Posted on 01/02/2013 2:01:13 PM PST by Neidermeyer
KIM v JPMORGAN CHASE BANK, NA .....
The Court of Appeals, DONOFRIO, P.J., and STEPHENS and RONAYNE KRAUSE, JJ., reversed, concluding that because defendant was not the original mortgagee and had acquired the loan by assignment rather than by operation of law, defendant was obligated under MCL 600.3204(3) to record the assignment of plaintiffs’ mortgage to it before foreclosing by advertisement. The Court of Appeals determined that defendant’s failure to record the assignment rendered the sheriff’s sale void ab initio. 295 Mich App 200 (2012). The Supreme Court granted defendant’s application for leave to appeal. 491 Mich 915 (2012). In an opinion by Justice MARILYN KELLY, joined by Justices CAVANAGH,MARKMAN, and HATHAWAY, the Supreme Court held: When a subsequent mortgagee acquires an interest in a mortgage through a voluntary purchase agreement with the FDIC, the mortgage has not been acquired by operation of law and that subsequent mortgagee must comply with the provisions of MCL 600.3204 and record the assignment of the mortgage before foreclosing on the mortgage by advertisement. Any defect or irregularity in a foreclosure proceeding results in a foreclosure that is voidable, not void ab initio.
(Excerpt) Read more at courts.michigan.gov ...
If you know that you have not been paying your mortgage, at the monthly contractural price that you signed for, who cares who owns the paper. You know that you haven't paid your debt, and the holder of the paper can assert the rights that you originally agreed to.
The language that you signed up for is to promise to pay XYZ, “or their assigns, or successors”.
We had WAMU at some point. How do I find out more?
Wishful thinking on someone's part leads to a misleading headline.
Someone should apply for a job with CBS.
(Hint. It is the foreclosure, not the mortgage, that is voidable.) Should be fairly easy to cure - just record an assignment prior to completing the re-foreclosure. Of course, someone's hand is going to get very tired.
One of the goals of the Marxists is to invalidate contract law. Credit will then become unavailable.
so obvious
i wish i thought of this
just record an assignment prior to completing the re-foreclosure.
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NEGATIVE , This is not “wishful thinking” , WAMU , a defunct org cannot execute an assignment of any kind and NEITHER CAN CHASE as Chase never bought the notes they have no standing to execute an assignment or foreclose ..
You’re not seeing the big picture here.
the holder of the paper can assert the rights that you originally agreed to.
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NEGATIVE , MUST BE Holder and Owner ,,, just holding doesn’t give standing.. especially when it is public record that the “holder” paid nothing for the notes .. no consideration=not a valid sale ,, no standing ..
TRY AGAIN with a valid argument.
Those justices should be hung!!!
Pay your mortgage or get the hell out of the house!!!
One of the goals of the Marxists is to invalidate contract law. Credit will then become unavailable.
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AGREED , the BANKS have been working to invalidate contract law for about 20 years ,, time we started enforcing the law .. FRiend. This is how we get sanity back into the USA.
Ah, so who are the FReeper chumps who are actually paying your mortgage?
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My mortgage was “paid in Full” years ago... This is a “rule of law” thread ,, and the banks which have been abusing the law for years finally took a body blow ... this is the beginning of a series of rulings that means they will have to actually start FOLLOWING THE LAW.
those who took out mortgages still owe what they borrowed
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YES , but to whom? There is no record of any sale or transfer ,, some mortgages have been traced to having been sold over 600 times (not a typo).
Unless those foreclosed upon can prove that they were in compliance with the major terms of the mortgage...including all the repayments terms...they should not get the houses back or any other form of compensation.
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That is putting things upside down , it’s not up to the borrower to prove innocence , the foreclosing party should show where the monies went ,, funny ,, none of them can ever come up with simple documents that were previously (prior to about 1995) ALWAYS included in the evidence presented when a bank filed for foreclosure , NONE OF THEM CAN.
This ruling states that contract is binding upon both parties. Do you disagree?
How would you like for a party with whom you’ve never contracted to try to force you out of your house via judicial foreclosure process?
It’s happened in at least one instance to people in a paid off house.
That said, nonpayment of the note has clearly defined consequences, terms of which are spelled out in the contract.
The party with legal right to enforce terms can and should foreclose. Parties without such legal right cannot and are committing fraud. Prosecute the fraud just as surely as foreclosure is pursued.
who cares who owns the paper.
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OK THEN , I will file foreclosure on you with faked documents stating I own the note and you haven’t paid me.. the courts will accept everything I say as fact and you will be in the street in 30 days.. sounds fair to me.
What can you contest ,, ownership transfer of the notes aren’t documented , you certainly can’t show cancelled checks made out to me ..
Assuming you pay off your mortgage ... how many people are receiving a RECORDED SATISFACTION stating that it’s paid off? NOBODY !! because the banks CAN’T ISSUE ONE , They no longer own SQUAT. I know of people that have paid off mortgages who were foreclosed upon by other 3rd parties who claimed to own the note. HAPPENS DAILY with the mess the banks created with their FRAUD.
We had WAMU at some point. How do I find out more?
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This will be discussed more ,, has been a point of discusson for at least 5 years but on FR it is always the “think they knows” fighting for MORE AND BIGGER BANK FRAUD as if that’s a good thing and not what sank our economy.
Three good sites for information are:
http://mattweidnerlaw.com/blog/
http://livinglies.wordpress.com/
The language that you signed up for is to promise to pay XYZ, “or their assigns, or successors”.
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YES and the notes were sold (read as “Paid in Full”) to Wall Street who then consolidated the income streams to make a security (the mortgages no longer exist at this point).
When no “ASSIGNS or SUCCESSORS” are able to be proven as the note was paid/destroyed and no assignments , assumptions or sales EVER took place and are not documented and nobody can show with a simple receipt that a sale took place ... To whom do you make your payments? Whoever it is CAN NEVER GIVE YOU A “SATISFACTION” in return when you make that last payment ...
Just because you paid “someone” is not proof of paying. If the note holder did not credit payment you will be foreclosed. Not a judge to help you. The “note” is a bearer instrument well defined in law. Showing cancelled checks to wrong party is no defense.
This happens a lot more than people think. Chase tried to pull this on us just once--fortunately, my sis is my insurance agent and notified me immediately that my annual hadn't been paid. Now, when I receive a copy of my insurance premium notice every January, I set up a three-way phone call between Chase,, Farm Bureau, and myself. None of us hang up until the payment has been electronically sent and received. Takes about 20 minutes. Each year Chase tells me it's not necessary to do this, and each year I tell Chase that I don't trust them at all. Can't wait to have the damn mortgage paid off!
My attorney showed Wells Fargo that he could prove that I had been paying the insurance as part of my mortgage payment and that the insurance company could show that they had no record of Wells Fargo paying them.
Wells Fargo apparently figured it would be cheaper to cut a check than fight me in court while getting some bad PR and sent a claims adjuster out to cut me a check for $20 grand, 10 of it I used for repairs and the other 10 paid off the remainder of my mortgage.
fraud in the factum.
If the transaction was born in fraud it is void not just voidable.
the apraisal was knowingly manipulated in order to induce fraud in the application process.
If the house was valued properly, would consideration to the promissory note resale profit, then the price would have been lower.
Remember the product was NOT the real estate, the product was the paper. The land and buyer were mere collateral damage.
but the transfers were never recorded as required by law. the note and mortage are two seperate documents. The motgage is just what ties the note to the land.
if banks actually followed the recording law the amound of doc stamp revenue would be enormous.
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