Are you facing foreclosure? According to a recent article by the Associated Press, one way to stall the process it to ask the bank for the original loan documents.
You may think that is a simple request, but actually, but lending institutions are finding that request can become quite complicated.
The derivitives market of the past decade brought about the bundling of mortgages, securities and other financial instruments. These bundles were bought and sold, and many times rebundled and bought and sold several times. The original paperwork on many of these loans has been filed away in a warehouse or lost in the shuffle.
Many homeowners in the foreclsoure process are buying themselves time by asking for this proof of their loan.
If you find yourself in foreclosure, check out the Consumer Warning Network. Homeowners can find the paperwork to submit to their lender demanding the original documentation of their loan. You may be looking at retaining a lawyer, which may incur upfront fees, so be aware the process is not cut and dry.
Tom Deutsch, deputy exectuvie director of the American Securitiazation Forum dismiised the strategy as merely as stalling tactic, but one homeowner the Associated Press interviewed siad she filed her procude-the-note demand last fall and there has been no activity ont he foreclosure since.
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