Legal tip to delay or even avoid foreclosure

[mckitterick]

verminiusrex suggests a way to delay foreclosure long enough to get your finances in order:

"Demand to see the note that proves that the mortgage company is owed the money. With so many trades and mortgages being bought in bulk, the companies often don't know where the paperwork is, so saying 'Produce the note' can apparently delay some foreclosures, since the companies are going to go after easier pickings first. Lawyers say that it's a good stalling tactic that may work to get finances in order, but eventually they usually find an electronic copy that is accepted in court."

I hope that none of you are facing this problem, but if you or someone you know is, this might help. Spread the word!

Best,
Chris

Comments

[mckitterick.livejournal.com]

Hm, giving everyone who holds a mortgage - who earns less than $100k per person or $200k per household, for a home they live in - some $5000 - $10,000 would be huge. People have to apply, and the money is sent directly to the bank to pay down the loan. To receive the money, the bank then must negotiate to non-usuristic rates and terms (as described by the feds).

Viola! This would save homes, free up billions of buckies, and not be a black hole for money like the current plan.

Plus, dude, what home-owning taxpayer would be against that? Oh, right: the rich and the moralists. Pshaw. As if the bankers are moral in any way.

[fortyozspartan.livejournal.com]

Apartment owners! Give us money too!

[mckitterick.livejournal.com]

Don't they call those "condos"?