What The Banks Don’t Want You To Know
By admin at 24 November, 2009, 9:49 pm
Produce the note: these three words provide relief for many homeowners, and frustration for lenders.
Produce the note is a strategy that many desperate homeowners are utilizing in their struggle to keep their home from going into foreclosure. Using this method, a complaint is filed against the lenders, demanding that they “produce the note” before the foreclosure is allowed to continue.
You may be thinking, “So what? File more paperwork? For what purpose?”
A dirty little secret that banks and lenders try to hide from consumers is the fact that they usually cannot produce the original signed mortgage document (the “note”), which means that they cannot provide proof of ownership of the mortgage. Sadly, many judges and courts simply overlook this discrepancy and allow the foreclosure to occur without any issues.
However, some homeowners have spoken up against this practice and filed complaints against their lenders. When the lenders fail to provide proof of ownership, the foreclosure is stalled, or in some cases, stopped completely. There was even one case in New York in which the lender was unable to produce the note, and as a result, the judge issued a court order that cleared the entire mortgage debt (over $460K).
Of course, as with anything, individual results will vary. But people are becoming increasingly aware of their rights within the court system and privy to the legal loopholes that banks and lenders try to slip through. Let’s face it, banks are only interested in one thing: money. They could care less whether or not you lose your home. Therefore, it’s essential that you take every precaution to ensure that you are doing everything you possibly can to prevent the foreclosure from happening.
Once you receive notice of foreclosure, your time is limited. You only have one chance to save your home. Hiring a professional will save you time, effort, and money. We can compile information, conduct all of the necessary research, and file your complaint for you.
Take the initiative and save your home today!
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