Does the bank REALLY own your property?
Many homeowners find themselves transferred to and from several different servicing companies over the life of their loan. During those transfers, are you certain the bank has all the paperwork proving that they own your home?
The actual proof that a bank owns your property and that a homeowner owes the debt is called a "promissory note". If your bank cannot produce the promissory note that proves they own the property, you can ask an attorney to stall a foreclosure until the evidence is shown. Unfortunately for the lender, documents are lost and/or destroyed approximately 40% of the time!
Last November, a federal court ruled that Deutche Bank could not foreclose on a group of homes until they produced the appropriate documentation proving ownership and debt. As of June 16th, those foreclosures are still on hold.
Check it out. See if the bank can produce the documents. If they cannot, take action to stall your foreclosure!
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