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Claim in Recoupment

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  • scotchman
    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
    Message 1 of 2 , Feb 3, 2007
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      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
      Note!

      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...
    • Michael Noonan
      ... You may want to consider breach of contract against the original lender, but make sure you know the GAAP procedures and that you have pertinent copies from
      Message 2 of 2 , Feb 7, 2007
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        --- scotchman <al2lbh@...> wrote:

        > 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
        > Note!

        You may want to consider breach of contract against
        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.

        Cheers!

        mn



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