Show me the note!!!

[OKBK]

Has anyone stalled forclosure or prevented it by making the bank come up with the original note? I have read about it a few times in the news about people doing this but wanted to hear first hand accounts if any.

[OKBK]

http://www.abcnews.go.com/US/wireStory?id=6897985

[HHM]

It depends on what sort of foreclosure action is practiced in your state.

[Flamingo]

Good Morning America yesterday did a segment on this. Since banks now all know that the public is being educated via radio and television segments/talk shows how to possibly further delay the foreclosure process, more will probably be done on their end to ensure original documents will be quickly and readily available if/when requested.

[imaloser]

i believe the problem, flamingo, is that the servicers have not kept records ! !

if you live in a state where there are judicial forclosures, the original note needs to be filed with the foreclosure.

i have heard that servicers now are routinely filing a "lost note affidavit" letting them off the hook.

who knows. to legally foreclose, they need to prove ownership.

[OKBK]

Whats Florida fall under? judicial forclosures?

[Catia]

Yes--I have done this, and I can tell you it worked for me, but I am the only one I know "in person" that it worked for, or who even tried.
I started about Jan 2007, Mortgage was forgiven in full June 2008, unbeknownst to me.

I have read online about others though. Be careful because lots of the companies offer similar types of services, and many (not all)seem like scammers willing to take your $$ but do nothing.

Do your own work and dot your i's and cross your t's as much as you possibly can!!!

--Your experience will probably be different than mine. My ENTIRE mortgage balance was forgiven/cancelled, and my mortgage satisfaction was completed by the servicing company(SLS), who hired a title company to complete all docs and record it with my county.

I had no knowledge that they were going to do this, nor did they tell me anything at all ahead of time. The home was in foreclosure when they satisfied the mortgage, I was actually expecting notice of sheriff's sale--because the servicer refused to work out ANY agreements with me. It all came as a HUGE suprize.-now it's mine free and clear.

I began my demand to know who owned my loan from the servicer before I was in foreclosure, because the servicer Specialized Loan Servicing ( SLS ) was not following the terms of my original mortgage agrmt, and was trying to force their ridiculous terms & extra charges down my throat and harassing me, and falsely reporting to the credit bureaus--this was BEFORE I was in foreclosure...

I never found out who owned my loan, but some documents with the county are looking like it was Ameriquest, or their sister co Argent.

My mortgage satisfaction piece prevents them from ever trying to collect again, or from them selling the note to another to try to collect.


My servicer and I never went to court--it never went that far. They gave up--so they must've known they could not fight it.

It is not only being able to provide the original note--it is an issue of being able to PROVE they in fact own the right to collect on that specific note.
Some notes are sold numerous times...
If in their greedy frenzy assignment of the note was not properly recorded, ANYWHERE along the line--they can't do squat!!!!-there are strict regulations in place that state how long a person/compny/bank has to record such documents--they can't just do it after the fact...-it seems to be the one and only way to hold these fraudulent vultures accountable...

By the way--this happens a LOT with mortgage broker companies who sell the loans--a lot more than they want to admit. It was not much talked about before.

The "secrets" been out for a while now--but they'd have to change several laws to change the system--so challenge it all of the way--

Many people never ever raise this question, or often times are not informed of what they can do. Servicers may file a letter to the court stating missing documents--and still people don't fight--This alone means they cannot prove ownership at that date in time...At the very least it can delay foreclosure because the burdon of proof is on the collector to PROVE they have the right to collect or foreclose--if you never question this--then the court assumes you admit to owing the debt...It really is that cut and dry.

And another sad fact that occurs is that people are in fact being foreclosed upon by a servicer or a loan company that does not in fact own the note...Only to have the real note holder show up later--and back to court it goes.

By the way--I did receive a 1099c (cancellation of debt)for about $58,000...I am having a pro do my taxes this year...BUT...

LOL now I am being such a b*tch I am considering fighting the 1099C as well--if they could not prove they owned the note in a court of law--how can they send me a 1099C for something they don't legally have proof of owning?
-the fact is--WHY should they get a tax writeoff for something that they cannot prove is theirs at my expense???
It's not that I do not want to pay taxes, I'd be clear anyway due to tax laws for insolvency- It's that it's tax fraud--and I don't want the REAL note owner trying to 1099c me sometime in the future-and I still have no idea who the real note owner was-this is how skrewed up they all are.

I have left several links to another poster here in the foreclosure section that can point you in the right direction--this topic contains several links, please check them all out. Good Luck!!!

http://www.bkforum.com/showthread.php?t=33822

[roozterdvx]

When can you ask them to "produce the note"?

[myhearts07]

You know, i feel kinda stupid but I don't remember seeing a promissory note, just the note. Is this the original note? Also, I am looking at my loan documents and there is a section that says Part V. Borrower Certification- This is for HUD/FHA mtgs., do you own or have you sold other real estate within the past 60 months on which there was a HUD/FHA mortgage? we had a home that we sold in November 2005 that was a HUD/FHA mtg. What does this mean that the question was answered no when in fact it should have been yes? I further found a $37 discrepancy in the settlement charges amount. Will this be to my benefit to bring this up in court?

Hearts

[Catia]

you can audit your mortage.
please check out the links.

[myhearts07]

Thanks, Catia.. WHere is the link for this? I am sure many of us need to check that out.

Hearts

[KatrinaK]

Catia, I feel like I am so far behind on this but I'm in one of these situations with BofA where I've tried everything and they refuse to work with me. It's been 3 years of denials for everything from Loan Restructure, Deed In Leau, Short Sale (twice), they approved a loan mod that was garbage - so we declined it. I don't know if this 'show me the note' thing will work and am not sure what a Qualified Written Letter is exactly.
I started reading about how they've gotten around it and was wondering if it's too late. I assume that BofA isn't one of the ones that is having a hard time "providing the note" but I want to do something if there's anything that can be done. I would prefer not to lose my house.
Some stats: House was 405K when purchased in 2006. We found out about upon signing that the mortgage broker quit his company during our deal and didn't tell us that he had to relock in our loan (with the his new company that he started on his own) at a higher rate and that's why we got stuck with the neg am loan. It's worth 203K now and after the 1st short sale denial (because we couldn't agree to a promissory note) they said it's because we weren't delinquent. So we stopped paying the mortgage (almost 2 years ago). We also had job loss and our marriage sufferred to the point of separation so there is a real hardship. BofA approves a short sale but the investor or mortgage ins company denied us w/o promissory note. They WANT us to foreclose - "it's less of a loss as a foreclosure".
I am exhausted and I can't pay an attorney to fight for me. Any advice?

[feelingnutsy]

My first mortgage company came right out and said they serviced
my mortgage---didn't own it outright anymore---after asking them
directly---so do I have a chance of going after them?---outfit is WF.

[HHM]

Not really.

There is nothing inherently illegitimate about mortgage loan servicing. Contract rights CAN BE ASSIGNED. The issue with the "shoe me the note" schemes has to do primarily with "judicial" foreclosure and whether the servicer has, in fact, the legal standing to foreclose.

Unless you are in a judicial foreclosure state, show me the note is pretty much a non-starter to begin with, and even in judicial foreclosure states, it is a weak ploy.