Produce The Note

Dear Friends,
If you’re past due on your mortgage there’s a way to stall a foreclosure. First of all try to negotiate with your bank. If they refuse to negotiate and are sending your house to auction, there is a way to stall it. Go to your county courthouse and ask them to “Produce the note.” Then call your mortgage company and ask them to show proof of the original contract or who owns the loan. If they can’, which most banks can’t because they have sold off the loan, this will provide you with more time, because until they provide the original paperwork they cannot by law foreclose on you.

It’s working for some people who have been laid off and are trying to save the house until they get back to work.
This is only a delaying tactic but it may provide you with enough time to regroup, etc.

During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse, or destroyed.

Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage.

9000 forecloses last month in the USA, hold on its going to be a bumpy ride.