| "Produce the Note" Strategy for Judicial and Non-Judicial States (Technique Used to Stall Foreclosures)
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Content provided from www.consumerwarningnetwork.comand law firm of James, Hoyer, Newcomer, Smiljanich & Yanchunis, P.A. www.jameshoyer.com Many foreclosures are happening illegally. Institutions are attempting to foreclose without the legal right to do so.
Situation:Borrowers need to make sure that the institution attempting to foreclose is, in fact, the owner of the note. Borrowers should request the institution to "Produce the Note", meaning that they have to show they are the legal owner of the promissory note the Borrower signed at closing, promising to pay the debt. There is only one original note on the Borrower's mortgage that has the Borrower's signature and this is the document that proves the Borrower owes the debt.
The Borrower's goal is to make certain the institution attempting to foreclose actual owns the note. Without a challenge to the lender, the court will simply allow the foreclosure to proceed. Now, lenders (who are now servicing -- collecting money -- on the loans they made) are moving to foreclose on homeowners, and they actually do not have the proper paperwork to prove they have a right to foreclose.
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