Posts Tagged ‘endorsement’
A Brilliant Appeal That Details The Differences Between Endorsement of Note and Assignment of Mortgage
Author: Matthew D. Weidner, Esq.
Too many practitioners lose site of the fact that a foreclosure case is based on two separate and distinct documents, the Promissory Note or the agreement to repay an amount borrowed and the Mortgage which secures that promise against the piece of property. Both documents are separate and each has its own distinct set of rules that govern how they are exchanged between parties from closing of the loan transaction until a foreclosure is filed. These same distinct set of rules govern how the documents are presented and entered into evidence in the actual foreclosure case.
Quite simply, one set of rules applies to the Note part of the foreclosure equation and an entirely different set applies to the mortgage component. Understanding these rules is a key component in drafting Motions to Dismiss and fighting Summary Judgment. Thanks to Foreclosure Fraud Fighter George Gingo for “sharing with the class”. For an excellent foreclosure defense attorney in the Brevard/321 area, contact George directly at ggingo@yahoo.com.
Read the following appeal for an excellent discussion of these issues along with all relevant case law. taylorappeal
Foreclosure Case Killer!- An Allonge Is Not Admissable Evidence of Bank’s Ownership
Author: Matthew D. Weidner, Esq.
Across the country, banks are attaching “allonges” to original promissory notes, then using the attached allonge to allege their ownership of the note and their standing to foreclose.
The problem for the banks is an allonge is only supposed to be used when there is not sufficient blank space on the front or the back of the original note to stamp a “wet” endorsement on the face of that original document to transfer ownership from the lender whose name appears on the face of the note to the next holder of the note.
Attached here is a Motion to Dismiss I just filed which includes all the relevant research from across the United States that pertains to the use of allonges. It is fascinating to consider that allonges are being used perhaps millions of times across the country in support of bank’s efforts to foreclose on homes when the use of allonges in many of these cases may not be supported by the law or the facts of the case.
I publish this Motion and challenge attorneys, advocates, academics and any interested party to weigh in on the issue…if anyone can find proper legal justification for the widespread use (misuse) of allonges that currently exists in mortgage foreclosure cases, please send me information and correct me…having said that, I don’t expect that any contrary case law exists.
As we’ve learned from depositions taken of Angela Nolan (her full deposition here) and other Robo Signers, allonges are being produced by word processors and not signed by hand (as they are supposed to be). The original note is not even in possession of the party when the alleged allonge is created and the allonge is merely stapled or affixed at some later date. All of this violates the intent and purpose of original “wet” endorsements on the face of the documents which are intended to be a permanent record of a negotiable instrument’s chain of title.
Examine all documents carefully, and challenge the authenticity of everything….this issue is begging for an appellate court decision!
