Produce The Note
"How-To"
More than 2% of the mortgages in this country are in
foreclosure! If yours is one eing forclosed on you will e
interested in reading the elow "how to!"
Produce the Note - !te"s To #ollow$
%sing the ""roduce the note" strategy is something all
homeowners facing foreclosure can do& If you elie'e you('e
een treated unfairly) fight ac*& +e ha'e created tem"lates
for a legal re,uest) a letter to your lender and a motion to
com"el to hel" you through the "rocess&
+H- -+N! TH. N-T./
0our goal is to ma*e certain the institution suing you is) in
fact) the owner of the note 1see ste"s to follow elow2& There
is only one original note for your mortgage that has your
signature on it& This is the document that "ro'es you owe the
det&
3uring the lending oom) most mortgages were fli""ed and
sold to another lender or ser'icer or sliced u" and sold to
in'estors as securiti4ed "ac*ages on +all !treet& In the rush
to turn these o'er as fast as "ossile to ma*e the most money)
many of the new lenders did not get the "ro"er "a"erwor* to
show they own the note and mortgage& This is the *ey to the
"roduce the note strategy& Now) many lenders are mo'ing to
foreclose on homeowners) resulting in "art from "rolems
they created) and don(t ha'e the "ro"er "a"erwor* to "ro'e
they ha'e a right to foreclose&
TH. H56M
If you don(t challenge your lender) the court will sim"ly allow
the foreclosure to "roceed& It(s im"ortant to hold lenders
accountale for their carelessness& This is the iggest asset in
your life& It(s 7ust a "iece of "a"er to them) and one they li*ely
either lost or destroyed&
+hen you get a co"y of the foreclosure suit) many lenders now
automatically include a count to re-estalish the note& It often
reads li*e this$ "the Mortgage
note has either een lost or destroyed and the Plaintiff is
unale to state the manner in which this occurred&" In other
words) they are admitting they don(t ha'e the note that
"ro'es they ha'e a right to foreclose&
If the lender is allowed to "roceed without that "roof) there is
a "ossiility another institution) which may ha'e ought your
note along the way) will also try to collect the same det from
you again&
5 Tennessee orrower recently had "recisely that ha""en to
her& Her lender) 5meri,uest) foreclosed on her in 8uly of 299:&
5out three months later) another an* sent her a default
notice for the mortgage on the house she 7ust lost& !he called
to find out what was going on& 5fter eing transferred from
"lace to "lace and left on hold for lengthy "eriods of time) no
one could e;"lain what ha""ened& They said they would get
ac* to her) ut ne'er did& Now) she faces the ris* of
ha'ing her credit continually damaged for a det she no
longer owes&
#I<HT #-6 #5I6N.!!
This "rocess is not intended to hel" you get your house for
free& The "rimary goal is to delay the foreclosure and "ut
"ressure on the lender to negotiate& 3es"ite all the hy"e
aout lenders wanting to hel" homeowners a'oid foreclosure)
most orrowers *now that(s not the reality&
Too many homeowners ha'e e;"erienced lender resistance to
their efforts to wor* out a "ayment structure to *ee" them in
their homes& Many lenders ear res"onsiility for these
defaults) ecause they "ut orrowers into unfair loans using
dece"ti'e) hard-sell "ractices and then made the "rolem
worse with "redatory ser'icing&
Most homeowners 7ust want these lenders to gi'e them
reasonale terms on their mortgages) many of which were
"redatory to egin with& +ith the hel" of 7udges who see
through these "redatory "ractices) lenders will feel the
"ressure to wor* with orrowers to *ee" them in their homes&
3on(t forget lenders made incredile amounts of money y
using irres"onsile "ractices to issue and ser'ice these loans&
That greed led to the foreclosure crisis we(re in today&
5llowing lenders to continue foreclosing on home after home)
destroying our neighorhoods and our economy hurts us all&
!o) ma*e it hard for your lender to ta*e your home& Ma*e (em
"roduce the note!
!T.P! T- #-==-+
5& If your lender has already filed suit to foreclose on your
home$
>& %se the first form& It(s a fill-in-the-lan* legal re,uest to
your lender as*ing that the original note e "roduced) efore
it can "roceed with the foreclosure& In some 7urisdictions) the
courts re,uire the original re,uest to e filed with the cler* of
court and a co"y of the re,uest to e sent to the attorney
re"resenting the lender& To find out the rules where you li'e)
call the ?ler* of ?ourt in your 7urisdiction&
2& If the lender(s attorney does not res"ond within @9 days)
file a motion to
com"el with the court and re,uest that the court set a hearing
on your motion& That) in effect) as*s the 7udge to order the
lender to "roduce the documents&
@& The 7udge will issue a ruling at your hearing& Many 7udges
around the country are ecoming more sym"athetic to
homeowners) ecause of the "re'alence of "redatory lending
and ser'icing& In the "ast) many lenders ha'e relied u"on
using lost note affida'its) ut in many cases) that(s no longer
enough to satisfy the 7udge& They are holding the lender to the
letter of the law) re,uiring them to "roduce e'idence that they
are the true owners of the note& #or e;am"le$
5 In -ctoer 299:) -hio #ederal ?ourt 8udge ?hristo"her
Aoy*o dismissed >B foreclosure cases rought y in'estors)
they failed to "ro'e they owned the "ro"erties they were
trying to sei4e&
A& If you are in default) ut your lender has not yet filed suit
against you$
>& %se the second form& It(s a fill-in-the-lan* letter to your
lender which also re,uests they "roduce the original note)
efore ta*ing foreclosure action against you&
2& If the lender does not res"ond and files suit against you
to foreclose) follow the ste"s ao'e&
%P35T.$
#eatures The ?onsumer +arning Networ* and the "Produce
The Note" strategy&
Aorrowers are "utting this "lan into action and getting results
?onsumer +arning Networ* #eatured on ?NN
TH. =5T.!T$ Aorrower wins more time to fight foreclosure! 5t
a court hearing Tuesday) a Pinellas ?ounty) #lorida 8udge
denied +acho'ia the right to "roceed with its foreclosure
against orrower 8ac,ueline -(Arien 1"rofiled in the ?NN
story2& Instead) -(Arien was granted a continuance) as she
"ursues the "roduce the note strategy& +acho'ia e;"ressed
interest in renegotiating the terms of the loan) rather than
continuing the court attle& +e(ll *ee" you "osted!
!ource$
http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to
