There was a very interesting AP article in our local paper today about folks who are in foreclosure on their homes. It seems that back in the heyday of all the packaged home loans, the supporting documents (read original notes) did not always get passed to the new financial owners as quickly as the loans were sold. Some attorneys for debtors are now requesting the "proof" that the foreclosing party has any right to the home. It seems this can buy folks weeks to months before the current "owner" of the loan gets their hands on the information or hands on the original note. This is a case where as CompT has suggested might be a good answer to stall for a few months or many months before you are actually foreclosed on.
Here is a quote from Rep. Marcy Kaptur of Ohio during a speech on the House floor.
"Don't leave your home because you know what? When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don't have that mortgage, and you are going to find they don't have the paper up there on Wall Street."
Appears that it could be months before it all gets sorted out. Plenty of time to put the extra money under the mattress or "gamble" it away in scratch-off tickets. LOL Amusing.
Here is a quote from Rep. Marcy Kaptur of Ohio during a speech on the House floor.
"Don't leave your home because you know what? When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don't have that mortgage, and you are going to find they don't have the paper up there on Wall Street."
Appears that it could be months before it all gets sorted out. Plenty of time to put the extra money under the mattress or "gamble" it away in scratch-off tickets. LOL Amusing.
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