real estate closing help

[Dillon]

What is the name of your state (only U.S. law)? ohio

I hope this is an easy question for someone,

Who is in possession of the collateral at the signing of the promissory note and the mortage agreement in any real estate closing?

the borrower, sellor or the lender?

is this a good question to ask the bank's agent at any foreclosure hearing?

 

[Antigone*]

What is the name of your state (only U.S. law)? ohio

I hope this an easy question for someone,

Who is possession of the collateral at the signing of the promissory note and the mortage agreement in any real estate closing?

the borrower, sellor or the lender?

Dillion,

We don't do homework

Please refer to this poster's history...I'm just sayin

 

[Dillon]

Dillion,

We don't do homework

Please refer to this poster's history...I'm just sayin

just say you dont know, thanks

anybody else?

 

[Antigone*]

just say you dont know, thanks

anybody else?

That would be a lie...and mama told me never to lie

 

[Dillon]

That would be a lie...and mama told me never to lie

you are not on trial for perjury- LOL

its my understanding the borrower is in possession of the collateral when the promissory note is signed and conveys possession when they sign the mortgage agreement. its my understanding one must posses the collateral in order to lawfully convey it.

funny thing is; if the borrower already posses the collateral by signing the promissory note why would they want to convey it to the bank? is that why the bank always requires the promissory note be signed first?

Could this be considered mortgage fraud?

If anyone can answer this issue truthful on a point by point basis, I will quit posting here

 

[Dillon]

the silence on this issue speaks volumes

silence equates to agreement

 

[TigerD]

the silence on this issue speaks volumes

Yes it does. It is screaming: We don't do your homework for you.

When you enrolled in your class, you either got a book or a reading list. Make use of it.

DC

 

[cyjeff]

Amazing.

To think that the OP would first insult us and then ask us to do his homework.

Again, life's tough when you don't have something you can easily cut and paste, huh?

 

[Dillon]

Amazing.

To think that the OP would first insult us and then ask us to do his homework.

Again, life's tough when you don't have something you can easily cut and paste, huh?

i do my homework, I just wanted to see if you did yours.

its my understanding, all contracts are void for fraud. misrepresentation or bad faith, arent real estate closings void for fraud?

do the banks give full and complete disclosure of all material fact at closing?

gee, I wonder who funded the loan the borrower or the lender?

U.S.C. > TITLE 12 > CHAPTER 16 > § 1813 (L)(1)

Definitions

(L) The term “deposit” means—

(1) the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler’s check on which the bank or savings association is primarily liable: Provided, That, without limiting the generality of the term “money or its equivalent”, any such account or instrument must be regarded as evidencing the receipt of the equivalent of money when credited or issued in exchange for checks or drafts or for a promissory note upon which the person obtaining any such credit or instrument is primarily or secondarily liable, or for a charge against a deposit account, or in settlement of checks, drafts, or other instruments forwarded to such bank or savings association for collection.

did the bank give the borrower a deposit slip for the promissory note at closing?

 

[cyjeff]

Again... the law is more than one page.

You have to read all of it to get it.

 

[Dillon]

Again... the law is more than one page.

You have to read all of it to get it.

is the imformation incorrect, then you agree?

 

[cyjeff]

is the imformation incorrect, then you agree?

I am not saying if the "imformation" is correct or not.

I am saying that you are a rude and obnoxious person whom should plan on doing their own homework.

If you truly think... as your arrogance suggests... that you have come up with a way to get a free house, I recommend you try it in court.

 

[Mass_Shyster]

Obviously, nobody else will give you a straight answer. I will.

Who is in possession of the collateral at the signing of the promissory note and the mortage agreement in any real estate closing?

the borrower, sellor or the lender?

The answer is yes.

 

[Dillon]

Obviously, nobody else will give you a straight answer. I will.


The answer is yes.

i agree with your understanding that the below information is correct;

the borrower is in possession of the collateral when the promissory note is
signed,

conveys possession when they sign the mortgage agreement,

one must posses the collateral in order to lawfully convey it,

if these material facts are not fully and complelely disclosed at a real estate closing by the bank, it would be considered mortagage fraud, misrepresentation and bad faith?


what do you think about these additional questions?

doesnt the borrower own the property once the promissory note is deposited with the bank by off balance sheet bookkeeping entry, so why sign any mortage agreement?

arent Promissory Notes and other commercial instruments considered legal tender and financial assets to the originator and a liability to the lender. If a security interest in the note is perfected, by recording it on a lien as a registered security, the maker or originator becomes an entitlement holder in the asset.

shouldnt a bank's records be requested in discovery? will they show that the bank has an offsetting liability to the debtor pursuant to FAS 95, GAAP and Thrift Finance Reports (TFR). These records include:

FR 2046 balance sheet, 1099-OID report, S-3/A registration statement, 424-B5prospectus and RC-S & RC-B Call Schedules

does the bank fail to register the promissory note/commercial instrument because they know it is a financial asset to the debtor?

 

[Dillon]

I am not saying if the "imformation" is correct or not.

I am saying that you are a rude and obnoxious person whom should plan on doing their own homework.

If you truly think... as your arrogance suggests... that you have come up with a way to get a free house, I recommend you try it in court.

is it correct? yes or no?

i humbly ask , why are you stating i am rude and obnoxious if the information is correct? it is what it is! i dont like it, either

dont you mean the banks get a free promissory note , if not registered by the borrower?