Foreclosure Hamlet

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The loans are unenforceable! Once they separate the note from the deed of trust

they thought the law would support them...but they were wrong.

This is about bifurcation of note to the bank for the first deed of trust. That is what secures the loan to the house.

This problem is systemic and vast! The banks have been doing this shell game with the notes they have snapped up and jumbled into bonds that are sold as assets on Wall Street to investors. It separates the note from the deed of trust which makes the loan unenforceable.... in other words, they cannot legally foreclose because of BIFURCATION of the note. It's a legal nightmare and it will make any loans affected totally null and void. If they want the homeowner to continue payment, they'll need them to sign NEW DOCS and reaffirm their note. They will need to act quickly before everyone knows and decides to stop payment on their unenforceable loans.

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Comment by Sandy Lynn on October 20, 2010 at 3:09pm
Please let me know what you think about this article (2003). It seems to me to negate the unsecured debt claims and dilutes any "produce the note" argument. I so much want that idea to be the legal truth, but if this is the correct legal interpretation of MERS and bifurcation under the UCC, we are barking up the wrong tree.

The last part, summing up a brain-numbing (to me) expository, seems to say that the note and the mortgage are deemed inextricably entwined. This was posted in 2003, so maybe this has been knocked down by now.


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