Produce the Note, a Last Ditch Effort in Fighting Foreclosure

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.

The Consumer Warning Network has produced a “How-To” for this tactic.

Tags: homeowner's rights, tips