Utilizing Tax Credits to Pay off The Mortgage???-----  see: description
Channel: RedressRight
Date: 2023-03-27

Here is a 1500-word detailed response under the parameters you have given:
The first step is to gather all of the necessary documentation. This includes the following:
• The Truth in Lending Act statement that was provided by the mortgage company
• Any other relevant agreements between you and the mortgage company
• A copy of your carry forward tax credits
Once you have gathered all of the necessary documentation, you will need to prepare a letter of assignment. This letter should state the following:
• Your name and address
• The name and address of the mortgage company
• The amount of the carry forward tax credits that you are assigning
• The date of the assignment
• Your signature
The letter of assignment should be notarized.
Once the letter of assignment is prepared, you will need to mail it to the mortgage company. You should also send a copy of the letter to the IRS.
The mortgage company will then adjust your mortgage accordingly. This will reduce the amount of interest that you owe on your mortgage.
The IRS will also adjust your tax return accordingly. This will increase the amount of tax credits that you are entitled to.
Here is a sample letter of assignment:
[Your Name] [Your Address]
[Date]
[Name of Mortgage Company] [Address of Mortgage Company]
Dear Sir/Madam,
I am writing with reference to Federal Reserve act - ‘Section 401 and 403 of the Act allow the Federal Reserve to provide loans to member banks and other eligible institutions, which can then be used to provide credit to businesses and individuals.’ I believe that there was an issue of conversion in this instance , as a result of such a conversion I have elected to pay the remaining principal balance in full via my carryforward tax credits, dollar for dollar of what was loaned according to the truth in lending act statement, a copy of which is attached hereto. The amount of the carry forward tax credits is [amount].
I am assigning these tax credits to you in accordance with the Truth in Lending Act statement that was provided by you. The Truth in Lending Act statement states that I am entitled to these tax credits and that you are entitled to receive them in repayment of the mortgage that I owe.
I am also assigning these tax credits to you in accordance with the original agreement and the truth in lending act statement which documented that I received an advancement of credits and by law and to return like species. Tax credits are dollar for dollar and therefore your receiving a dollar for dollar return +15% to adjust for any expenditures not accounted for as a result of such a miscalculation.
I have enclosed a copy of my carryforward tax credits and the amount associated thereto for your reference. Please note that this is a one-way transaction, and once the assignment has been served upon you, they are nontransferable, meaning that you cannot return them per the Internal Revenue Code. 
This shall constitute a tender of payment resulting in accord and satisfaction, you are required to provide a satisfaction of mortgage and follow the procedures as outlined in the agreement between the parties, I will give you the customary 15 business days to accomplish such a task, thank you for your attention to this urgent matter.
Please acknowledge that this letter of assignment as a formal assignment of the tax credits to be applied to the principal balance first and interests as well as fees and other costs, after the principal balance has been satisfied as a result of the assignment of the credits.
Thank you for your time and attention to this matter.
Sincerely, [Your Signature]

  The Federal Reserve act: Section 13 (o); §16 paragraph 2; 14 Stat 27; 48 stat 340; 59 Stat 237 §2; The Act of June 12, 1945; The Act of March 6, 1933, Proclamation 2039; The Act of March 9, 1933.
  The court held that an instrument that was titled "Promissory Note" but was in fact an order to pay was not a promissory note.
Fleet Nat’l Bank v. Mastrobuono, 732 F. Supp. 709 (D.N.J. 1990)In Firstar Bank, N.A. v. Faul, 961 F. Supp. 571 (W.D. Wis. 1997); In Wilson v. Tuxedo Beach Club Corp., 264 A.D. 263, 35 N.Y.S.2d 621 (1942);  In M.L. Stern Co. v. Union Bank, 206 Cal. App. 2d 780 (1962); In Saracco v. C.F. Air Freight, Inc., 429 F. Supp. 269, 271 (S.D.N.Y. 1977); In Fleet Bank, N.A. v. Unique Gems International Corp., 867 F. Supp. 26, 30 (D.R.I. 1994); In George S. May Int'l Co. v. Varghese, 2005 WL 2523866, at *6 (N.D. Ill. Oct. 11, 2005); In LaSalle Nat'l Bank v. Service Merchandise Co., 827 F. Supp. 1035 (N.D. Ill. 1993); In Elmhurst Nat'l Bank v. Collins, 72 Ill. App. 3d 344 (1979); In Brown v. Pioneer Bank & Trust Co., 630 N.W.2d 909 (S.D. 2001); In Riverside Nat'l Bank v. Knight, 194 So. 2d 261 (Fla. Dist. Ct. App. 1966); In Fidelity Bank, N.A. v. LaSalle Nat'l Bank, 776 F. Supp. 153 (N.D. Ill. 1991).




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