For all who are facing foreclosure with these companies and their affiliates. Upon receipt of foreclosure papers I noticed that the company had claimed to have misplaced, lost or destroyed the (Note). The more I thought about this the more wrong this seemed so I did a little research. Keep in mind that the mortgage company had already illegally filed twice before. Of course they will not work towards a solution other than foreclosure even though they had signed a contract with ESOP stating otherwise. Strange how they can breach their end of deal with no reprocussions.
Anyhow merely googling foreclosure and lost notes I had the answer I needed. Multiple case are being thrown out of court by judges who recognize that the company cannot prove ownership if it can't produce the original (Note). The (Note) is the legal promissory note one signs when they get their mortgage.
There is only ever one (Note) signed over the life of a loan regardless how many times the (Note) is sold.
Deutsche Bank and its affiliates are at the top of the ladder when it comes to losing these notes. Mass purchasing of mortgages between the years 2003 and 2006 led to a lot of shortcuts including the failure to obtain proper documents. The documents that they did obtain they did not wish to store because the storage fee was over $45,000.00 a month to do so. Oh cry me a river, as it is so sad that a company who makes billions off of those with sleezy tactics finds a dollar amount asscociated with business a waste ot time.
So please everyone out on ripoff check your papers carefully. IF THE NOTE IS LOST THEY CAN'T PROVE THEY OWN IT This means they cannont foreclose. Good Luck to all.
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