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Hello. The first and second are "secured" up to the current fair market value of the property. The lender will usually have a current appraisal done to establish value.
What effect would "securitization" have on the banks being able to prove they actually own the property or are entitled to payments?
My understanding is the original note must be produced, which through the securitization process, has been destroyed. If the original note must be produced, why do judges not follow the rule of law rather than making their own decisions about this? One may as well make copies of money and insist that the copies be honored as real money.
In the event the judge allows foreclosure without the original note, can this decision be appealed, and could a TRO be used as well?