Produce The Note: Hitting The Mainstream Media
By admin at 25 November, 2009, 9:18 pm
Recently, the produce the note strategy has started receiving mainstream media attention. This is great news for homeowners facing foreclosure because it gives them an opportunity to learn about using this strategy. It also helps notify the general public of the unfairness of the way foreclosures work in this country.
The Chicago Tribune recently published this article, “Distressed homeowners fight foreclosure by taking their lenders to court”:
The intent is to delay foreclosure in hopes of finding money to make payments or to pressure the lender to negotiate. During the lending boom, many mortgages were sold or packaged with other mortgages and sold to Wall Street investors, so locating original notes isn’t always easy.
Last month, Rep. Marcy Kaptur (D- Ohio) advocated the show-me-the-note tactic in a speech.
“When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don’t have that mortgage, and you are going to find they can’t find the paper up there on Wall Street. So I say to the American people, be squatters in your own homes.”
You can read the article in its entirety here.
Here are a few clips from news programs which have discussed the Produce the Note strategy:
How long do I have to file on the produce the note. If I have a sale date already is it too late? Is there a certain deadline?
Thank You
Mary
Ideally you want to file at least one week before the sale date. The sooner you file the better off you will be. Give us a call and one of our reps will explain in detail. Certain banks can be done the day of the sale but that is definitely not recommended.