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For those of you familiar with the famous word “fugazi” from the movie Donnie Brasco with Johnny Depp as an undercover FBI Agent working Al Pachino as Lefty (Left Guns), there is a scene where Lefty shows Donnie a diamond he received as a payment. Donnie is known as a jewel expert and tells Lefty that diamond right there “IT’S A FUGAZI” meaning it’s a fake, it just isn’t real! What should not be a shock to most of you is that more and more promissory notes found in the court files which were filed as the original are turning up to be FUGAZI! So what’s really going on?
Remember back in 2006 forward when this whole foreclosure thing really started getting momentum and basically one day every home in America was basically in foreclosure and all we kept seeing attached to the complaint was only the mortgage and never the note? Instead, we kept seeing these count two of foreclosure complaints which said re-establishment of lost or destroyed note? Well there was a good reason for it – THEY NEVER HAD THE ORIGINAL NOTE! This spawned the SHOW ME THE NOTE movement which was somewhat successful but for the most part has been abandoned because with a little bit of magic fairy dust, the banks started dropping those lost note counts and all of a sudden, started producing the original note. What the lost note count really did was give them time to come up with a way to recreate the so-called original note and set the stage for the courts to ultimately require them to only have to produce the note prior to final judgment being entered. What’s amazing is how the courts never caught on to why foreclosures (AND I MEAN ALL OF THEM) were taking years to get to a final judgment stage. What’s even more amazing is how it’s been perceived that HOMEOWNERS are the lucky ones who have been able to live rent free all of that time when it was the Plaintiff’s job to prosecute and push the case forward. Nonetheless, like the fake diamond described in Donnie Brasco as fugazi, it appears the banks have introduced their own fugazi promissory note.
Attorneys have failed homeowners in addressing the original note issue. Indeed not all cases contain a fugazi promissory note. Research has found that in cases where a credit union is the foreclosing party, they normally have the actual original note. However, when the note has been securitized, the note is usually destroyed. To the courts credit of combatting this fraud and taking a serious interest in determining if the original note is actually present, I’ve personally seen judges do the smudge test where they lick the tip of their thumb and smear it across the blue signature to see if it smudges only to say YEP IT’S REAL! But what does it say when the signature is on a page that appears to be a copy and not an original or an original page where the signature is a copy? What does it say when the first three pages of the note are copies but the last page is not? Here is a better one, the signature page and the signature are real however, the endorsement is a copy? Examination of notes are turning up all of these different variables. So why the effort to submit to the court a good-looking fugazi? We can start by looking at the Comments of the Florida Bankers Association to the Supreme Court Case No. 09-1460 In Re: Amendments to the Rules of Civil Procedure where their President, Alejandro M. Sanchez via counsel writes:
The reason “many firms file lost note counts as a standard alternative pleading in the complaint” is because the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file. See State Street Bank and Trust Company v. Lord, 851 So. 2d 790 (Fla. 4th DCA 2003).
That’s right, this is the banks opening the door to Florida’s highest court in the land saying HEY WE ARE ABOUT TO START LETTING LOOSE FUGAZI PROMISSORY NOTES and the courts across the state fell for it and are continuing to fall for it. But Sanchez got one thing right when he said:
Any party seeking to foreclose a mortgage without a good faith belief—based on investigation reasonable under the circumstances–in the facts giving rise to the asserted claim may be sanctioned “upon the court’s initiative.” § 57.105(1), Fla. Stat. This statute, though somewhat underused by our courts, affords judges the authority to immediately impose significant penalties for bringing unfounded litigation.
So I’m here to tell you all about a way to quickly create a nationwide assault on fugazi promissory notes being passed on as the original to create a standing that never existed in unlawful foreclosure cases. Join me and the e-Logic Group as I begin with an Introduction to How To Become a Professional Loan Note Examiner. The Seminar will take place in Naples Florida right in the middle between Tampa and South Florida. Seats are limited for the half day Seminar so secure your seat fast. For those interested who are not in the state of Florida, contact email@example.com, give them your name, phone number and information and the e-Logic Group will set up a session closest to you for your convenience. This is a GREAT opportunity for you to help yourself, your family, neighbors and friends. It also a GREAT opportunity to learn a new trade and operate your own business venture in an industry that’s saturated by FRAUD and needs to have it exposed. Learn How To Become a Professional Loan Note Examiner today!