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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31658
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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If, in ch7 bk, I claim the 1st mtg. is unsecured because of

Customer Question

If, in ch7 bk, I claim the 1st mtg. is unsecured because of the securitization process, what must the bank present, as proof, that the 1st mtg. is secured and they have the right to foreclose?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

The bank has to produce a promissory note and deed of trust that you signed. If there is proof that these documents were signed by you, the lien should be validated against the collateral listed in the loan documents.
Customer: replied 5 years ago.
Does the bank need to present the original docs. or copies? My understanding is through the securitization process all original docs. are destroyed, and the note and DOT are converted to bonds which are sold on Wall Street. I am concerned with Holder and Standing issues.
Expert:  Roger replied 5 years ago.

Copies are generally accepted and can be introduced as evidence in court. The only time originals are required is when there is a question regarding authenticity or the correctness of the documents. For instance, if you challenged whether or not you signed the documents, the originals would be preferred but not required if a forensic document examiner were required to do an examination of your signature, etc.


I do not think that original documents are ever destroyed until the loan is paid off.

Customer: replied 5 years ago.
I had hoped for an attorney more knowledgeable about MERS and the other aspects of the Securitization process. Can this be forwarded to a different attorney?
Expert:  Roger replied 5 years ago.

Most of my practice is dedicated to bankruptcy litigation and I'm a BV rated Martindale-Hubbell litigation attorney and also a Super Lawyer in the areas of real estate and bankruptcy.


I am comfortable with the questions posed and subject matter. Your initial question was about what proof was required to validate a loan, and I think that's been answered.


I haven't seen a question about MERS, which is a private company - not a branch of the government - that simply created a database to keep up with loans, owners of those loans, transfers from one lender to another, etc.


Nevertheless, I'll be glad to opt out and allow someone else to assist you.


Good luck.

Roger and other Bankruptcy Law Specialists are ready to help you
Expert:  Roger replied 5 years ago.

The question is open....


Have a good night.

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