Foreclosure Article

**2bohemians** · 02-18-2009, 02:25 PM

Just read this short article ... wondering if any locals have tried this route ....

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Some homeowners are stalling foreclosure with a seemingly simple request: asking their lender to produce the original mortgage paperwork. During the real estate boom, many mortgages were sold and resold, bundled into securities and peddled to investors - often leaving the original note signed by the homeowner lost, stored in a distant warehouse or even destroyed.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-021809.cfm

**SWGB** · 02-18-2009, 04:16 PM

I remember seeing this a while back. However most government backed loan programs have a stipulation that a copy is just as good as the original so that may over ride some of the requests.

**AAbsolute** · 02-18-2009, 05:28 PM

Originally Posted by 2bohemians

Just read this short article ... wondering if any locals have tried this route ....

-------------------------------------------------------------------

Some homeowners are stalling foreclosure with a seemingly simple request: asking their lender to produce the original mortgage paperwork. During the real estate boom, many mortgages were sold and resold, bundled into securities and peddled to investors - often leaving the original note signed by the homeowner lost, stored in a distant warehouse or even destroyed.

Read the full story:

FAR - News & Events - Homeowners’ rallying cry: Produce the note

I'll attach a brilliant variant of that strategy. This is a Walton County Public Court Document that an Attorney who was using his head prepared and served. It creates so much paperwork for the Lender and is not able to be computer compiled and generated.

I've seen a lot of these, but so far I think this one is best.

**pgurney** · 02-18-2009, 06:11 PM

Hey AAbsolute,

Maybe you should remove the names on that document. Just a thought.

Cheers.

**2bohemians** · 02-18-2009, 06:40 PM

Originally Posted by pgurney

Hey AAbsolute,

Maybe you should remove the names on that document. Just a thought.

Cheers.

yeah, we kind of felt like we were looking at something we shouldn't be

this may very well be public knowledge
but name removal sounds just sounds like the right thing to do ...

**SWGB** · 02-18-2009, 08:13 PM

Did the judge finish reading it before he dismissed it?

**AAbsolute** · 02-18-2009, 09:45 PM

Originally Posted by sowalgayboi

Did the judge finish reading it before he dismissed it?

It hasn't been dismissed. It looks like it worked though, IMO. The property is now listed for sale as an approved short sale. The asking price is about $550,000 less than the mortgage.

**AAbsolute** · 02-18-2009, 09:56 PM

Originally Posted by pgurney

Hey AAbsolute,

Maybe you should remove the names on that document. Just a thought.

Cheers.

I changed the Defendant's Name (Lucky Duckling). It's funny how nobody ever worries about posting the name Countrywide, but when it's the name of a person renegotiating after the fact we need to protect their identity. In the words of Santiago when talking about a borrower renegotiating a contract after the fact, "It's called business"

**AAbsolute** · 02-18-2009, 10:09 PM

Originally Posted by 2bohemians

yeah, we kind of felt like we were looking at something we shouldn't be

this may very well be public knowledge
but name removal sounds just sounds like the right thing to do ...

Noted and the name of the renogotiator has been changed.

On topic, this was a case where someone bought and sold several properties and earned nice profits. Then.....his Realtor set him up with this vacant property for $595,000 that was worth about $180,000 IMO. He contracts with Countrywide and other vendors to try and build his way back to a profit. The writing was on the wall that he would most likely lose $300,000 to $500,000 on the deal so he uses the 2002 legal playbook theory of Shift and Avoidance.

We were one of the businesses that got shorted in this, but I still have to give credit to his Counsel. Take this template Answer and strategem as one of the best I have seen.

**livingwell** · 02-19-2009, 08:11 PM

sounds like you have a lot of experience w/ foreclosures

**AAbsolute** · 02-20-2009, 08:27 AM

Originally Posted by livingwell

sounds like you have a lot of experience w/ foreclosures

Great first Post. Welcome to Sowal.

**flyforfun** · 02-24-2009, 09:45 PM

Originally Posted by 2bohemians

Just read this short article ... wondering if any locals have tried this route ....

-------------------------------------------------------------------

Some homeowners are stalling foreclosure with a seemingly simple request: asking their lender to produce the original mortgage paperwork. During the real estate boom, many mortgages were sold and resold, bundled into securities and peddled to investors - often leaving the original note signed by the homeowner lost, stored in a distant warehouse or even destroyed.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-021809.cfm

Here is another link to this strategy:

http://www.consumerwarningnetwork.co...e-note-how-to/

**AAbsolute** · 02-25-2009, 05:28 AM

Originally Posted by flyforfun

Here is another link to this strategy:

Produce The Note - "How-To" | The Consumer Warning Network

Isn't every Mortgage recorded in the Official Record of Walton County. I look at recorded mortgages frequently and it takes about 24 seconds to see every page.

**gardening1970** · 02-26-2009, 09:32 AM

Mortgages are recorded but Notes are not. Assignments are sometimes lost prior to recording. In GA, we have a relatively new law that says a lender may not proceed with a foreclosure if all assignments leading to its owenrship of the note have not been recorded. There may be a chain of assignments in some instances, and proper execution and recordation by lenders has been sloppy in the last few years.

**AAbsolute** · 02-26-2009, 08:05 PM

Originally Posted by gardening1970

Mortgages are recorded but Notes are not. Assignments are sometimes lost prior to recording. In GA, we have a relatively new law that says a lender may not proceed with a foreclosure if all assignments leading to its owenrship of the note have not been recorded. There may be a chain of assignments in some instances, and proper execution and recordation by lenders has been sloppy in the last few years.

You brought up a good point that I'm just learning about. SmilingJoe has a current Thread in here about Government Loop Hole and Doc. Stamps. It sounds like Florida Statute would mandate the payment of Doc. Stamps on every assignment of mortgage under the security and consideration definitions.