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 ...
Don’t let your desire for Obama ‘free stuff’ cloud your thinking ability.
Yes, WAMU can’t execute an assignment.
Yes, Chase can’t execute an assignment.
BUT, the Receiver CAN execute an assignment. Read the part again about the FDIC taking the loan by operation of law.
As to whether Chase bought this loan from the FDIC, I haven’t read the agreement between the FDIC and Chase, and I suspect that you haven’t, either.
Read the part again about the FDIC taking the loan by operation of law.
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BOGUS! , the verbiage “by operation of law” is one of those nebulous terms used when there is no clear argument ... these “loans” no longer existed the minute they were used to create the certificates/securities , therefore they cannot be receivables and there can be no transfer no matter how much you want it to happen ... read up on UCC3 and UCC9 .
...................To whom do you make your payments? Whoever it is CAN NEVER GIVE YOU A “SATISFACTION” in return when you make that last payment ..............
Maybe I’m a simpleton! But, if you can show cancelled checks, or drafts, that you have paid your mortgage debt to a holder of record on time and in the proper amounts, you countersue the current foreclosure agent showing him that you are paid up to date, and then let the note parties work it out amongst themselves.
I believe that everyone that has been foreclosed upon during the past decade fiasco knows that they have either paid their obligation, or have not paid. No pay, no excuses!
WAMU declared me in default, and was going to foreclose, and a few nasty letters between the CEO’s office and myself, along with copies of my cancelled checks finally cleared up their problem after four months of go around.
Then, the next month they made another posting error, and they started off the bullshit once again.
Read the part again about the FDIC taking the loan by operation of law.
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From a lawyer well versed in this case ..
Chase clearly has a problem, as set forth in the recent Michigan Supreme Court decision. There is no “operation of law” by which the loan could have been transferred. The purchase and assumption agreement do not transfer the loans —- especially and obviously the loans that WAMU had already sold. The FDIC receiver has stated that no document exists assigning the loans. And no document exists that gives Chase the right to service the loans, but that would probably not be a strong point. If they assert agency for servicing and everyone accepted the assertion by conduct, it would be hard to achieve anything attacking their status as a servicer. But that doesn’t mean they are a creditor.
Without an assignment, the loan, even if the loan documents are valid (highly questionable), would still be in the estate of WAMU, which technically doesn’t exist unless something is reopened — the receivership, the bankruptcy etc. What is required here is clarity on who the principal is since Chase cannot claim subrogation without showing proof of payment, which they don’t have.
(more) http://livinglies.wordpress.com/2013/01/04/chase-reliance-on-bogus-affidavit-and-operation-of-law/
Then, the next month they made another posting error, and they started off the bullshit once again.
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These errors occur because the supposed lender is usually only acting as a servicer and has no real idea what is expected as far as payment on each loan by the Master Servicer who is usually the Wall Street “bank” that created the security that they sold shares in. WAMU sold everything into securitization .. Noob1999 you don’t have a loan with WAMU (or Chase) , it was destroyed as an operation of creating the certificates sold. You are still being used as a cash cow despite the fact that your obligation was extinguished. You will NEVER NEVER NEVER get clear title on that property. Why are you making RENT payments on it ?
.............You will NEVER NEVER NEVER get clear title on that property. Why are you making RENT payments on it ..........
I got clear title the next month after the beginning re-foreclosure fiasco, when I refinanced with another bank - and WAMU filed the required UC3 releasing all leins, along with an apology from the CEO of WAMU for his organizations mishandling of my jumbo mortgage.
.............You will NEVER NEVER NEVER get clear title on that property. Why are you making RENT payments on it ..........
I got clear title the next month after the beginning re-foreclosure fiasco, when I refinanced with another bank - and WAMU filed the required UCC3 releasing all leins, along with an apology from the CEO of WAMU for his organizations mishandling of my jumbo mortgage.
Your 'expert' probably needs to check again if he thinks the WAMU receivership has been terminated.
I'd be surprised if the loans were in the holding company rather than the savings and loan, but given how that place was being run, anything is possible. As for whether they were sold; that should be easy. Just look for an assignment out of WAMU or the receiver.
