Produce the note

[GWBcasualty]

Interesting article.

http://finance.yahoo.com/news/Homeowners-rallying-cry-apf-14385821.html;_ylt=AtPtskQ1foP8Gh34A61L73m7YWsA

[sick of debt]

very interesting

[justbroke]

This has always been a tactic to stall the foreclosure process.

This doesn't necessarily save the home, only sends the lender digging for the paperwork (stored at Iron Mountain or Total Recall or one of the other document storage companies.).

[monkatom]

so do you ask to produce the note right before the sheriffs sale or? We are 2 months late and letting teh house go to foreclosure. We plan to have most items moved out over the next couple months that are not needed. We also have a place to go once we get near the sherriffs sale but would like to stya as long as possible.

[blindsided]

Well, justbroke, part of the point is that the mortgage securitization fad means that that paperwork is no longer held at your local bank but has moved from hand to hand and maybe warehouse to warehouse around the country, none of it under any control of the mortgagee.

After the dust settles on this crisis I'd like to see a lot more control over that process and many more incentives to lend and hold mortgages locally. The banks persuaded us to let them play these games in the name of chasing profits for their own investors and, well, look where it got us.

The savings and loans should have been reregulated in the 1980s and returned to the role they played before, instead of turned into banks. The mortgage wholesalers that developed in this market hole did not serve the economy well.

[justbroke]

Agreed blindsided. I hope no one inferred that I negating this practice. It does work, and in some cases, it has permanently stopped foreclosure. There's a great article on California Foreclosures at Bankruptcy Law Network on this topic in relation to who can bring a foreclosure action in California. Really good stuff.

Sometimes, this tactic may be enough to stall the lender so that you can file Bankruptcy in a more planned manner.