Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
What happens when a lender can’t produce the original note?
CBS & ABC News have both done stories on this subject. This option is being circulated as a great way to avaoid foreclosure. The question that I ponder is to look at this concept of "who possesses" the note in light of another aspect of a loan. Should you want to sell your home and pay off the note who do you send the money to if the note can not be prodcued?
A growing number of homeowners around the country are using a foreclosure defense that may help them retain their homes. It’s called “Produce the Note” and we want you to know this is not a mere technicality that should be treated lightly by the lender or by the Court. Everyone needs to understand the importance of this issue. When a lender can’t produce the original note, allowing a foreclosure to proceed puts the homeowner at risk of owing that debt again to another party in the future. Therefore, great caution must be taken before a judge can allow someone who can’t produce the original note to cash in on your home. What if Your Lender CAN’T Produce the Note? So, what happens when the lender tells the Court it can’t ... more
Are you on The Rain? Grow Your Network!