Source: YouTube
Produce the Note! It’s a rather simple, yet shockingly effective strategy used to fight foreclosure: make your lender show proof that they do in fact own your home.
It’s so straightforward that many homeowners in trouble might have overlooked this approach and would be surprised to learn that it does have merit. In this CNN video reporter Greg Hunter explains that nearly half the time lenders don’t have the proper paperwork to prove they are the rightful owners of the property in question.
The Consumer Warning Network explains that many lenders were in such a hurry to flip or sell mortgages during the boom that they failed to maintain the paperwork indicating that they own the note and mortgage. They’ve also reported that this ‘Produce the Note’ strategy has been met with some real success for those seeking to get back on track with their payments.
Check out this podcast in which Rhode Island Attorney George Babcock explains how he has used this tactic to slow the foreclosure process long enough to get banks to consider reasonable solutions that are a win for all parties involved. In his own words, Babcock explains that he’s looking for “a reasonable accommodation where whomever the investor is in [the] loan gets paid and the homeowner gets to stay in his home and pay a reasonable price for the property.”
For more information about using this strategy, visit The Consumer Warning Network.
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March 30th, 2009 at 3:51 pm
Nice post. On foreclosure: I like the produce-the-note strategy. I live in Tampa and know one person he helped, and it actually worked. They did not get the entire home paid for, but they got terms adjusted to be favorable and they were able to avoid foreclosure. It really varries by situation and probably the laws of your state on how far this goes. This site has all the videos they have done. Watch all the videos here:
http://www.tinyurl.com/producenotevideo