There's a really interesting phenomenon that I've heard mentioned several times in regards to the foreclosure process. Here it is;
Do the mortgage holders have a copy of the note and mortgage?
They may not! as crazy as that seems.
That raises the question can they prove that you owe the money and under what terms. Many times the party attempting to foreclose is being hampered by their need to acquire lost and/or destroyed documents. Many attorney's are using as their first line of defense;
It would work kinda like this. An individual and/or individuals who have received a foreclosure notice from whomever, hire an attorney who immediately requests that the party attempting to foreclosure produce the note and mortgage. This is to prove that the terms are correct and that the mortgage actually exists. Also, there may be a question that the party who has filed the foreclosure actually has the right to do so, but that's another issue entirely.
There was a CNNMoney.com piece this AM that quoted law professor , Cathy Parker, as saying that she believes that up to 50% of the time the mortgage holder is filing or has filed a request for lost or destroyed documents. Because they don't have them! If that seems like a lot of the time to you, it does to me also.
Sounds sloppy, doesn't it.
Can they acquire copies? Well yes, and sometimes no. BUT, it's sure going to slow down the process, and possibly open the door to potential renegiotiation of the terms.
So, in my opinion, if you are having difficulties, and may be facing foreclosure because you may not be satisfying the terms of your mortgage send a message to the mortgage holder;