Why Produce The Note Is So Important
By admin at 24 November, 2009, 9:52 pm
Produce the note is not just a technicality like the lenders and some courts would like you to believe. Using produce the note to save your foreclosed home is not only a great idea, but it can save yourself from being held liable for debts after the actual foreclosure has taken place!
If your head is reeling right now, that’s understandable! Most people have no clue about this cruel loophole. If the lender does not produce the note because it has presumably been lost or misplaced, there is the possibility that the holder of the original note may still come forward and demand for the debt to paid, AFTER the foreclosure has proceeded. Since your name is on the original document, YOU will be held liable to pay off this debt.
As if losing your home to foreclosure isn’t bad enough! Just picture yourself in this scenario. You try your hardest to pay your mortgage every month and keep up with the rapidly rising interest rates. But you lag behind and soon face foreclosure. Even though the banks cannot provide the promissory note, the courts gloss over this “technicality” and your home is taken away from you.
Somewhere down the line, somebody shows up with the original note, demanding for the debt to be paid. Incidentally, this note is signed with your name, not the name of the person who foreclosed the home. In a cruel twist of fate, you now find yourself strung up in a complicated legal mess, owing money on a mortgage that is no longer even yours!
You can prevent this from happening by forcing the lenders to produce the note before the foreclosure can proceed. The lenders and the courts need to understand that proof of the note must exist and that this is not something that they can simply ignore or wave aside. It is one of your only defenses as a homeowner facing foreclosure!
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