Yep--if they sue for foreclosure and you don't stipulate to all the facts (and you SHOULDN'T) they have to prove you actually took out AND SIGNED the mortgage documents that they're suing over.
But it gets even better! In many cases, they can't find the original documents at all. The loans have been sold and re-sold so many times and so much time has passed that they can't be located even if they still exist...and sometimes they don't, but have been lost or destroyed. A few judges also balk at accepting electronic copies rather than originals, when there is any doubt, which can give you additonal leverage to work out the loan without losing the house.
So rather than losing your home to that foreclosure suit, there's a decent chance you can end up owning your home free and clear thanks to their suing you and being unable to prove their claim! And no matter what, even if they dig out the goods, you've still bought some time and maybe some bargaining leverage. :-)
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Date: 2009-02-25 06:33 pm (UTC)But it gets even better! In many cases, they can't find the original documents at all. The loans have been sold and re-sold so many times and so much time has passed that they can't be located even if they still exist...and sometimes they don't, but have been lost or destroyed. A few judges also balk at accepting electronic copies rather than originals, when there is any doubt, which can give you additonal leverage to work out the loan without losing the house.
So rather than losing your home to that foreclosure suit, there's a decent chance you can end up owning your home free and clear thanks to their suing you and being unable to prove their claim! And no matter what, even if they dig out the goods, you've still bought some time and maybe some bargaining leverage. :-)