Florida HOA sale..Robo signers, Statute of Limitations

[Peter Farrell]

I am about to buy a HOA foreclosure Condo at auction in Florida and have some questions about an existing 1st mortgage. Involves Robo signing, Statute of Limitations, show me the note:

First a little background.

1. Borrower gets a $400K 1st from Greenpoint in Feb, 2005. (Mortgage held by Greenpoint, Note to MERS as nominee)

2. Borrower gets a 2nd for $50K from Greenpoint in Feb, 2005 (Mortgage held by

3. Greenpoint, Note to MERS as nominee)

4. Borrower defaults on both around Jan 2008.

5. Greenpoint files a Lis Pendens to Foreclose in Mar 2008

6. MERS assigns to Greenpoint in May, 2008 (Uses proven Robo signer Tina Jones)

7. Condo Assoc gets lien for $45K Dec 2009

8. Greenpoint assigns to BOA in Dec 2011

9. MERS satisfies 2nd mortgage Sept 2012

10. BOA assigns to HSBC as trustee for GSAA Home Eq Trust Asset Backed 2005 in Oct 2013

    My strategy is to buy it at the HOA auction understanding I have a clouded title. Let the dust settle and then file a Quit Claim suite against Greenpoint or MERS or HSBC to remove the lien.

    I believe I have grounds based on:

1. Florida 5 year statute of Limitations

2. Fraudulent assignment of mortgage.

3. Likely “Show me the note” problems.

I would appreciate any comments from knowledgeable forum members on the issues mentioned.

Regards,

Peter

[Wayne Brooks]

Peter, you've been reading too much propaganda.

1. The 5 year statute of limitations, is 5 years, from the actual acceleration of the note, to Start the foreclosure, not finish it.

2. The supposed "fraudulent" mtg assignment is irrelevant. Mortgages held by, and transferred 5 times by, MERS are upheld every day. In Florida, the mortgage "follows the note" anyway, no assignment of mortgage has be done to foreclose.

3. The "show me the note" Never was a defense, only an ineffectual theory by people who didn't know better, and by attorneys trying to lure in defendants as clients. Perhaps half of our foreclosure s do not have the "original" note. Copies of notes, with Lost Note Affidavits are the norm here, after the David Stern blow up.

The fraudsters tried the Quiet Title suits (Quit Claim is a type of deed) scam on the banks, and it went nowhere.

Oh, and by the way....when buying a property at an HOA auction, with or without equity....if the judgment is $30k, and they let it sell for $10k, the buyer is still responsible for the balance, plus whatever dues accrued after that judgment.

Good luck!