90 Day Take Back Program – Pt.1

Posted by revolt | The "90 Day Take Back Program" Pt. 1 | Friday 23 April 2010 6:42 pm

The 90 Day Take Back Program – Mortgage Education (Excerpt)

If you could legally own your home free and clear of your current mortgages within six months, would you be willing to devote a few hours of your time to verify this claim?

PART I: Fraudulent Inducement of a Loan

The purpose of this essay is to disclose the fact that most residential mortgages are fraudulent and can be nullified, and if nullified, would result in the homeowner owning the property free and clear of any mortgage.

When you apply for a loan to purchase a home, you are intentionally deceived into thinking your mortgage lender has loaned you their money, and they will suffer a loss if you fail to repay the loan.  Nothing could be farther from the truth!

The truth is your lender, hereafter referred to as “bank”, or “the bank,” has not put any of their own money at risk during the creation of a mortgage. Rather, the bank fraudulently creates money during the real estate closing transaction in order to pay off the seller, and in the process, the bank deceives you into letting them hold title to the property (the Deed) in an attempt to ensure your timely and very profitable repayments. Such instances of fraud are not only common in most real estate transactions, but they are so complex that the banks are rarely confronted on the matter.

While there are a number of instances of fraud that occur in the average residential real estate loan transaction, this essay focuses on a single category of fraud that deals specifically with what is know as a Promissory Note. Simply put, a Promissory Note is a promise by one party to repay another. A Promissory Note is not money, and its only value is in the ability of the promising party to repay the Note, or in the asset that backs or secures the Note.

In a real estate transaction, the homeowner issues a Promissory Note to the bank, promising to repay the home loan the bank has allegedly issued to them. Since most homeowners do not have sufficient cash to secure the Promissory Note, the bank protects their interests by securing the Note with the property the loan is allegedly being issued to purchase. By doing so, if the homeowner fails to repay the Promissory Note, the bank can seize the property from the homeowner through foreclosure and use the value of the property to offset the Promissory Note (i.e. to regain the value of the money the bank allegedly lent the homeowner).

On the surface this appears to make perfect sense. If the bank loaned you money to purchase a home, then you have an obligation to repay the loan. If you are unable to repay it, the bank is at risk of suffering a loss, and the bank should be able to recoup the balance of their loan by foreclosing on the property and selling it.

However, what if the bank never lent you any money in the first place? What if the bank fraudulently created money during the real estate closing transaction in order to create profits for itself? What if the bank deceived you into transferring the Deed to the real estate property into their name so that the bank would have the right to foreclose on the property, even though they never actually put any of their own money at risk? What if all of this could be proven under Federal Law, and if the same Federal Law specifically provided you the legal remedy to nullify the alleged mortgage and reconvey the property back into your name? The answers to those questions are the further substance of this essay.

It has been stated that a Promissory Note is a promise to repay, and is not in and of itself money or a cash equivalent. For example, if I were to issue you a Promissory Note to repay you for theater tickets you purchased on my behalf, you would not be able to cash in that Promissory Note for additional theater tickets or deposit it into your bank account for its promised cash equivalent value. That is not the case when it comes to the “rules” the banks play by, and this particular point is critical in understanding the root of the bank’s initial fraud.

The bank treats the Promissory Note you sign at your real estate closing as if it were a cashier’s check.  Meaning, the bank fraudulently converts that Promissory Note from a promise to repay, to the equivalent of a deposit check, and in doing so, converts the Note into cash. At the closing, “For Deposit Only” is stamped on the back of your Note and it is deposited into a checking account, known as a “transaction account.” This transaction account is actually in your name and legally any money in that account is your money. But the bank never tells you this. (Click here to view a Promissory Note that contains the “Pay To The Order Of – Without Recourse – Bank” stamp – evidence of the Note being converted into a cash deposit ).

A journal entry is made recording your payment to the bank (as if you deposited cash) for the amount of the Note and a check is written from the transaction account to the seller of the property.  As the buyer or purchaser of the property, you spend the next 30 years making “principal” payments, plus interest, to the bank in repayment for what you have been led to believe was a “loan” from them.

In reality the bank never lent you any money, especially not any of their own money. Every dollar of your hard earned money that you pay to the bank is not repayment of a loan, but pure profit to the bank, since the bank never put any of their own money at risk. Instead, the bank fraudulently converted your Promissory Note into cash to pay off the seller, and in the process, deceived you into the alleged obligation to repay the bank the full value of the alleged loan, plus interest. A very profitable transaction indeed, but also one that is based on fraud, and which by Federal Law can be nullified.

