Some news for troubled homeowners

By
Real Estate Agent with no current broker affiliation

Someone just shared this article with me, and I thought I would pass it on.  It's about a strategy to "buy time" during the foreclosure process by requesting that the lender produce a copy of the loan paperwork. 

 

Article here

Comments (3)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Now that is interesting that the judge threw out 14 foreclosures by Deutsche Bank National Trust Co.

Feb 15, 2010 04:41 PM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

tactic yes, however it rarely relieves the home owner of the debt or the responsibility. Yes, it may buy time.

 

What about my Cash For Keys person, who had 4 certified copies produced for them and they held on to "show me the origina" which led them to turn down $5000 to move out nicely.

 

 

Feb 15, 2010 04:59 PM
Kevin Dunlap
Trident Investments Group - Las Vegas, NV

There are countless ways to stall foreclosures including the "Produce the Note" campaigns.  I have never seen this relieve the homeowner of the debt, but it can definitely buy time.  There are other ways you can stall a foreclosure from tactics like initiating a real bankruptcy, short sale, deed in lieu of foreclosure (you have to qualify for this), initiate a lawsuit for loan modification possibly based upon suspected predatory lending. 

 

I know people here in Vegas that have gone more than a year without a payment.  Most are legitimately trying to qualify for a loan modification.

Feb 15, 2010 05:16 PM