Before you lose your home tell the lender to “Show Me the Note”
The third quarter of 2009 has been labeled the ‘worst three months of all time‘ for foreclosures. Even though we’re seeing signs of economic recovery, people are still fighting to stay in their homes. Some get the run-around from banks, some are told by their lender they won’t renegotiate the loan, while others fall prey to lenders profiting from their foreclosures.
Using the Produce The Note strategy has proven successful in cases all across the nation as judges are increasingly holding mortgage lenders more responsible for proving their right to foreclose in the first place.
One bankruptcy court in New York has taken that burden of proof to a whole new level – not only stopping the foreclosure dead in its tracks… but THEN entirely waiving the homeowner’s mortgage debt of $461,263.
We certainly find this encouraging and look forward to how this kind of decision impacts the foreclosure crisis as it continues to unfold.
Posted By George Beckus Esq.
