(Foreclosures) Make Them Carry You Out! (Make Them Produce the Note)
Up-date: [I was ask to keep this up and going due to importance of the subject, and I will leave it here forever if needed. (let’s hope not.) I will add to this page as info comes in.]
Also I was ask to make sure that people in this position make sure that you notify the institution (Bank, Lending house, and the such) they have to bring the original document. It is vital.
In the past couple of years the rate of foreclosures has been growing because of the Planed Failure of the economy. However, there is a possible way to stave of a foreclosure, and it is legal.
Ohio Rep. Marcy Kaptur, is telling people to Become Squatters in their homes.
Yes, this Ohio Democrat is actually encouraging her financially distressed constituents whose homes have been foreclosed upon, to simply stay put.
There is a case in Ohio, one of the hardest hit areas of the country by foreclosures, This is happening in Lucas Ohio where there were 4,000 foreclosures in 2008 according to “CNN”. Because her payments are behind, lost her job, and her husband is sick, her house is up for foreclosure. She is going to take Rep. Kaptur’s advice and stay put. But, really what else can the families in this situation do? There are a lot of people that are just walking away and giving their houses over to the Banks and Mortgage Companies, when they should be staying and fighting.
Most people don’t know because they cant afford legal representation, to take it to court, where they have the right to make the bank or lending institutions show the court, the ORIGINAL documents for the mortgage.
Why is this Important?
One reason is that you are making the institution foreclosing to prove they have ownership. Rep. Kaptur is one of the biggest advocate in fighting foreclosures using the slogan is, “Present 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.
The reasoning this is a good defense, a lot of the mortgages were sold off as fast as the were closed. This continued, and some ended up outside the country, sold to countries like China, Japan, and in Europe.
“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.”
So if you know of anyone in this situation, tell them to stay in their home and get legal council. Because it is very IMPORTANT they notify the bank to, “PRODUCE the NOTE” before going to court.
In the video below is the CNN story with Rep. Kaptur.