Good Morning America ran a special report on a last minute strategy to stop Foreclosures this morning.
It's Called: PRODUCE THE NOTE
The basics: Produce the Note encourages homeowners to make the lender prove that they have the actual authority to foreclose. The only way to prove this is by producing the original promissory note. Because of the way mortgages were packaged and resold in recent years, it is very difficult for the lender to come up with the note. It is likely that they will eventually find it in their electronic database, but in the meant the foreclosure is delayed.
Watch the Video Here: The Consumer Warning Network
The stragegy varies based on whether you live in a Judicial or Non-Judical state.
Judicial States (those states where a lawsuit is required to foreclose) require that the homeowner simply file a request with the court.
In Non-Judicial states such as Callifornia, it's a little harder. The homeowner must actually file a lawsuit against the lender and have the lender properly served. More planning is involved and a lawyer should be consulted - but hey, it's your home! Here are the details for using the strategy in non-judicial states.
Pass this information along so anyone you know that is searching for strategies to buy time and stop foreclosures. Tell em to PRODUCE THE NOTE
Kate Bourland is a Debt and Credit Specialist located in beautiful Redding California.
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