In the state of Florida, mill law firms file 11,000 foreclosure complaints per month, and the vast majority of those complaints are filed with the knowledge that the plaintiff does not have the right to foreclose.
What do I mean by that? Itâ€™s simple. The plaintiff must "own and holdâ€ the mortgage and original mortgage note BEFORE the foreclosure case is filed. Ownership of a mortgage note is complete only after the following three things occur:
1. Indorsement of the original note by the originator
2. Delivery of the original indorsed note to the plaintiff
3. Acceptance of delivery of the note by the plaintiff
The problem is that the plaintiff rarely ever takes physical possession of the note unless or until a defendant fights the foreclosure.