Claim in Recoupment
- Can anyone tell me where to file a "claim of
recoupment" on a mortgage per UCC 3-305 against a
"lender" that deposited a Mortgage (Promissory) Note?
The "deposit stamp" of the Mtg.Co. is on page 3 of the
By depositing the Note (an asset of the
originators/makers of the note)by the Mtg. Co., the
loan, which had not yet been advanced to mortgagors by
the mortgage company, was paid therefore there cannot
be a "holder-in-due-course" of the Note if it has
already been paid. To be a "holder-in-due-course" of
the note, the note must be held by the lender until
the note is paid off by the borrower and returned to
the borrower. Depositing the note,in effect, cancels
the note because the lender has just been paid (cash
receipts for the deposit) and no "receipt" for the
deposit was ever given to the borrower. The Mtg. Co.
must follow GAAP, as do all banks, and show a
corresponding "liability" for the "asset" (note) they
deposited. That liability is money the bank OWES to
borrowers for their asset that was deposited.
As soon as the Note was deposited, the balance due on
the Note was ZERO. However, the mtg. co. sold the
note and the transferee/assignee of the note carries
the note on their books as an "account receivable" to
be collected from mortgagor and thinking they are the
"holder-in-due-course" of the Note, which is
impossible. However, the assignee, thinking that they
are the "holder-in-due-course" of the note, file a
foreclosure on the mortgagors when the mortgagors fail
to make the payments. The transferee/assignee is not
aware and does not see the "liability" owed by the
original "lender" who deposited the note because it
was entered onto another entities balance sheet. This
"off-balance-sheet" financing is illegal and a fraud
but common with banks who sell mortgages and notes to
investors as securities.
The Assignee, or new possessor of the Note, has no
security interest in the note and cannot claim
foreclosure on the note because it is not the
"holder-in-due-course". The note has already been
paid. Mortgagors want their money back that was
deposited by the original mortgage bank.
- --- scotchman <al2lbh@...> wrote:
> Can anyone tell me where to file a "claim ofYou may want to consider breach of contract against
> recoupment" on a mortgage per UCC 3-305 against a
> "lender" that deposited a Mortgage (Promissory)
> The "deposit stamp" of the Mtg.Co. is on page 3 of
the original lender, but make sure you know the
GAAP procedures and that you have pertinent copies
from the Federal Reserve, such as "Modern Money
Mechanics," p 6, which explains how banks create
money based on deposits...deposits like EVERY note
signed by EVERY mortgagor in this country.
The deposit of your promissory note was not a part of
the contract. You also need to demand to inspect the
ORIGINAL contract from the lender.
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