bet the banks aren't happy with this one.
YouTube - Produce The Note on Good Morning America
When you sign the final note on a mortgage loan transaction, the final hard copy of the agreement, or "the note" is recorded and kept as evidence of said agreement. A binding contract between you and your mortgage company that you are closing through. e
When facing foreclosure notice from any bank or lender you as a consumer are within your rights to demand that they produce a hard copy of the original signed note showing the original terms of the contract.
The bad part for bank and lenders is that 90+% of these loans are sold off into the secondary market within weeks of closing, sold to other companies who purchase the debt and service the loan. Many loans are sold multiple times and as such are often difficult to track. These lenders and banks have stacks upon stacks of foreclousres to deal with, and when asked to produce the original note showing what is owed...they simply can't find it.
Also to their disadvantage is the fact that many of the companies who originally wrote these loans are now defunct and no longer in business. In this case it requires sifting through thousands and thousands of old paper copy files that may or may not even exist.
By saying to the banking agent who is looking to foreclose on your home, "I will not leave until you produce the note"...many banks simply move on to an easier target and leave you alone. Even if they do try and actually track down the note it stalls the foreclosure process BY LAW and allows you months to find new work or living accommodations, at the very least it keeps you in your home and out of the cold for a while longer.
So if one of these crooks from the bank decides to take your home, tell them to produce that original note, and watch as they collapse in frustration. Give em hell!!!!
YouTube - Produce The Note on Good Morning America
When you sign the final note on a mortgage loan transaction, the final hard copy of the agreement, or "the note" is recorded and kept as evidence of said agreement. A binding contract between you and your mortgage company that you are closing through. e
When facing foreclosure notice from any bank or lender you as a consumer are within your rights to demand that they produce a hard copy of the original signed note showing the original terms of the contract.
The bad part for bank and lenders is that 90+% of these loans are sold off into the secondary market within weeks of closing, sold to other companies who purchase the debt and service the loan. Many loans are sold multiple times and as such are often difficult to track. These lenders and banks have stacks upon stacks of foreclousres to deal with, and when asked to produce the original note showing what is owed...they simply can't find it.
Also to their disadvantage is the fact that many of the companies who originally wrote these loans are now defunct and no longer in business. In this case it requires sifting through thousands and thousands of old paper copy files that may or may not even exist.
By saying to the banking agent who is looking to foreclose on your home, "I will not leave until you produce the note"...many banks simply move on to an easier target and leave you alone. Even if they do try and actually track down the note it stalls the foreclosure process BY LAW and allows you months to find new work or living accommodations, at the very least it keeps you in your home and out of the cold for a while longer.
So if one of these crooks from the bank decides to take your home, tell them to produce that original note, and watch as they collapse in frustration. Give em hell!!!!
