Does the Bank need to be the Holder in Due Course to Foreclose on Your Property?

The Bank Does Not need to be Holder in Due Course to Foreclose
Wow, really? This flies in the face of everything I’ve been saying…right? Well, no. :-)
If they can demonstrate that they have permission/authority from the Holder in Due Course to enforce the note, they may foreclose on the property. The problem for the bank is:
1) They have a hard time proving who the actual holder in due course is without production of the original promissory note.
2) They have written authority from that holder in due course to enforce the note.
Without these two things, the bank has no standing…and can be accused of fraud. However, because they have the presumption of law…they do not have to prove anything…until you make them by showing them (and the judge) the law which governs this.
The Original Promissory Note is Material Evidence
So, the point is…it’s not whether or not the bank can produce the original note to be able to foreclose. It is whether the bank has standing to foreclose. Once we challenge this presumption, they will have to produce proof of claim to support this presumption. And the only proof that is acceptable under Uniform Commercial Code is the original negotiable instrument.
That’s why it is so important to properly frame your arguments in your pleadings on this fine point that determines whether or not you will prevail.
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Conclusion
After this long experiment, the conclusion is, the PAP does have validity…but only for the purpose of gathering evidence of their lack of claim. As much as the idea of going to court sickens your stomach, unfortunately, that’s the only choice you have to save your home.
On the positive side, as the plaintiff, you are the one doing the sueing. It sucks being on the receiving end of a civil action, but it is not so bad being on the attacking end. The key is, before you start a civil action you need the following:
1) Study up on court procedures and the law (check out Jurisdictionary as a reference if you are a pro se litigant).
2) Frame your argument properly in building your pleadings.
3) Have strong evidence on your side to support your cause of action. Without sufficient evidence, your case will be dismissed for lack of cause of action. Having a securitization audit (as well as a chain of title audit of the note) is key for evidence.
4) Having a lawyer behind you as someone to go to when you are lost ,Good luck.
Sincerely
Robert