‘Produce the note’ has not had big local impact.
It’s almost one of those things that’s too easy to be true – staving off home foreclosure by simply demanding that your lender produce the original note.
As the economy goes down foreclosures go up. Hard-working people are finding themselves being forced out of their home when they can’t make their mortgage payments. But one simple request to a lender has in many cases slowed down the foreclosure process and given some homeowners a little breathing room.
It’s a little trick that goes back to the heart of how this whole banking mess got started.
During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse or destroyed, according to the Associated Press. Full Story.
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