Produce the Note – Use This Strategy to Stop Home Foreclosure
Are you afraid that your home may go into foreclosure? Millions of Americans today are facing this terrible situation. Most believe that there is no hope. They believe that once the bank sends the notice of foreclosure, that is it! The bank gets what they want, and you lose your home. Many people resign themselves to this fate because they don not know that they can fight back.
Did you know there is a strategy you can employ called ‘produce the note’? This method is one of your only defenses as a homeowner facing foreclosure.
It involves filing a complaint against the lender and demanding that they produce the original promissory note, the mortgage contract that you signed when you bought your house. Until they can do this, the foreclosure can be postponed or even halted altogether.
Why does this work? Throughout the life of a mortgage, it is sold and resold multiple times, repackaged into bonds, split up, and sliced and diced. After a while, it can be hard to tell who actually owns the mortgage, and during this process, the original note that you signed is often lost.
Sometimes there is no “true” owner of the mortgage, and until the banks can prove that your name is on the note, they cannot continue with the foreclosure. This will give you valuable extra time to work things out. You can essentially become a “squatter” in your own home. In some cases, judges have even ruled to wipe out the entire mortgage debt because the bank could not produce the note.
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