I guess that depends on whether the lender or owner of the note is able to establish the note was valid and signed before it was lost and the court agrees to reinstate it as requested in their lawsuit. If it does, it is no longer enforcing an unsigned negotiable note.
Another interesting element in play here is what takes place, or more appropriately, does not take place at the County Clerk of Court.
The securitization process of residential mortgages has paved the way for “lenders” to avoid paying recording fees, doc stamps, etc.
This amounts to many millions of dollars that go uncollected and remain due and payable.
With budgets so tight these days how can this be allowed to happen?
Particularly in favor of “lenders” who have already been bailed out.
The land record data is public. If any Clerk of Court out there reads this and allows me the time, I volunteer to show you how this is happening.
More importantly, I will volunteer to show you how to recover this money and return it to the taxpayers....where it rightly belongs.
http://www.foreclosurehamlet.org