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16515Re: When GMAC goes bankrupt, Chapter 11 -- can a note holder recover his title?

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  • mn_chicago
    Dec 31, 2008
      --- In tips_and_tricks@yahoogroups.com, falconfield@... wrote:
      > The idea that you can get out of paying the note secured by a
      > mortgage becasue the mortgage banker is in Chapter 11 seems to
      > have no basis in reality.  GMAC runs into financial trouble and
      > you want to weasel out of making your payments just doesn't sit
      > right with me.

      Let's see, a "lender" takes the promissory note,
      signed by a borrower, and unlawfully converts
      that signed note into a negotiable instrument,
      sells it to raise the funds needed to fund the
      borrower's own loan, and charges interest for
      the borrower to borrow his/her own funds.

      What does the "lender" give for consideration?

      Zip, nada, zilch....a computerzied blip into an
      account created to facilitate this fraud...

      ...and someone you deem trying to "weasel" out of
      a fradulent transaction doesn't sit well with you?

      It must please you to no end to sit on a judgment
      fence and act as the arbiter to determine at
      whom you point your judgmental finger...three of
      which are pointing back at you, as it were.
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