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Step 1
Do you know the three small words – produce the note – that are being enlisted by thousands of smart homeowners all across America, to stop their financial institution from foreclosing on their houses. Or at the very least you can hinder the process, so you can attempt to fix your finances or sell your house at a decent price. So what is this all about?
Before your bank can foreclose and throw you out, they have to show that they really do own your mortgage. When you demand that they produce the note, you are asking that they show the original loan deed with your actual signature on it. This is not as easy as you might expect.
During the good years, most mortgages were unloaded and resold many times. They were repackaged into funds, distributed on Wall Street, and sold around the world. You may find it hard to believe, but, no one may actually know where the original deed is now. -
Step 2
When a financial institution forecloses on a home, they may even declare immediately that they are unable to produce the note. Do not let them escape with that lame excuse. Ask that they produce the note before going any further with the foreclosing.
Then use the delay as a negotiating opportunity to extract better terms from your bank. A while ago, an owner in the U.S. delayed Wachovia Bank in their foreclosure try, just because the bank did not produce the note. Instead they agreed to adjust the terms of the mortgage. And we know what happened to Wachovia shortly afterwards! -
Step 3
This is vital, even critical. The bank which has the original mortgage document can demand the cash from you, even if you have already paid up with another lender. Don't shrug it off; it's happened.
Even if your family home is already in foreclosure, all is probably not lost. Demand immediately that your bank produce the note, and you will probably see them become much more open-minded. In any event, you are not attempting to obtain something for nothing. All you want is a fair shake. Don't hesitate!
A final thought: If you have had it with the whole deal and just want to get rid of your home, go to the link just below, "Selling Your Home". They can help solve your problem.
