There are different methods one is by having your lender produce your note. People all over the place are talking about it now days. If I am facing foreclosure can I used this strategy? Can it help stop foreclosure and save my home? I want to take these questions one by one to assist you in your decision.
Having a lender produce your note is a tactic that may be used to stave off foreclosure and have your lender produce the original note to show that you actually owe the money they are claiming you owe. In the court of law the suing party otherwise know as the plaintiff has to prove that you owe the money and have to produce the note to show everything. If you fight the foreclosure suit time can be bought to extend the time that the lender can foreclose. When you answer during the initial answer period you ask the lender to produce the note and what you are doing is challenging the bank’s authority and questioning whether or not you owe the money that has been borrowed as collateral against the house, and the lender can not foreclose. There are many mortgage notes that during the housing boom of the early to mid 2000s have been lost, shredded, destroyed and can not be produced. Some say over 50% of all mortgages written can not be produced.
You can stall the foreclosure proceedings:
In most instances during the initial answer period or the initial phase of the foreclosure law suit is the time you request your lender to produce the mortgage note. The answer period is a homeowners opportunity to build a claim that the bank can not or should not begin foreclosure proceedings. The mortgage not is the most basic piece of evidence or the smoking gun that proves the homeowner signed off on terms for paying back the bank. If the bank can not produce the mortgage note then there is nothing proving that there is a deal between you and the bank.
There are many people that say that this is a good strategy anytime even if there is no foreclosure lawsuit pending. There must be a lawsuit filed in order to have the mortgage company (lender) produce the note. The best strategy when not in foreclosure is to get an attorney to file a suit to quiet title. That is the attorney attempt to say there are no liens against the property and the suit will require the mortgage company to produce the note and if not there is a good possibility to end up with your property free and clear, no mortgage against the property.
Another alternative is to file bankruptcy and in the chapter 13 bankruptcy list the bank note as unsecured debt and the bank has to produce the mortgage note to change the debt from unsecured to secure.
The information above is a possible strategy but do not go it alone consult with an attorney in order to file the motions correctly.
The Loan Modification Help website has been created to assist homeowners losing their houses with relevant and important assistance and resources. The site describes methods used to get a loan modification and more. We also run a site that offers information to stop foreclosure and techniques used for that purpose.
Written by a Don Morris, Loss Mitigator - Loss-Mitigation-Training(dot)com
Donald_Morris
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Tags: Foreclosure, mortgage, mortgages