You may have heard of this already, but there is a new stall tactic for people who are at risk of loosing their homes to foreclosure, it is called "Produce the Note". It forces the bank to produce the original note for the loan, which if it (the Note or Loan) has been sold multiple times, can be impossible or at least take some time for the bank to produce. This can be the difference between keeping your home and loosing it.
You can read more about it here, http://www.consumerwarningnetwork.com/
Disclaimer: I am not a finance professional nor do I purport to be one, I am just an observant and frugal housewife sharing things I have learned over my lifetime.
9 comments:
I pray so hard that we don't ever have to face that. Since we are Katrina victims we were able to a mortgage through the SBA at a VERY low interest rate. I bet since it's the government, they've lost our note!
Um, are you like talking to me, is this what they call telepathy? BTW, any frugal Victorias Secret tips? Haha
Great tip Cheryl!
I never knew that. :: tucks it in my hat for future knowledge if it ever comes to that ::
Great tip! I love these frugal tips.
This is one tip I hope I never have to use, but thanks for the info anyway.
I never knew that...hope I never need that info, but I'll hang on to that little nugget anyway. (And I worked for a title company!)
Great tip, Cheryl. I hope I never have to use it! I'll tuck this one in my memory bank ... which ironically is in better shape than my actual bank!
good tip :)
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