Incomplete Note Endorsements Are Grounds To Toss A Foreclosure

Florida 2nd DCA Upholds An Argument That Incomplete Note Endorsements Are Not Valid Endorsements!

Note EndorsementsMFI-Miami has been making the argument for years that incomplete note endorsements are invalid. Unfortunately, getting a Florida Circuit Court judge to agree with you is a crap shoot. Most Circuit Court judges want to maintain the status quo and stick to their prejudice that the homeowner is a deadbeat. They also know most clients don’t have the money to appeal to the DCA.
The Florida DCA requires homeowners put up a bond of up to one-third of the judgment amount to appeal. So, judges see siding with a lender as a safe bet because most homeowners don’t have this kind of cash. As a result, the homeowner will have the lawyer negotiate a loan modification or a Cash-For-Keys deal.
Incomplete note endorsements usually happen when the note is transferred to an MBS Trust. The endorsement contains the name of the entity acting as the Trustee for the MBS Trust but nothing else. Most of these are loans held by MBS Trusts with Deutsche Bank entity is acting as the Trustee.
MFI-Miami has worked on cases where the endorsement says, “Deutsche Bank National Trust Company as Trustee.”
Nothing else.

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