Foreclosure Article

[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

 

[Matt J]

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]

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]

Hey AAbsolute,

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

Cheers.

 

[2bohemians]

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

 

[Matt J]

Did the judge finish reading it before he dismissed it?

 

[AAbsolute]

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]

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]

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

 

[beachbliss48]

sounds like you have a lot of experience w/ foreclosures