William's Places: Help For Homeowners - A Glimmer of Hope?

Help For Homeowners - A Glimmer of Hope?

Help For Homeowners - A Glimmer Of Hope?

I have a question for the real estate attorneys out there. It is a question that, if it does have an answer, and a satisfactory one, may be the saving grace for many folks who are facing foreclosure...

Lane Bailey recently wrote Get Out Of Your Mortgage For Free?, in which he described the use of missing title lawsuits by foreclosure prevention companies as a means of stopping foreclosure proceedings. The unfortunate thing in many of the cases that Mr. Bailey cited, and provided evidence for, is that this tactic is often manipulated by these companies as a means of extorting money out of homeowners without actually following through and helping to resolve the issue.

I had read way back in February something about this particular tactic, but it was not being employed by any lawyers or loss mitigtion companies. It was mentioned in an MSN article (mad that I did not bookmark it), about a woman who was facing foreclosure and had gotten to court and asked a simple question (not by her lawyer, as she had none): Where's the original mortgage note? - to which the bank did not have an answer, and the judge put a halt to the proceedings until the bank could produce the document.

Read Missing Mortgage Notes May Delay Some Foreclosures, and Homeowners Facing Foreclosure Demand Proof of Mortgage Ownership for examples of how this tactic is being employed in other parts of the country.

Although there are articles relating to this particular phenomenon, with so many fraudulent actors out there, I thought it best to pose the question to people who I considered trustworthy.

So here it is, in three parts:

  1. Are banks required to produce the original mortgage deed/title that was signed by the original lender and borrower in a foreclosure proceeding;
  2. If so, does the failure of the bank to produce the original note mean that the bank has no legal standing to bring the suit to foreclose; and
  3. Does the failure of the banks to produce the original note legally provide the homeowners any type of respite from foreclosure proceedings being carried forward?

I, and thousands of homeowners across the country, eagerly await the answers. Because in the answers lies help for homeowners so desperately needed, a glimmer of hope that can brighten the desolated wasteland of real estate today...

 

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Looking for information about homes in the Greater Waterbury area?

Buyers, need to find financing and advice on the home-buying process?

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Courtesy of William James Walton, Sr ., Realtor, Century21 Access America

Serving northern New Haven and southeastern Litchfield Counties (Waterbury, Wolcott, Prospect, Naugatuck, Middlebury, Southbury, Watertown and Plymouth)

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Courtesy of William James Walton, Sr. , Realtor, WEICHERT, REALTORS® - Briotti Group

Serving northern New Haven and southeastern Litchfield Counties (Waterbury, Wolcott, Prospect, Naugatuck, Middlebury, Southbury, Watertown, Thomaston and Plymouth)

 

Call William James Walton, Sr. Real Estate Agent with WEICHERT, REALTORS® - Briotti Group (203) 558-7463 for help with your real estate needs -buying or selling -  in Waterbury, Watertown, Wolcott, Middlebury, Southbury, Prospect, Naugatuck, Plymouth and Thomaston

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Comment balloon 2 commentsWilliam James Walton Sr. • July 10 2009 10:59PM

Comments

William,

At first blush, if the bank doesn't have paperwork, they're out of luck. Why would that happen?

Posted by Terry Chenier (Homelife Glenayre Realty) over 10 years ago

Terry - As the articles have pointed out, in the vast majority of these cases, the banks bringing the suit to foreclose are not the original banks with whom the borrowers signed the mortgage, because those mortgages were then sold and bundled into securities, etc. for investors. In the process, apparently, the original notes got lost, misplaces, misfiled, who knows?

Posted by William James Walton Sr., Greater Waterbury Real Estate (WEICHERT, REALTORS® - Briotti Group) over 10 years ago

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