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November 13, 2008

Comments

John

I'm a renter, and so I haven't tested or really analyzed this information. However, in addition to your advice, and in case it's helpful to somebody, it seems that a homeowner can often buy some time and force a negotiation with the bank by simply insisting that the bank prove ownership ("show the note") of the mortgage.

Apparently, the banks often do not have their paperwork straight, between all the reselling and packaging/insuring of the mortgage itself that they've been doing. The upshot is that, without the paper, they can't prove standing to sue for foreclosure.

Here's a good breakdown:

http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

I certainly would not recommend using this to try to "get away" with anything, but it might give somebody like Jean some breathing room in an emergency and force the bank to treat you with a little more courtesy.

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