Same 'Ol, Same 'Ol ...
And the homeowners still aren't figuring it out!
(NOT LEGAL ADVICE)— Which means this is the disclaimer … and why is that?
Because the legal profession of Crown, Esquire-licensed barristers (you know them as attorneys) circle the wagons when “the going gets tough”.
To their advantage however are the lies that everyone believes. Even those who choose to pursue foreclosure “defense” on their own still haven’t figured out the truth yet because of several rabbit holes they ran down (trying to chase the Mad Hatter) to their peril.
One such case is shown below:
In this case, the pro se litigant executed a promissory note in 2006 for a $28,000 loan from Sovereign Bank, secured by a second mortgage on their Rhode Island property.
And yes, MERS was involved (the “all things to all people folk”).
After a series of assignments in the land records, it was determined that the note was lost, but that loss was never disputed because the homeowner was ignorant to the real truth. The plaintiff filed a complaint against the homeowner in the Providence County Superior Court (among the Rhode Island courts that don't favor homeowners in trouble and love MERS-originated mortgages) claiming the homeowner defaulted and thus, sought foreclosure.
And here comes the rabbit hole …
The homeowners responded by arguing that under Rhode Island law and relevant precedent, only the party that lost the promissory note could enforce it and that the Plaintiff’s lack of possession of the note precluded foreclosure. The Plaintiff argued just the opposite, claiming it didn’t matter whether it possessed the Note.
And of course the Court (in its effed-up infinite wisdom) found no genuine issue of material fact and concluded the Plaintiff didn’t need the Note to foreclose.
The Rhode Island Supreme Court (of course) affirmed the lower court’s Order, agreeing with the non-possessory note issue; thus, in Rhode Island, as long as there’s an assignment of the Note, whether it is in the actual possession of the note holder, it doesn’t matter if the Note is lost or stolen.
Looks like someone’s going to be moving out of their home shortly. Imagine all of the equity they’re losing! All because they didn’t know the truth in the first place and thus, their arguments were misplaced.
And this is why we held Foreclosure Wars 2.0 … to get at the truth … and the truth is:
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