Foreclosure....Produce the note?

[high-tide]

What does that mean? I was asked that today. Juristiction Florida.
High-Tide

 

[sledge]

You sure it wasn't "produce" the note...as in show the actual signed paperwork. That's a big strategy for the defense lawyers to use is making lenders show the actual signed docs. With loans being bounced around, occassionally some fall through the cracks.

 

[stecz20]

i think its produce the note as well... from what a few of my buddies are telling me these loans have been sold off so many times, the banks cannot produce signed docs...

 

[high-tide]

That is what I have told today. My friend asked the question. I do not know what it means if they can't. I have been told the banks can not produce the original notes on alot of mortages. What is the legal ramifications? Does anyone know?
High-Tide

 

[MarylandMark]

"During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street," explains the Consumer Warning Network. "In the rush to turn these over as fast as possible to make the most money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage. This is the key to the produce the note strategy."

Rep Kaptur is a high-profile advocate of an increasingly popular mode of fighting foreclosures best known for it's key phrase: "Produce the note."

By telling a bank to "produce the note," a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt.

Buys some time but rarely works in someone getting a free house is what I've heard. Public records, documents that the title company by law has to retain for X amount of years, canceled checks, etc can lead the path back to who really owns the debt.


http://suzieqq.wordpress.com/2009/02/08/rep-kaptur-tell-the-banks-to-produce-the-note/