Arizona Produce the Note in a bankruptcy Court?
phoenix bk attorney
There are a good number of cases (i.e. legal precedent) that come from bankruptcy courts that demand that “lenders” and beneficiaries who wish to assert their secured creditor status in a bankruptcy court, or to lift the automatic stay provided by a bankruptcy filing, that these entities do not get a free pass (like they do in non-judicial foreclosure sales) and are forced to provide documentation proving they are a “creditor,” (hold the note/assignments/endorsement) and where truth in lending rescission claims exist, that they are a “secured” creditor. Issues of “standing” (a constitutional question) and “real party in interest” also are raised in these types of proceedings.
You should never resort to a bankruptcy court to file a “produce the note” claim, but where you have legitimate unsecured debt that you wish to have discharged per Chapter 7 BK rules, and where you have a MERS loan, and other irregularities in your deed of trust, substitution of trustee, etc., these issues should be looked at with a fine tooth comb. You may have grounds to file an adversary proceeding (which is a mini lawsuit in a bankruptcy court) to make appropriate legal challenges. Visit our website at www.AdversaryProceeding.com for more information.
Indeed, all roads may lead to bankruptcy where MERS, the lenders, loan servicers, and Trustees of Securitized trusts refuse to share the bailout wealth.
The bankruptcy court may be the “court of last resort” for certain homeowners who fit the criteria for a Chapter 7 filing, meet the means test, have valid issues over the ownership of their loan, and/or have valid truth in lending (TILA) claims that raise extended three year rights to rescind, with the possibility of tender.
These are complicated issues not left to a broker or “attorney backed” loan modification company. Time is of the essence and statutes of limitations are always in effect. For more information contact us at (877) 276-5084.
YOU CAN ALSO VISIT OUR ARIZONA BANKRUPTCY RESOURCE CENTER AT WWW.ARIZONABANKRUPTCYRESOURCECENTER.COM
Just trying to help everyone understand securitized loans, CDO’s, Mortgage backed securities, produce the note, deed of trust assignments, possession and endorsement of the promissory note, prove they are a creditor, etc., in a Chapter 7 bankruptcy setting. Thanks for you comments.
I try to talk about foreclosure issues in laymans terms so people can try to understand what can sometimes be complex issues to deal with in regard to foreclosure defense and bankruptcy.