Wednesday, February 25, 2009

Produce The Note: A New Way To Fight Foreclosure

Thanks to a recent TV spot on Good Morning America (along with other press exposure) banks are going to be hearing these words a lot, "Produce the note." A new movement is under way that is causing banks a lot of pain and grief. Essentially how it works is that a homeowner in foreclosure will submit paperwork requesting that the bank produce a copy of the original note. Sounds easy enough, but with the number of times these notes have been bought, sold and transferred, the paper trail can be hard to follow. Desperate homeowners are finding that if nothing else this tactic is buying them a little more time in their home. Tim Iacono looks at this new tactic in his blog post below:

The little guy fights back by making a simple request - prove that the borrower owes the money to the bank before foreclosing.


It really is hard to have much sympathy for the borrower, at least in this case - the lady borrowed $140,000 against a house for which she paid just $39,000.

It does, however, add great irony to the situation.

This post can also be viewed on themessthatgreenspanmade.blogspot.com.

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1 comments:

March 29, 2009 at 8:17 PM Ju said...

Nice post!

I like the part about produce-the-note. I live in Tampa and know one person he helped, and it actually worked. This site has all the videos they have done. Watch all the videos here: http://tinyurl.com/bozo2d

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