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]

I hope the "even better" scenario works out for a lot of people. If we're bailing out the banks, at least a few of us taxpayers can get a house out of it!

[amjhawk.livejournal.com]

That's pretty clever - and says something about our times...

But actually, Jon Stewart had a pretty good idea (it has a few flaws, but I think it's one that it's actually worth discussing and building on):

Paraphrasing: Why not give the money to the people that owe the banks to pay back their loans? Then, you're bailing out the people at the bottom that need it most, and the banks still get capital to loan out and start the economy flowing again.

The most notable issues are a) enforcement - making sure people use said money to pay back said loans. And b) virtue - you're probably giving money to a lot of people who don't deserve it...

But who cares? Currently, we're giving money to people who don't deserve it anyway.

But yes, if you do the math, all the bailout money, in total, works out to over $5k per person in the U.S. Of course, not nearly everyone would even need that. Hell, just give it to everyone earning less than $100k or something, and all of a sudden you have a LOT of money flowing... again, probably far from the most effective use of funds - but definitely food for thought.

Personally, I think a modified version of Stewart's proposal, plus a complete transformation of the national energy grid (easily done with that money, and creating tons of jobs in the process) is the way to go.

[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"?