Most people have difficulty understanding and believing the banks can deposit Promissory Notes as they would a cashier’s check.  But keep in mind – the Federal Reserve System (the central banking system of the United States) has the power and authority to do as it pleases with respect to printing money and monetary policy.  Above all else, the Federal Reserve System and its member banks are businesses, and as such their goal is to create profits. There are special rules unique to the banking industry that allows banks to literally create money for the ultimate purpose of creating profits for themselves.

One may wonder how the bank converts a Promissory Note into cash. This is accomplished by use of one of the unique and special rules banks operate by called “fractionalization”. Fractionalization is a process whereby the Federal Reserve System creates and provides to member banks cash equal to ten times the amount of money the bank actually has on deposit (i.e. the bank only needs to have on deposit a “fraction” of the amount the Federal Reserve System will loan them).

This means if the bank obtains a Promissory Note valued at $100,000 through a real estate closing transaction, the bank can obtain cash from the Federal Reserve System in the amount of $1 million. The $100,000 Promissory Note you issued to the bank during the closing process instantly creates $1 million dollars in investible cash that the bank can use for their own profitable benefit.

The Federal Reserve System literally creates this new money by utilizing your personal credit from your signature on the Promissory Note, a power unique to the banking industry and a power that is at the core of what makes the banking industry so profitable. .

The $1 million created from your Promissory Note is deposited in the transaction account in your name (i.e. the name of the individual that issued the Promissory Note). Since the Promissory Note in this example was for $100,000, the bank immediately issues a check from your transaction account payable to the seller for $100,000 to make the seller whole for selling the property. Since you are unaware that the balance of the $900,000 is actually in a transaction account in your name, the bank keeps the remaining $900,000 for their benefit, leaving you none the wiser.

The fraudulent conversion of your Promissory Note into $1 million in cash for the bank all occurs within a 3-day period following the date you sign the closing documents. In the end, the seller is paid, you (the buyer) have obligated yourself to principal an interest payments on a $100,000 Promissory Note, and the bank profits not only from the $900,000 created from your Promissory Note, but also by the principal and interest payments you make the bank for the life of the alleged loan.

At this point you should be asking yourself questions like: 1) Were you aware that the bank never actually lent you any of their own money at your real estate closing? 2) Were you aware that your signature on a $100,000 Promissory Note was in fact worth $1 million in value to the bank? 3) Had you been aware, would you have negotiated better terms for your mortgage, a better interest rate? 4) Would you have entered into the mortgage at all?

The purchase and sale of real estate is a contractual transaction. According to contract law in order for a contract to be valid, both parties must disclose all material facts of the transaction. Based on what you have just learned about how your signature on a Promissory Note was converted into $900,000 in profit for the bank, would you say that all of the material facts of your real estate contract were fully disclosed to you? Is there any doubt in your mind that perhaps certain material facts were withheld from you?

If any party in a contract fails to disclose any material facts related to the transaction, the contract and related transaction can be rendered null and void. The Promissory Note and Deed of Trust/Mortgage Deed contract that you entered into with the bank at the closing can be nullified if the bank did not disclose to you all of the information explained above.

The information explained above is just one instance of fraud that, if used to confront the bank, could result in your real estate loan transaction being nullified and you owning your property free and clear of any mortgage. Experts have indicated that numerous instances of violations and blatant fraud were committed in over 95% of all residential real estate loan transactions. It is likely that you were the victim of predatory lending or some other illegal act for which the law provides you with certain remedies. The question is whether or not you are going to take action to enforce your rights, and, if your loan transaction falls in the 95% of transactions that contain violations, are you going to exercise your right to claim absolute title to your property free and clear of any payment obligation.

PART II: Additional Evidence

Below are several examples of Promissory Notes that have been monetized (converted into checks that are deposited into an account at the bank).

Click here for the first example.  Notice the phrase, “Pay to the order of Washington Mutual Bank without recourse.”  This means Washington Mutual Bank is accepting payment in full for the balance of the Note.

A second example Promissory Note can be accessed by clicking here. Scroll to the last page.  Notice the phrase, “Without Recourse Pay To The Order Of Wells Fargo Home Mortgage, Inc.”

