How to Stall Foreclosure: Ask the Bank to Produce the Note!

A few months ago, I wrote a post about how to stall foreclosure by asking the bank to produce the ORIGINAL mortgage note to prove the validity of their ownership. Now, the Associated Press has done a story on how homeowners across the country are using this tactic to save their homes.

See the story here: http://www.google.com/hostednews/ap/article/ALeqM5hLOuvy9fguykC2NydTDrkqqyybvQD96DHN5G0

The AP reports, "...homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess. During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse or destroyed. Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage."

Some mortgage companies have electronic versions of documentation, and judges are accepting this as proof of the bank's ownership. But for those homeowners whose lenders do not have the original paperwork (which happens more than is realized), you can use this to force the bank to renegotiate your mortgage!

Read the article and see if this can work for you.