The 3 words to prevent foreclosure possibly for years (in extreme cases).?
Produce the note.
It makes sense it mortgages have been sold and bought so many times.
Has anyone tried this?
very funny rockfish
Tagged with: mortgages
Filed under: Prevent Foreclosure
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Pay your bill
heres my check.
Tons of people are doing it – it is legit! Read more here:
http://www.ehow.com/how_4790293_stop-foreclosure-using-produce-strategy.html
Produce the Note does NOT stop the foreclosure from happening, and may only delay it for a little while (i.e. weeks). It is a delaying tatic primarily for Sub Prime loans. If a borrower is using this they should be using it with the idea that they’re either a) going to be able to afford a workout or b) they’re going to be able to bring the account current.
It will not cause the debt to go away, give the borrower a house for free or whatever money had been paid toward the oringal debt. The fact is that no-matter what company letterhead was on the note when it was signed originally, the money was borrowed and has to be paid back regardless of the number of times the loan was sold.
If someone borrowed money from your mother and her name was Jane Smith when the loan originated, but mom got divorced and re-married x2 (I hope not) — does it give the person that borrowed the money the right to stop paying because the name on the note is now different and she’s moved twice and might have difficulty finding the note? All it does is delay the inevitable.
It happened in Ohio to a man who has been successful in delaying foreclosure for 10 years. This was his most recent tactic, but he’s used other ways over the years. It turned out that the bank who brought the foreclosure proceedings did not have the note changed when the mortgage changed hands. It’s not going to work in every case.