Produce the Note

[immafreemann]

The Banking industry is all FRAUD. You can't cash a photocopy of a check, yet the Banks want you to accept a photocopy of the note as evidence of your debt. The contract (note and deed) was unconscionable for not giving full disclosure (they did not tell you they deposited your note as a negotiable instrument-and used the deposit to fund the check to the seller), not giving 'consideration' (they created the money from thin air), not having 2 wet-ink signatures on the contract (they don't sign)

[OneSunEnterprise]

ya spam thats a good one

[wemb0505]

What a novel idea. To provide paperwork that says you are the one allowed to do something. I used to be a mortgage consultant. You can get a copy of your promissary note from the title company or your broker. The problem is you usually only know who is servicing your loan. The owner of your note usually is not who it says on the original note.

[NoticeOfDefault]

03:35 Kathryn Porter has a very interesting document floating around on web ... worth the search

[in2food]

OOps,. seems we are overlapping each other.

You hit the nail on the head. Thank you for making my arguement for me. If the house is outlandish for your budget you have no business buying it.

And as I said Mortgages don't go up in rate because of a late payment

Finally. The lions share of these foreclosures are NOT due to job loss. The are do to people who, as you said, stupidly sign ridiculous adjustable mortgages they had no hope of paying in the first place.

[in2food]

I have the ultimate resolution to these problems....

Pay your friggin' bills. Why do these people insist on relying on technicalities? If you promise to pay a mortgage at a specific rate then that's what you need to do. It is NOT up to the bank to change the terms to fit your needs. It's not their fault you got fired or had a death in the family. If it works that way then the bank could say "we are in financial trouble so we get to charge you more to help us out of this situation.

[dengo8712]

This isn't just about people not paying their bills. This is about people, who stupidly, quite often accept Balloon payments, on their mortgages. One year, their mortgage might be 700, and the next month it could be 1200 or more.

So stop being a jerk, a lot of people are paying their bills, and they can't afford the balloon payment.

[in2food]

It's still the person's fault. They had no business signing for a loan that was set to explode later. You, yourself, said it was stupid to sign the loan. And in most of these cases it's not a balloon payment. It is the re-setting of an adjustable which results in higher payments.

You say stupid. I say irresponsible. In any case they have agreed to a business transaction(a bill) and now they should live up to the terms they agreed to(paying the bill).

[in2food]

So now expecting people to be honorable and pay the bills to which they themselves have agreed is being a jerk? Whatever happened to the concept of personal responsibility?

[dengo8712]

with that mind set, lets say you finance a new HDTV 62Inch sucker, cause you really wanted it, I mean REALLY wanted this bad boy, maybe for your business or whatever.

You finance it at 120/month for a total Term of 3 years.

[dengo8712]

So your paying your 120 a month no problems, then the lender decides to change your increase your interest rate because you had to sen a payment late ( granted late ) but you still paid it, the increased amount to cause it was late, at $145.

Well because of that 1 late payment they increase your overall interest rate, from 9% to 16%, ballooning your monthly payment to nearly 200/month

You still think you could keep that TV when you made plans for it only costing 120/month?

[in2food]

#1 why did you choose not to make honor the agreement you made by paying on time? What other recourse does the finance company have?

#2 We were talking about mortgages, remember? The lender does not jack up your interest payments just because of a late payment.

#3 Interesting that you chose such an outlandish example, and one which changes the topic to illustrate your point.

[dengo8712]

1) It wasn't that a person chooses to "not pay on time" but is forced to due to circumstances in everyones lives, say a job loss

2) Mortgages and TV's still a fair example, but I could have used a house in stead, doesn't matter either way

3) Plenty of houses are very outlandish and are more then any person or family would need.

So come back with a real argument to my response to your poor critique of this.

[in2food]

And, by the way, your numbers are way off.

At those amounts you are talking about over $10,000 for a tv. Second the payments don't match the interest you cite.

And if an added $60 per month means you can't afford the loan you have no business buying that ridiculous TV in the first place. Again, personal responsibility.

But lets keep this about mortgages...

[NoticeOfDefault]

I understand an original note should be signed off in blue ink?

[cocoling722]

Great - informative - valuable.

Thank you.