How to Fight Foreclosure by Asking Your Lender for Your Mortgage Note

Millions of homeowners in America are facing foreclosure right now, but a simple way to delay the foreclosure process is to ask your lender for the original mortgage paperwork. Since mortgages have been traded so often recently many banks do not know where the original mortgage note is. If a bank cannot produce the original note the foreclosure may be canceled. This is what you can do if you are facing foreclosure.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Phone
• Computer

1. Go to the Consumer Warning Network and print out the templates for requesting your original mortgage note. See resources for the address.

2. If you are in a non-judicial foreclosure state, then you would need to file a lawsuit against your lender to have them produce your original note. There are more details at the Consumer Warning Network.

3. The lender has to produce the original note with your signature on it. This is to verify that the company trying to foreclose on you indeed owns your debt.

4. Generally companies can produce the note, but during the period when they are looking for the document they cannot kick you out of your home. You may get a month or two of free housing.

5. It is very unlikely that you will get your house for free, but this process may allow you to negotiate with the lender for better terms.

Resources

• Consumer Warning Network - How to make lenders produce the note

[dzagotti]

on 4/7/2009 Great info a lot of people could use.