By Ethan A. Huff
Supreme Court rules that thousands of home foreclosures are invalid because banks do not have promissory notes
More than five million US homeowners and counting have had their homes foreclosed upon by banks since the “economic crisis” first began several years ago. But the Massachusetts Supreme Court recently ruled that the vast majority of the foreclosures that took place in the Commonwealth (and likely in most other states) within the past five years are illegitimate because the banks did not, and do not, actually hold the promissory notes for the properties.
This means that all mortgage payments made to banks for illegitimately foreclosed upon properties are fraudulent since such banks do not technically own the properties in question. It also means that anyone who purchased a foreclosed property, or who is threatened currently with potential foreclosure, does not necessarily have a legal obligation to continue paying their mortgage.
Even homeowners who do not face foreclosure are not necessarily required to continue paying their mortgages — if their lenders are unable to produce valid promissory notes showing true ownership of the property. Then those who follow through with mortgage payments to such lenders are technically participating in fraud because there is no way to verify whether or not mortgage payments are going to the true note holders, or even who the true note holders are in the first place.