Having your lender produce the original note seems to be the new hotbed issue of the foreclosure crisis. I liked this video the best out of several I watched on How to compel your lender to produce the note. Pass this along if you know of someone in the foreclosure process. Who knows, it just may help.
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I am looking forward to this. I was just having a conversation about this fact. There is a real concern that the lender cannot produce all of the documents.
Fran,
It was very interesting what he said in video.How you should ask lender provide the note.This very for people out there.I like what he had to say.Very Nice.
john
this is also referred to as a "forensic loan audit"....we have strated using them on all of our short sales (I run a short sale negotiations company), and must say it HAS helped.....banks seem to be MUCH mroe responsive when they know you are looking into a forensic loan audit.....great tool to have!!!!
Fran, thanks for posting the video. More homeowners need to know this and use it as leverage, as was said. Maybe then homeowners can get fair and sensible loan modifications.
Great information, thanks for posting.
Fran thanks for posting. Worthy of a feature and a reblog. Definitely something people being forclosed on need to be aware of.
This is excellent. Thanks. Foreclosure is a legal proceeding. The home owner who wants to maintain their property (perhaps they were laid off, and had a hard time with bills, but is now fully employed) should be able to. I've read some instances that home owners weren't even served properly. Thanks and re-blogging.
Hi Fran -- I remembered this topic become a hot issue a few years ago, so I'm glad to see anything materialize when it comes to making lenders follow the rules.
Fran, I like this video as well! Good site, that Consumer Warning Network.
Thanks, Fran.
This is so imperative in the Age of Corrupt Banks, Corrupt Congress, Corrupt Administration.
Stand up and fight!
good find.
Great video Fran, thank you for sharing it.. .
THanks for sharing this post and video with us today here on AR. I'm re-blogging..
Patricia/Seacoast NH
Fran, learned something new today on ActiveRain. Good information and thanks.
Fran, this link is a great tool to send to those clients that are in trouble. Thank you
Fran - This is a wonderful third-party resource...thanks so much for sharing. Attaching the video to an email campaign could produce some interesting results.
Thank you, Fran, for sharing. I have watched the video and bookmarked the Consumer Warning Network site. The need for homeowners to understand and exercise their rights is a more pressing issue every day.
A clarification needs to be made here. What they don't mention in the video is that the process described for asking the lender to produce the note works ONLY in judicial foreclosure states. Notice that the attorney in the video refers to "the lending institution that is suing you...". The lending institution only sues you if they're going through the judicial foreclosure process. In non-judicial foreclosure states like CA, WA, OR and many other states, you would have to sue the lender (which can be very expensive) in order to force the lender to comply with the discovery request to produce the note.
I've seen statistics showing that approximately 60% of lenders involved in bankruptcy cases were able to produce the original promissory note (sorry, I can't remember the source, but it was a recent university study done on bankruptcy cases). Living in a non-judicial foreclosure state myself, I don't think I would risk thousands of dollars to sue a lender knowing that the odds of success were only around 40%, and that success just meant delaying the inevitable.
David M. - That's an excellent clarification. Texas is a non-judicial foreclosure state, so the courts are seldom involved in foreclosures. I just had a client lose their home to a sub-trustee sale in the courthouse lobby.
Georgia is a non-judicial foreclosure state and I think it would be amazing to find out how many people have been convinced to leave their homes when the servicing bank does not own or even possess the note. Makes you wonder how did we get to this point when the only people playing by the rules these days are Mr. and Mrs. John Q. Public just trying to make a living and keep their home.