February 28, 2009

Strategy to fight Foreclosure : Produce the Note

I just caught an interesting video from ABC news about a way to fight or at least delay a foreclosure. They discuss it here: ABC News: Homeowners' Rallying Cry: Produce the Note
The idea is to ask the lender who is doing the foreclosure to produce the original mortgage note that you signed. The lender should have the original mortgage, but in many cases loans are bought and resold and bundled into securities and sold around so its possible they misplaced the actual note. If you simply ask them officially to produce the note then they may not have the note or at least could take some time to find it.

If you're in foreclosure and want to try and keep the home or at least buy some time then this seems like a good strategy to look into. Here's a detailed how-to article from Consumer Warning Network explaining you can request a lender 'produce the note'.

1 comment:

  1. Nice post. I like the part about produce-the-note. I live in Tampa and know one person he helped, and it actually worked. Well it did not work like some of the newspapers reporting, but they did get new terms that were very favorable and they were able to avoid foreclosure. It really varries by situation and probably the laws of your state on how far this goes. This site has all the videos they have done. Watch all the videos here:

    http://tinyurl.com/bozo2d

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