If you are at wits end after trying all your options to avoid a foreclosure and the bank has not given you the time or care to help resolve your pending foreclosure it is advised by some experts to appear in court at the foreclosure hearing and demand that the bank produce the note proving they are the legal owner of your mortgage. Without a note, the legal document that certifies the legitimate owner of a debt, a bank is not legally authorized to initiate a foreclosure.
During the real estate boom, it was common for mortgages to be sold multiple times over through a very sloppy process that allowed for a lot of paperwork to be lost. One statistic estimated that as many as 50% of foreclosed homes had missing notes. So chances are that if you request the court to force the bank to produce the note, they will not be able to comply and at the very minimum, while the bank hunts for the paperwork, will give you additional time in your home.
Attempting to delay a foreclosure doesn’t mean you delay taking action. You must act with urgency in order to get the most from each of these maneuvers. The following list presents short-term solutions. We also offer permanent options to avoid foreclosure on a separate list.
To navigate past a foreclosure successfully by choosing the right option to save a home, a homeowner must first understand the process. As with everything else in life, the more educated you are about a subject, the better chance you have to make the right choice. The foreclosure [...] Continue Reading…
These worksheets, guides and sample documentation can assist homeowners with evaluating and in budgeting their personal finances, weighing their options and ultimately with finding a solution to their home ownership challenges, up to and including preventing a foreclosure.
Foreclosure Prevention Checklist : A step-by-step process to prepare for and [...] Continue Reading…
