"Produce The Note"
This is a discussion on "Produce The Note" within the Off Topic & Humor Discussion forums, part of the The Back Porch category; If any of you happen to be facing foreclosure, and I hope none of you are, go to ABC's news website and watch the video ...
February 24th, 2009 08:26 PM
"Produce The Note"
If any of you happen to be facing foreclosure, and I hope none of you are, go to ABC's news website and watch the video called "produce the note".
Evidently it is a stalling tactic since a bank can't foreclose if they can't produce the original (or an electronic copy) of the mortgage note you signed. Many large banks sells their mortgages and they get bundled and re-sold/traded on the markets, and many large banks are unable to produce the note necessary to proceed in a foreclosure situation.
Probably won't get you out of your financial obligation, but it may stall the proceedings long enough to allow you to find a new job or whatever is necessary to catch up on the mortgage.
Again, I hope no one here is in this situation, but if you are, I hope this might help you hold on to your home at least a little bit longer.
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February 24th, 2009 08:36 PM
A refusal to leave coupled with a good attorney could buy you some time.
I heard on the radio though that a judge could just easily overrule that requirement...but, doggone if I can remember on what grounds.
Liberty Over Tyranny Μολὼν λαβέ
February 24th, 2009 09:27 PM
Not only that, but the note's got to be properly endorsed by each transferor, just like a check. I've won cases because the person suing on the note wasn't entitled to do so for that reason.
Also, when they get someone to do the foreclosure, it's got to be the trustee named in the mortgage or deed of trust, and if it's a substitute trustee, that person has to be named in accordance with the procedure outlined in the instrument. It's not a valid sale, otherwise, because the person posing as the trustee actually lacked the owner's authorization to sell the house out from under him.
Daniel L. Hawes - 540 347 2430 - HTTP://www.VirginiaLegalDefense.com
Nothing I say as "user" should be taken as either advertising for attorney services or legal advice. Legal questions should be presented to a competent attorney licensed to practice in the relevant state.
February 24th, 2009 10:13 PM
Another sneaky trick going on a lot down here in Southern California at the moment is a Short Sale. Basically you tell the bank you want to sell the house in lieu of being foreclosed on to keep the foreclosure off your credit record. You list the house as for sale, and whenever anyone wants to come see it you tell them no one is available to show it, sorry. If someone ever does put an offer in on the place, it will take the bank months to approve the offer - they like to collect multiple offers over a long period of time in situations like this.
It sucks when you're trying to buy a house and 90% of the houses on the market are short sales, but it still is a darn good loophole.
February 24th, 2009 11:50 PM
I saw that. Interesting. It certainly makes sense that the company trying to foreclose have physical possession of the note and proof that they are entitled to foreclose--that is, the original note or solid proof of the right to the property. Otherwise, there would be fraudulent foreclosures. BGs would pick out homes at random and run to the court house claiming they held an unpaid note.
Years back there were scams in which people were sent notices that there note had been sold, they then sent the payments to the fraudsters, and suddenly found out they were months behind in their home payments and out of luck when they heard from the original mortgage holder. I think Congress passed a law to make that scam more difficult-around the time of the S&L mess.
Produce the note is an important safeguard. I'm surprised this one hasn't come up in the press a long time ago.
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