While some courts are still unconcerned with the legal status and title to the original notes, the banks clearly recognize that this is their Achilles heel.
Proof? If BOA approaches you with a loan modification they generally will not let you see the modification first and will send a notary public out to your house who may pressure you to sign it, e.g. “if you don’t sign you won’t get the modification.” Paragraph 7 of the BOA modifications shows that BOA is very concerned about the legal status of the original notes. In paragraph 7 the borrower agrees to waive any claims that the borrower has against BOA relating to lost or destroyed notes and other title documents. If notes are irrelevant, why the need for this? BOA does not stop there, however. BOA also demands that the borrower “indemnify” BOA for any costs if the borrower later discovers that BOA never had the original note and raises a stink about lost notes or BOA’s forged mortgage assignments.
So BOA threatens to foreclose on you based on the probably false notion that it is the holder in due course of and legal title holder to your original promissory note. It does not tell you, however, that it has no idea where your original note and mortgage are and has used its employees and agents to execute mortgage transfers falsely representing that they are employees of MERs and others. Instead BOA threatens to take your home if you do not “modify” your “obligation” to BOA. (In the mods I have seen BOA makes no claim to being the legal owner of the original note). Then, BOA sends a notary public to your house with a gun-to-your-head modification agreement which you have not read the last paragraph of which says that you agree to the fraud and further agree to waive any rights you have arising out of the fraud and PAY BOA IF YOU DISCOVER THE FRAUD AND PURSUE IT.