Upcoming Foreclosures

Do banks have to accept registered US treasure notes as a form of payment?

We sold our 2 homes to an investor that has paid off our lender with a promissory notes backed by registered US treasury bonds. We understand that our lender must accept this form of payment under federal law but not state law. (California) So far they have not and they began foreclosing on us and suddenly stopped the foreclosure process in mid stream. The investor says he will fight the lender until the case goes to federal court. He is paying full price and then some. We have contacted several government agencies including the FBI and no one will say that this is true or untrue or even a fraud. Can anyone shed some light on this. Thanks, Gandi

Public Comments

1. What in the h e 11 are you talking about? It sounds like you made some goofy deal and are asking the question avoid the reality of the situation. Did the bank accept the payment? If no, then the answer is.....They did not accept the payment. No mystery there. I would bet you have not even read your actual loan contract. It might have section dealing with a payment methods. And do you really think you are the first person to ever think of this silly idea....to send some worthless piece of paper to bank and then claim they have to accept it beause of some long story you make up? If someone sold you on some non-standard convoluted payment method then, sure you could spend say $100,000 suing the bank, spend 3-4 years of your life back and forth in court, only to lose the case and probably be counter sued for a frivolous lawsuit. I would say give it a try. If you believe in this idea so much, put your own money into it. Oh.....you just think it was a good idea when you are trying to get out of a debt, not when you have to actually pay. FBI, Huh??? Wow, you should have just given the keys back to the bank and moved on. The FBI has nothing to do with foreclosures and accepted payments. a>
2. YOUR QUESTION IS SO MUCH GIBBERISH. When the investor bought your property it went through a title search and any and all debts were either assumed or in the case of mortgages, refinanced or paid off. your share came to you when the title cleared escrow. The money in question could have been any legal tender. If you contacted the FBI you knocked on the wrong door. You need an attorney.Or as they say "Don't try this att home"
3. At the time of closing, the following are acceptable 1. Personal check (takes 7-10 days to clear) 2. Money order - USD 3. Cashier's check payable in USD. So, no they don't take those funds or you would have closed by now. Don't try to put a square peg in a round hole, knowhuddImean Vern?