Sunday, June 14, 2009
Facing foreclosure?
If so, have your attorney make this simple demand of the foreclosing party, "Produce the Note". If they can you can say goodbye to your house, if not you may belong to the growing group this couple has joined.
A home could be saved with three words: "produce the note." Facing foreclosure, owners Isabel and Richard Caporale are using a novel legal strategy to hang on to their home. The couple went to federal court and basically said just three words.Many homeowners can benefit from the sloppy paperwork of the go-go years of the mortgage bubble. This has been said before but it needs repeating because it can work to save your home.
"They claim they have it, but I have no proof that they have this note, and you would think by now it's been almost three months," says attorney Marc Voisenat.
The "they" Voisenat is referring to is the loan servicing company and "the note" is the legal document proving money is owed. Without it, the strategy goes, money can't be collected and there can be no foreclosure. On Thursday, a federal judge agreed stopping the foreclosure in its tracks and for now, the Caporales can stay in their home.
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