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Defence

Defence

Make a bank substantiate clear chain of title for your mortgage.

If any link in the chain is questionable it could nullify a valid claim on the property by the lender.

A mortgage (the contract) outlines a transfer of an of an interest in the property, it is not, in itself a promise to pay the debt; instead it contains language that gives the lender the right to take the property if the borrower breaches the terms.

Read your contract and indenture!

The letter of offer, we think, ‘the instrument’, is set out with all the details of your loan, have a look at.

A promissory note is paying back a specified amount over a set period of time. The note goes to the lender and is held (or not) on its books as an asset.

The mortgage is a public record and by law must be recorded in the land registry office in the Four Courts.

Each time a Note is assigned, i.e. sold to another party the note itself must be endorsed with the name of the Notes new owner (we know this did not always happen, if it ever did). And here is the bombshell, each time the mortgage is assigned to another entity, it must be registered in the land registry.

Chain of title:

In order for a mortgage to be valid it must have what is known as perfection of chain of title. In other words there must be a clear unambiguous record of ownership from the time it was created to the present moment. Any lapse in that chain of title causes a defect in the instrument and makes it invalid.

So you are now armed with serious information, go use it.

If your mortgage was securitised and 99.9% were, it now belong to someone else, other than the bank and here is why people can redeem their mortgage even when they can walk into the bank with the money or another mortgage provider. That is because they don’t have the original paperwork and shoddy workmanship they have lost most of the paperwork or the trail of the paperwork.

So your mortgage belong to someone else, this is known as bifurcation, the deeds points to one party while the note points to another. (Carpenter V Longan) it was ruled that where a promissory note (Note) goes, a deed must also go.

In other words the Deed and Note can not be separated. If the Deed and Note has become defective, it renders the mortgage contract unenforceable.

Clear chain of title:

You may be able to demonstrate that a subsequent assignment has not been endorsed and this will be another defence.

It seems that it has been standard practice for banks to leave the assignment blank, this seems to have been accepted, the US supreme court ruled that “the blank assignment is not sufficient to claim perfection”.

Another point:

If you can prove securitisation or converted to stock then it is no longer a loan and can not be converted back!!! That means your mortgage no longer exists, instead of your bank insisting you have breached the contract as specified in the contract, you can now argue that the bank has actually destroyed that agreement.

Your loan is no longer enforceable, it is owned by many shareholders and a note is only enforceable in it entirety, ‘how can thousands of people possess (repossess) your home’.

So we are back to the same thing, show me the originals and show me the unbroken chain. Also it is now apparent, who is on your deeds, bank X, well bank Y can’t take it.

A lot of people have expressed a wish to help The Hub – Ireland but not shown up, so here is the call, ‘precedence’, go off and trawl the internet and find us the cases where the above chain of events has been exposed and won by a homeowner. We at The Hub – Ireland will put it to good use and start saving homes.