There are so many lenders that can not show documents to prove true ownership. Too many notes were sold in this manner, so it is highly possible that your current lender or servicer does not have the proper documents to show that they own the mortgage note in due course and therefore has no legal standing to foreclose.
The lender knows that legally they can not foreclose on your home without the proper documentations but they rely on your ignorance and you not taking any action. Sadly, many homeowners don't take action which allows the lender to get away with this and foreclose illegally.
If you have ever received notice that your note has been sold to another bank or servicer get the new owner to show proof of ownership. After all, that notice you got is just a letter basically saying we bought your note so pay us. Did you get the documents showing that the note was transferred to the new owner? Was there even an assignment executed and recorded as part of the mortgage chain of title? Most likely you only received nothing but a letter saying pays us now and not them.
Keep in mind that in order for lenders to foreclose, lenders must follow the laws of the state in which the foreclosure takes place. In short, the owner of the mortgage note must show that they own the note in due course to have a legal standing to foreclosure. However, it is up to you to take action against your lender. If you let the foreclosure go uncontested, you allow the foreclosure process to continue even if it is illegal.
If you or someone you know has received a foreclosure notice please take action. You have every right to challenge a foreclosure and demand a better deal from your mortgage lender.
For More Information log on to http://gofightforeclosure.blogspot.com/
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