STALL FORECLOSURE...THREE WORDS TO USE

[Lady Cassandra Seahawke]

PRODUCE THE NOTE.

ABC news has found out that if you file at your court papers requiring the mortage company to produce the orginial note that you signed they must find it.

According to the news story by Diane Sawyer, many times the note has been sold and resold to a point that they have lost who actually owns the note. This means all proceedings to forclose must be put on hold until they do the paper or electronic trail to produce the note in court. This may give you enough time to get things worked out many times it will forstall proceedings for months.

Because the banks will go after those most at risk and leave those asking to for notes to be produced to others are dealt with, hope this information helps anyone at risk.

You might us this as a last effort to get things worked out... as one person stoped the proceedings just as her house was being sold. The hammer was about to drop when the bank called the auction and had it stopped. They didn't have the note on hand and could not produced the note.

For further information go the ABC news website for information on where to get the forms to file.

Edited February 25, 2009 by Lady Cassandra Seahawke

[Red Cat Jenny]

This is a good tactic.

My Long time lawyer knows this well.

It applies to debts you owe other than a mortgage too.

If you have a debt thats been sold (To a collection company - even another lawyer) you have the right to request all documentation proving the debt. If it's old...and better yet, has been sold more than once. Often no one has the paper. End of story.

I wish I had known my lawyer when I was still in my first year of college! He explained that these "bottom feeders" will buy your debt for an average of 20 cents on the dollar, sometimes less. Then they have the full power of the law behind them to collect the balance originally due, plus whatever they falsely tack on and know what? Aside from 20 bucks to file in small claims court if it goes that far...it's all GRAVY.

For example say you owe bank A $4,000.00 for a closed credit card.

Scummy Collector B buys the debt from the bank for $800.00 (20 cents on the dollar) and makes a tidy profit of $3,200.00 plus whatever legal fees and BS they add on. Nice eh?

Not only that, but once said scummy collector buys this debt...you have no more business with bank A. As far as they're concerned the matter is closed. All previously arranged deals are off. They don't know you anymore. They write off the debt. You are left paying someone you never had busines with and its just pure cash the bottom feeders are shaking you down for.

My lawyer helped me whack quite a lot of knuckles for debt owing to an ex and some which had been paid to a prior scummy collector back after HS who was likely skimming from their own company and never reported half the debt paid which was over 2,000.00.

Trust me the money I paid my lawyer which was not that much..saved me a lot of cash and grief. You can do some of this yourself, but the weight of a call or letter from a lawyer often puts these people off cold. Also you no longer have to take the abuse. "Talk to the hand." hope this helps.