This post is thanks to Neil Garfield of LivingLies.com.
In a recent New Jersey Appeals Court case, Wells Fargo’s summary judgment was overturned for lack of Standing.
This is a case involving a homeowner accusing Wells that they did not have the Standing to foreclose in her property. New Jersey is a Judicial State so Wells had to sue the homeowner. Despite her objections, the (corrupt) Judge granted Wells Fargo the motion for summary judgment. Wells only submitted a photocopy of the note with an affidavit from some person of dubious origin stating that they know with first hand knowledge that the note was assigned to Wells Fargo.
The homeowner (in pro se) filed an appeal.
In the Appellate court, the Judges ruled that Wells did not properly established their standing as “holder in due course” for the clean queen note under UCC 3-301. Furthermore, (and this is really important), Wells Fargo can not go back and fix the assignment retrospectively.
The summary judgment to Wells was overturned and the case is remanded back to Superior Court.
As I mentioned in the book, “a defective instrument is like bad food. Once it has gone bad, you can not fix it to make it better.”
You can read more about the case here: http://livinglies.files.wordpress.com/2011/01/01-28-2011-nj-ct-of-appeals-reverse-no-standing-wells-fargo-bank-n-a-as-trustee-respondent-v-sandra-a-ford-appellant1.pdf
Look, don’t take my word for it. Download the case and read it for yourself. If you are facing foreclosure, you need to be comfortable reading these cases so you can understand the points and arguments. You may need to use these same arguments for your own case one day.