Bay County Resident Uses Securitization Audit to Get His Foreclosure Case Dismissed. Bank No-Shows
Panama Beach, FL – Most homeowners entering foreclosure are packing up their belongings and calling the movers. This was not the case for Phillip Adamczyk of Panama Beach, FL. Adamczyk did something most Americans would never dream of doing. He went to court to fight his foreclosure case against the bank without a lawyer, and won.
The Florida homeowner recently appeared in court against Thrivent Financial Bank’s legal representation and asked them to produce the note to his mortgage. When they produced a copy of the note, Adamcyzk wisely asked that they produce the original mortgage note. Thrivent Financial’s legal team left the courtroom that day, confident they could produce the requested evidence, and they did. However, Adamczyk had an ace up his sleeve. It’s a company called Paladin Securitization Auditors.
Between his first trial appearance and the time it took to reconvene, Adamczyk hired Paladin Securitization Auditors to provide him with a securitization audit of his mortgage process. A securitization audit is a legal document that looks for and identifies violations in the securitization and foreclosure process. Paladin’s auditors, after requesting specific documentation from the lender, found the following:
“It should be noted that the primary document for review in an audit is the Promissory Note. We have examined a signed copy of a Note for this transaction; it did contain a Sale/Assignment Endorsement: ‘Pay To The Order of *** Blank *** Without Recourse by: (sig) Dale O’Keefe, AVP Thrivent Financial Bank’, the endorsement indicates that the lender has been paid and or has released all interest in the Note.”
So the Assistant Vice President of Thrivent Financial signed the note indicating the mortgage had been sold, but endorsed it to “Blank”. Simply put, this means that Thrivent Financial sold the note and cannot identify or does not know who they sold it to. This in turn means they have no standing in court to foreclose on Adamczyk’s property.
Prior to reconvening at the trial, Adamczyk presented the securitization audit to Thrivent Financial’s legal team, which apparently swept the rug out from underneath their feet, as they did not even appear in court to pursue the foreclosure.
On September 18, 2012 the judge denied the Plaintiff’s Motion for an Order of Summary Judgment, thus allowing Adamczykk to remain in his home without the impending cloud of foreclosure looming over his head. He has himself to thank for being so bold as to appear in court without an attorney, as well as Paladin Securitization Auditors for supplying him with the evidence needed to keep his bank’s legal team from appearing in court.
About Paladin Securitization Auditors
Paladin Securitization Auditors offers trial-ready securitization audits to attorneys and homeowners. They also offer unchallenged expert witness testimony.
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