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Termyn8or -> RE: Morgage information, I saw on a post here? (11/30/2009 12:21:01 PM)
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First of all, that is why it is so important to read what you sign. If your friend hadn't agreed to it in the beginning they couldn't do it. Also in the UCC there is a provision called option to accelerate at will. This applies to EVERY mortgage in this country. We are all at their mercy.
First of all to play you have to be willing to lose. What is done is done. I am having similar problems with credit cards raising rates, but unlike many people I have a big boot with which to kick them in the balls. The crux of the whole thing is this "How would you like to get no money at all instead". They were stupid to give me all that money because I am quite uncollectable.
The thread you are looking for I remember. It is not named right and might be hard to find but I remember it. The tactic used was based on the fact that the debt had been sold and they can't produce the original party to the contract. The debtor's stance is somewhat like "I never heard of them, how can I owe them anything ?". From what I gathered it worked a few times. It depends on a few things, when did the mortgage start, what is the wording in the original contract, what state is it in and a few other things.
To make this work at all, unless you have studied alot, you need an incredibly crooked and honest lawyer. Contradiction in terms ? Hell yes, you need to hire an oxymoron. They can be hard to find but they are out there.
Note that I haven't done this, only heard about it. It may come down to bringing the original agreement to court and noting the signature on it which is not your's. You ask "Are you this person ?". they can't lie and if they can't produce that person or their representative that opens the door. Note that also no matter what the court is going to be very hesitant about just giving you a house. You need to use a solid "base" in common and statutory law and force the court to rule in your favor. I don't think my lawyer could even do it. I would have to represent myself pro se.
But then we have the current economic climate. Things are changing and this probably coudn't happen at a better time. Courts will be looking for alternatives other than putting people on the street because right now, that's a hell of alot of people. But still you must be aware of and effectively use every trick in the book so to speak, they surely will.
I remember the thread you mentioned. It was not very aptly named, say a month or two ago. I wish I could find it, there were some cites in there that would be very useful.
The trick to the whole thing is not to be overwhelmed. You are David and they are Goliath. You are like the cartoon kitten in training and when sent to slay a mouse you find a kangaroo. But if ytou get ahold of that kangaroo's balls you can come out victorious with a bit of luck. That's where you stand. It is not easy, but it is not impossible. Best of luck.
T
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