Seniors Say Produce the Note

Seniors can stall foreclosure by asking the bank to show proof they hold the original note. Yes, seniors can say produce the note and the banks must back off while they attempt to locate the original paperwork.

It isn’t fair that our government is bailing out banks, and then those same banks are foreclosing on our homes – evicting suffering home owners who are the real victims of this economy.

A by product of all the fancy wheeling and dealing with mortgages being traded from bank to banks during the previous financial hey-days is that original paperwork seems to be lost in many cases, or at the very least, difficult to find.

One lady filed her produce-the-note demand last fall and was notified by the bank that her note was lost or destroyed – since then there has been no activity on the foreclosure, no letter from the lender, no court filings.

A University or Iowa study last year found more than 40 percent of the 1700 bankruptcy cases studied, banks could not find the necessary paperwork.

Oregon is a “judicial foreclosure” state, meaning the courts are involved in foreclosure proceedings. I have the forms, free, to use in filing you’re “produce the note” strategy.

In “non-judicial foreclosure” states, such as California and Texas, the homeowner must file a lawsuit against the party trying to foreclose in order to get the courts involved. Laws differ among states, but all states require the other side to produce relevant documents; and then the “produce the note” method can be used.

Most of the above was taken from news sources and the consumer warning network. I am not an attorney. I have worked many years as a real estate broker and private investor.

The one thing I do want to leave you is this: DON’T GIVE UP! Hang in there long enough to make them re-negotiate your loan to terms you are able to live with!