Cancel Mortgage

CANCEL YOUR MORTGAGE

Mortgages and secured notes can be canceled by the FDIC or the bank using our published material. In most cases the bank cancels them in a settlement agreement. The process also works during foreclosure and after foreclosure using different claims, however, the best case is when the payments on a secured debt are current and the bank has no complaints to make against you. If you are working on a credit card or debt collector problem, do not use this material because there is a much simpler process to deal with those types of collections.

This is possible because of generally accepted accounting principles and today's institutionalized banking polices. It works in most countries and especially the United States where it has the most history of being used. The customer is the depositor or creditor in every transaction involving a note. The bank loans nothing, the customer creates the currency that never existed before he signed the note, and the bank deposits the note into the banking system as if it was a cash deposit. In fact, the deposit of a note is a deposit just like any other having cash value. It's exactly like opening a checking account. This is transparent to the uninformed person because only banks can do business in this manner. Your local grocery store will not accept your promissory note in exchange for groceries, only the banks will because only the banks have a "clearing house system" that is connected or is the actual monetary system of the economy or the world.

The resolution of the problem begins by making a written complaint to the FDIC and the responsible branch of the Federal Reserve Bank, and sending copies of these to your bank. A request for certain Federal Reserve Publications should be made and these can be introduced in support of your case if it proceeds beyond letter writing. This informs them that you are now wise to what has happened and that you are demanding your entitlement to a remedy. This also gives them an opportunity to resolve the matter before proceeding any further. The complaint alleges that you've just realized that the bank risked none of its assets in the mortgage or secured note and it failed to disclose this material fact in writing. Because the bank risked no assets and/or failed to disclose this material fact, the note is null and void. The note can also be considered null and void or unenforceable because the bank breached the contract by endorsing the note payable to the bank after you signed it. (This is actually fraudulent but fraud is a difficult case to prove so we stay with breach of contract.)

If the recipients are unwilling to cooperate with you in resolving the problem, which might include paying you back the value of the note while you continue your payments (minus interest and fees) or canceling the note altogether, the next step will need to be taken.

A complaint is then filed in your local county alleging the same points previously stated and making claims for "money lent" and/or "breach of contract" and/or "disclosure violations of the truth in lending laws." In cases where the bank has sued, an answer including affirmative defenses such as "failure of consideration" and "payment" and "breach of contract" and "disclosure violations of the truth in lending laws" can be made. In many cases, a counterclaim can be included with the answer alleging "money lent" and/or "breach of contract" and/or "disclosure violations of the truth in lending laws."

The objective after this stage is to receive an answer from the opposing party and/or answer timely with your counterclaim and receive the bank's answer so that you can begin collecting evidence and making your case.

You will need a copy of the rules of court, or civil procedure, so that you can understand how the process works in your state. It's very similar in every jurisdiction, but the rules do change slightly in each. You will be able to compel the bank to produce evidence proving your case, that it did not risk any assets, that it breached the contract and that it failed to disclose certain facts that were materially important to the arrangement. We estimate the possibility of attending no more than two hearings in the courtroom, each less than thirty minutes in length.

Once it is apparent to the bank that you will be able to prove your case or that the bank will be unable to defend itself or prove its case, you will be able to either enter into a settlement arrangement or request the court to enter a "summary judgment" in your favor. The terms would be that each party walks away with no money and you get clear title to the house, or you are paid damages, at least equal to the value of the note (your deposit) in cases where a foreclosure has been completed.

We guarantee that this information is not based on untested theories and that it has been successfully used hundreds of times over the last ten years to cancel mortgages and secured notes. We guarantee that each year the process becomes easier to accomplish. We guarantee that the closer you follow the instructions in the material, the better your chances of succeeding in having your note canceled. We cannot guarantee your individual results because we don't know what you'll do with the information or the nature of your circumstances and we cannot give legal advice. We cannot provide proof of previous casework or copies of settlement agreements because of non-disclosure obligations. We estimate that this type of dispute can be resolved within three to twelve months.

We want to see the banks replace current policies with those that are fair and equitable for the banking system and for the customer. The banks should not be procuring our deposits and property for free, they should be profiting from interest and fees only, and repaying back to the customer his deposit while the customer repays the bank. We can allow the banking system to maintain its monopoly provided it agrees to adopt and operate by fair, honest and equitable rules of practice.