UCC 3-501 allows borrower to discontinue payments WITHOUT DISHONOR
From: Mario Kenny’s site
October 25, 2009
I am an attorney who has taken “produce the note” one step further. I am current on my mortgage, and actually what prompted me to take the action I am taking is that I had paid off my second mortgage but my lender refused to surrender my paid off second mortgage note. My lender also refused to prove to me that it had my first mortgage note or that it had the authority to make payment demands. So I decided to sue my lender.
I decided that if the “produce the note” strategy was working for people who were in default, it would work for those who are not in default. If the bank doesn’t have the right to foreclose, it doesn’t have the right to demand payment either.
The Uniform Commercial Code is the homeowner’s best friend.
UCC 3-501 requires…
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