Foreclosure Wars

February 28, 2009 – 9:34 pm

By Petya Kirkova

Foreclosures are sweeping the country faster than the newspapers can report them. It’s not even news anymore. Not for anything else, but seeing the “Bank owned” signs is so natural already that it becomes disturbing. Homeowners from Idaho to Georgia have the same unfortunate common denominator – fear of the next mortgage payment.

Recently a new tactic of fighting foreclosure has emerged. It’s called “Produce the note”, and it’s apparently gaining popularity since the team of Good Morning America, the ABC morning show, has picked up on it. The method of stalling the foreclosure has also been mention on CNN, and explanatory clips can be found on You Tube.

What the strategy does is assuring you that the institution suing is the owner of your mortgage. The process of producing the note in question is not exactly speedy, which ultimately buys you more time to fight back. When mortgages were bundled up, sold and resold to different investors, not all of the new owners got the necessary paperwork. Therefore many of them can not even prove their legal right to sue defaulted homeowners. Since the original copy with the customer’s signature is the one and only document, certifying the ownership of a mortgage, the lack of it takes away the bank’s right to foreclose. For more information and templates you can check http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/. Your home is indeed your castle, so don’t let it be overtaken without a fight.