Washington State Residents: Urgent Call to Action
“If you live in Washington State, your assistance to pass legislation that will help resolve the illegal foreclosure crisis currently plaguing our state is URGENTLY NEEDED.
“The bills, SB 6070 and SB 6199 will make falsely claiming to be the beneficiary in a foreclosure filing a FELONY and requires that all Deeds of Trust and subsequent assignments be recorded in the county where the property is located. These reforms are urgently needed to protect our local homeowners from the criminal actions of the banksters – but we must ACT NOW! Please call (800) 562-6000 and ask your State Senator and Representative to support these bills.”
“In the mid-1990s, the giant banks created their own mortgage document registration service (called MERS) in order to bypass the registration services (and fees) that have always been provided by local registrars when debts were sold in the Secondary Market. In the process, they appear to have (in tens of millions of cases) legally separated the Promissory Note (the document you signed that said you owed money to a lender) from the Mortgage or Deed of Trust (the document that gave the lender the right to foreclose if you didn’t pay the debt created by the Promissory Note). When the legal separation of the Promissory Note and the Mortgage (or Deed of Trust) occurred, the legal ability of the new owner of the Promissory Note to foreclose may have been destroyed! Not only that, but the aggressive securitization of mortgage debt that led to the current economic crisis has resulted in the apparent loss of millions of original documents! And without the original documents showing a valid chain of title, no lender has the legal right to foreclose. Unfortunately they are doing it anyway – and in many instances they are forging documents to make it appear legal.
“Even worse (for those who are continuing to pay their mortgages and are not in foreclosure), the lender you are paying may have no legal ability to convey clear title to your home once you pay your loan off. The same conditions that preclude them from from legally foreclosing also preclude them from legally conveying title to you. If they cannot produce the documentation that proves they have the right to reconvey the title to you, your title may be clouded even though you did everything right.
“You have a right to demand that your lender produce the original documents. (Again, we are not lawyers – you should consult an attorney if you have any questions about how to proceed with this.)”