Who really owns the note? Who cares, right? Wrong. The United States Trustees care and increasingly Federal judges are starting to pay close attention to this key question that comes up in every foreclosure case and many bankruptcy cases. Just because the nominal plaintiff has the original note does not mean anything….if they claim the right to proceed, they must show some evidence of this right…click on the link below and get inside what’s really happening in this case….
This is just one example of the kind of Trustee dustups that are occurring all across the country as the bankruptcy trustees run headfirst into the morass that we’re all stuck in….should be interesting…..
I have for months insisted that people challenge the Florida Rules of Civil Procedure form 1.944 by commanding the plaintiff to prove ownership of the note. I have never seen any proof of ownership by anyone other than the maker. So I consider the note the chattel of the maker, and any profits made in securitization, sale of certificates, credit default swaps, or REMIC tax benefits the ill-gotten gains of unlawful, unauthorized conversion of the note to the assignee’s personal use. I believe the note maker has an excellent cause for a trover action to obtain all such profits