Neidermeyer,
Surely you have some sort of a vested interest in these inter-banking transactions, or, have a serious distrust of the banking industry.
I’m a simpleton! If a mortgage holder can submit proof that
they made payment to a lender of record, any lender of record, of their mortgage; on a timely basis and in the correct monthly amount, there is absolutely no reason why that borrower should go into foreclosure proceedings.
Let the paper-holders fight it out amongst themselves. All this bull-shit of accessing fines to all these banks for improper paperwork clearing, leading to client foreclosures,
is just that, bull-shit.
A borrower knows whether he made mortgage payments or not. The rest of the banking clearance procedures is all intercompany bullshit!!
Every banking transaction spells out the full disclosure as to who owns the receivables and the payables. If there’s a problem, and the borrower has the loan documentation, let the big boys duke it out!
But, if the borrower hasn’t paid, then its a question who can foreclose, not if they can foreclose. To the borrower it makes no difference if they have not kept current with signed documents. They know they are in arrears!
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The problem is the “holder” no longer has an interest in the note , the notes don’t exist after the sale to the investor and conversion to certificates. You are putting things backwards , making the accused prove innocence, when the accuser sold off and was paid for the note,,, they’ve ALREADY BEEN PAID ,, and they want you to pay again.
I don’t trust the Wall Street Banks because I have seen them get caught time after time in this deception and not been punished. This ISN’T A THEORY , THIS IS MASSIVE FRAUD. AND THAT MULTI-TRILLION DOLLAR FRAUD is sinking our economy... and halting economic activity as nobody trusts the “system” anymore as FRAUD is rewarded at the end of a gun (the courts). Just look at the “LIBOR” scandal , cost people at least $10Trillion ,, IS ANYONE BEING PUNISHED IN A MEANINGFUL WAY?
They have avoided (for the most part) fights with the investors (pension funds and such) that bought the certificates by NOT ASSIGNING / TRANSFERRING the notes as required by law AND BY THE AGREEMENTS THEY HAVE WITH THE INVESTORS. By doing so they have with the help of the courts RETAINED POWER to foreclose and keep the assets (the “FREE HOUSE” they foreclose upon , WHICH IS ALREADY PAID IN FULL) for themselves.
Every banking transaction spells out the full disclosure as to who owns the receivables and the payables. If there’s a problem, and the borrower has the loan documentation, let the big boys duke it out!
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When creating the certificates from the note pool the rules of NY state (or Delaware) restrict the investors from investigating unless they own (or gather together a large portion from seperate investors) ,, as these were multi-billion$$$ certificate issues and the banks always made sure to sell off chunks to diverse buyers the investors that are HOLDING AN EMPTY BAG are powerless to investigate and sue. They just take their losses.
Foreclosure is not an operation of law to create Possession…The party wishing to foreclose must already have Possession at the onset of their fc suit and they don’t…..rights of a holder or a holder in due course go out the window upon presentment of copies of unindorsed notes…..they must then prove at the onset how the security was created or there is no case…
Did you get your original Note back stamped canceled? If not, the bank is free to sell it forward to someone else which is exactly what they are doing (or putting that Note into another active Trust)
If your mortgage note was securitized into a mortgage-backed security and transferred (unlikely) to a Trust, then go to the SEC site and get the Prospectus for that Trust. One of the sections in the prospectus states that the “funds from the investors will be used to BUY the mortgage notes”. Therefore, the investors paid for the NOTES and none of the banks have skin in the game, so to speak. If you can’t find your Trust number, chances are the that Trust has been paid down and is no longer active.
That judge should be shot!
“May more of this collateral fraud be exposed.”
The fraud is the person not paying their mortgage!
Not paying an obligation is a moral issue.
Preparing fraudulent assignments of mortgages, recording fraudulent assignments at the recorder of deeds, perjury in courts by the bank employees, signing of documents by bank employees who impersonate themselves as Vice Presidents of other banks, reproducing “notes” using a photo-shopped blue ink signature and presenting that phony paperwork to the court——that’s criminal.
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