to refinance and have a recourse mortgage, as I understand it, the lender can only obtain a deficiency judgment though legal foreclosure (and not trustee’s sale).

So lenders who foreclose through trustees’ sales (the normal way of foreclosing in CA) actually give up recourse, regardless of whether the loans were purchase money or not.

Of course, if there are other recourse debts, those lenders could go to court and obtain deficiency judgments. But would they want to spend good money trying to get blood out of a turnip?

[patientlywaiting]

23109VC, even if you were to refinance and have a recourse mortgage, as I understand it, the lender can only obtain a deficiency judgment though legal foreclosure (and not trustee’s sale).

So lenders who foreclose through trustees’ sales (the normal way of foreclosing in CA) actually give up recourse, regardless of whether the loans were purchase money or not.

Of course, if there are other recourse debts, those lenders could go to court and obtain deficiency judgments. But would they want to spend good money trying to get blood out of a turnip?

[SD Realtor]

“What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract.”

Why would this apply only to homeowners facing foreclosure?

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

[SD Realtor]

“What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract.”

Why would this apply only to homeowners facing foreclosure?

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

[SD Realtor]

“What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract.”

Why would this apply only to homeowners facing foreclosure?

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

[SD Realtor]

“What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract.”

Why would this apply only to homeowners facing foreclosure?

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

[SD Realtor]

“What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract.”

Why would this apply only to homeowners facing foreclosure?

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

[Arraya]

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

That’s right. Kind of a trip when you think about it. Now just think about the huge wave of defaults on mortgages and other debts that is starting. All was created out of thin air from the privately run Federal Reserve and it’s web of commercial banks around it.

A small group of people is going to own everything when this tsunami is done. All from something that is imaginary, created with a keystroke, electrons on a screen. If one wanted to look at this as a huge scam one could. Because the guys who caused this mess are going to own it all in the end and leave us all debt slaves to their imaginary money. Ironically, we will give them things of real value for the fake money they created. Fundamentally our monetary system is modern day wizardry and smoke and mirrors.

Tom Jefferson understood the endgame.

“I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)

[Arraya]

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

That’s right. Kind of a trip when you think about it. Now just think about the huge wave of defaults on mortgages and other debts that is starting. All was created out of thin air from the privately run Federal Reserve and it’s web of commercial banks around it.

A small group of people is going to own everything when this tsunami is done. All from something that is imaginary, created with a keystroke, electrons on a screen. If one wanted to look at this as a huge scam one could. Because the guys who caused this mess are going to own it all in the end and leave us all debt slaves to their imaginary money. Ironically, we will give them things of real value for the fake money they created. Fundamentally our monetary system is modern day wizardry and smoke and mirrors.

Tom Jefferson understood the endgame.

“I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)

[Arraya]

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

That’s right. Kind of a trip when you think about it. Now just think about the huge wave of defaults on mortgages and other debts that is starting. All was created out of thin air from the privately run Federal Reserve and it’s web of commercial banks around it.

A small group of people is going to own everything when this tsunami is done. All from something that is imaginary, created with a keystroke, electrons on a screen. If one wanted to look at this as a huge scam one could. Because the guys who caused this mess are going to own it all in the end and leave us all debt slaves to their imaginary money. Ironically, we will give them things of real value for the fake money they created. Fundamentally our monetary system is modern day wizardry and smoke and mirrors.

Tom Jefferson understood the endgame.

“I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)

[Arraya]

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

That’s right. Kind of a trip when you think about it. Now just think about the huge wave of defaults on mortgages and other debts that is starting. All was created out of thin air from the privately run Federal Reserve and it’s web of commercial banks around it.

A small group of people is going to own everything when this tsunami is done. All from something that is imaginary, created with a keystroke, electrons on a screen. If one wanted to look at this as a huge scam one could. Because the guys who caused this mess are going to own it all in the end and leave us all debt slaves to their imaginary money. Ironically, we will give them things of real value for the fake money they created. Fundamentally our monetary system is modern day wizardry and smoke and mirrors.

Tom Jefferson understood the endgame.

“I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)

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