Still not convinced?   Consider the following definition of “bank” in the 4th Edition of Black’s Law Dictionary:

“If a promissory note is designed to circulate as money, like money it can be deposited into a checking account.”

Or how about the definition of “deposit” under the Federal Deposit Insurance Act in the United States Code at 12 U.S.C. Section 1813 (L) (1):

“Cash is money, and credit or promissory notes become money when banks deposit promissory notes with the intent of treating them like deposits of cash.”

Also consider what the Federal Reserve Bank of San Francisco has to say about this subject.  In their publication “Monetary Policy in the United States” page 13, it says:

“bank loans are funded . . .  by banks creating new deposits.”

Further confirmation is offered in “Modern Money Mechanics” by the Federal Reserve Bank of Chicago, page 6:

“The actual process of money creation takes place primarily in banks . . .  What they do when they make loans is to accept promissory notes in exchange for credits to the borrower’s transaction accounts.” The “credits” being referred to here are the credits provided to the bank by the Federal Reserve System through fractionalization. The Federal Reserve System creates money for the bank based off of the signed Promissory Note.

If you believe Black’s Law Dictionary, the United States Code, and the Federal Reserve Bank, then you believe what we are telling you about Promissory Notes used in mortgage loan transactions.

But we are not finished yet.  We know that most people have difficulty grasping this concept so we suggest you go back to the Wells Fargo Promissory Note and scroll down to the last page where you will notice a second stamp of “Without Recourse Pay To The Order Of Wells Fargo Home Mortgage, Inc.”

This second stamp includes a signature of the loan officer at the bank.  Notice how this final page is not actually part of the original Promissory Note, but added by the bank after the Note has been executed by the borrower. Remember, the bank never signed the Note at the real estate closing, because the bank always intended to convert the Note into a cash deposit. So, the bank fraudulently converts the Note, without the borrower’s knowledge, by adding this final piece of paper on which they place their stamp and signature. This added piece of paper is referred to as an Allonge.

According to Wikipedia, an Allonge is a slip of paper affixed to a negotiable instrument, as a bill of exchange, for the purpose of receiving additional endorsements for which there may not be sufficient space on the bill itself.  An endorsement written on the Allonge is deemed to be written on the bill itself.

Notice this definition of “Allonge” says they “are affixed to negotiable instruments, as a bill of exchange.” If Allonges are affixed to negotiable instruments as bills of exchange, and they are affixed to Promissory Notes used by mortgage banks, doesn’t it stand to reason that these Promissory Notes are negotiable instruments as bills of exchange, and can therefore be treated as checks?

Did you also notice that only the Borrower signed these Promissory Notes?  We encourage you to look at the last page of the Promissory Note you signed to acquire your mortgage.  You will find only your signature.

Please understand – Promissory Notes, and all other Contracts or Agreements, are not legal and binding without signatures from both parties.   Without both signatures, they are considered “Unilateral Contracts.”

This is not an oversight by mortgage bank loan officers.  They understand their signatures are not to be placed on Promissory Notes, since the Notes are not treated as agreements, but instead are deposited as checks.

Think about it, when you hand someone a cashier’s check for the purchase of services or merchandise, does the person receiving it, sign it?  For example, when you write a check to buy groceries, does an employee of the grocery store also sign your check?  Or when you pay your light bill, does a representative of the power company sign your check?  Of course not!

It’s the same with your Promissory Note to the bank.  Since your Note is treated as a check or negotiable instrument, it should not to be signed by a second party, such as the mortgage bank loan officer.

Our 90 Day Take Back Program shows you how to legally defeat the bank fraud that has been perpetrated against you, and legally reconvey the property back into your name, leaving you with Free & Clear title to your property, and YES, No More mortgage payments!

Time is of the essence when they’re trying to take your home. Click now to download your 90 Day Take Back Program instantly, and arm yourself for the mortgage war, and WIN!

See Part 2 of this Blog for the 90 Day Take Back Program – Click Here Solution and Procedures.

It’s time to join the revolution! THE HOMEOWNERS REVOLT.COM.

TAKE YOUR PROPERTY BACK FREE AND CLEAR, NOW! Click Here to download the ammunition you need to fight your mortgage war, and WIN! Yes! The 90 Day Take Back Program is that powerful weapon in your arsenal needed to “Take Your Property Back Free & Clear!”

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