Financial facts that you need to know!
Research is important
I research about 60-70 hours per week, and it has been very beneficial to my cause. During my research I have found very important information, to protect myself from the Lenders.
In February of 2009, I was emotionally stressed, when I received my Liz Pen dens. I only read the fist page, and filed it in the pile of files I have accumulated. I was researching, one evening and found a web site that explained "provide the note".
I rushed to my organized files, and read the Liz Pen dens. I was shocked to read the paragraph that this Lender, was asking the court to take my house, and they admitted that they did not have, or did know, where the original mortgage note was , or if It was destroyed. Legally this Lender has no rights to foreclose or receive any money from the sale of my property.
Servicing Rights Only
Reading my files for 8 hours I find that the original Lender, gave the servicing rights only to the second lender, who was seized by the Federal Government. The second lender gave the servicing rights to the third lender, and the third lender gave the servicing rights to the fourth lender.
The Lender finds out that the Judge will not allow a foreclosure with out a original mortgage note, so six months later, a Affidavit is produced by Lender number one, and filed with the court. The affidavit filed and dated, is phony. I have found written proof, that on that date the Lender only had servicing rights.
I now submit a document to produce the note and a letter to the court, that I want the original note to be produced, as stated in Florida law. I have the right to know that the Lender is the actual Lender of record, and that they have the right to collect any monies. I have been paying Lenders that may not have been entittled to any payments. I read about GMAC sending back payments made to them from their mortgage holders, and that is probably why the payments were sent back.
None of the Lenders have the original Mortgage Note, I have the only copy, and after more research I finally understand why the Lender had my loan type, my payment options and information wrong, because they had no note.
I also found that if I were given debt foregiveness, which I requested, because none of the Lenders, in my opinion have any legal right to collect any money, either from a foreclosure, or monthly payments on the loan and note that they do not have, the amount of the foregiveness can count as income.
The IRS, and their website at www.irs.gov is very helpful, because if a person is insolvent, meaning their liabilities exceed their assets, they can claim a exclusion, form 982. I have spent the next 8 hours listing all my debts, account numbers, current amount due with all charges as well as the actual amount that was due, the last time I made a payment, and the total amount of exclusions.
Credit Card Companies
Many years ago a credit card company, when not paid would sell their debt to collection companies. The credit card companies made money off unpaid debt, as they still do. Today there are new rules. Creditors that agree to settle less than $ 600.00 off the original balance, or if they charge off the account will send you a 1099C. The amount listed in the 1099C will be counted as your income. Unless you have the IRS exclusion. The credit card companies can write the debt off their books, for tax credit and also apply it to your income as a debt forgiveness.
The knock on the door, and what a surprise, you are being served a summons. This need not be a surprise if you check your Court of the Clerk website, where you live. The filing is all public record. I was waiting for the last guy to show up last week. I sign and accept them all. I also knew that this companies, case had been thrown out of court at least 25 times since they filed. I could not read why, but it was a good indication that their claim was bogus.
I read the summons from a bank that I never had any credit card from, that may have purchased bad debt, when our government paid them to buy all the bad debt, and the summons was very poorly written. There was no valid information contained in this summons to identify any valid claim. There is a 20 day time period, and they hope that you ignore them so they can go to court and have a judgement placed.
When you do respond, and send them a form for them to produce the original signed agreement, that may end the case the mistake the first time of not reading my State law of civil procedure, to know exactly what to ask for, and what to submit. After the correct submission, you may hear nothing, and they sneak into court to file a final summary judgement, which usually has a inflated monetary amount listed.
Final Summary Judgement
Research has taught me that the final summary judgement, could stay the way it is or not. I have found that in The State of Florida, the creditor next needs to file a writ of execution, or a judgement lien certificate. Usually the creditor, meaning their lawyer will hire a company to do an asset search. In my case, they would find real estate, in the process of foreclosure, an dno other assets. The creditor may stop, or continue with the writ of execution. According to The State Of Florida Title VI Chpt 77.041 I would be considered judgement proof, or execution proof, being broke insulates you from the execution of collecting the judgement.
Garnishments and Bank Levy
If you keep a constant search of your public records, daily, you will see if the creditor has files a writ of execution. The person is suppose to have a copy of the garnishments. However the creditors like to find your bank, or banks and freeze the accounts before you have any notice. Each State has rules regarding what types of income can be garnished, but it appears that the creditors take what ever is available, and you ahve to fight to get it back. It would be wiser to figure a way to keep your money out of the banking system.
I am not saying that I, or any one else is not responsible or accountable for their own financial actions. I have asked, I have applied to the debt consolidation companies, and before I stopped paying, I contacted all the companies. I asked for the interest rates to be lowered,that were raised as high as 35 percent on paid, current acocunts, that had no late payments. I was told too bad.
My situation was due to two unexpected medical surgeries, and a large employer that closed down with a 30 day notice. I was so busy working that I had no idea about the state of the crashing economy.
Survival Of The Fitest
I was taught, 47 years ago, by my science teacher, Mr. Quad, about survival of the fitest. I have never forgotten his teachings. I share what I know, and what I have with others in need. I will survive because I can, I will learn, because I know how to learn, I will succeed because I am intelligent. I will not be influenced by the negativity of others. I will not be exploited or used or brain washed. I expect to recover and will fight for my rights.
The struggle will be long and hard, but every day is a new day, with new possibilities. Laughter is the best medicine, we must all pull together as there is strength in unity.
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