How to Stop Foreclosure using Produce the Note Strategy
If you are like millions of other people facing foreclosure, this simple loophole may be able to stall the proceedings long enough to find a permanent solution to stop foreclosure.
When mortgages were being bought and sold repeatedly during the real estate craze, many of the original papers signed by the homeowners were lost in the shuffle and some were even destroyed. Now homeowners faced with loosing their homes may be able to use this to stop foreclosure.
This is known as the Produce the Note Strategy.
- Difficulty:
- Easy
Instructions
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1
Contact your lender and ask that they Produce the Note of your original loan agreement. This is the actual original document showing the agreement you signed when you obtained your mortgage loan.
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In some areas, you must go through your local county clerks office or court system to file an official request for the note to be produced. Contact your local county clerks office to find out if this applies in your area.
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Determine if your lender cannot produce the note. Homeowners can file a temporary restraining order to stop the foreclosure process if the original papers cannot be produced.
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4
Consider consulting with a lawyer familiar with real estate laws regarding foreclosures in your area. This will assure you are following all of the legal steps you need to take advantage of the Produce the Note Strategy.
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Comments
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fred745
Feb 28, 2009
rare64 - I am glad the produce the note stategy worked for you. Even better that you found a great company to work with. Best of luck to you!