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Three Magical Words You Must Know To Avoid Foreclosure

In the current economy downturn, many are preparing for the worse economic times ahead. As the number of foreclosure fillings hit new high in the first quarters of 2009, knowing these three magical words may be the key to prevent the bank from taking over your home.

One such woman narrates and tells her story to everyone. Mrs. Lovelace had lost her job and was also on the verge of losing her house too as she had received a letter regarding foreclosure from the bank. However she found out that when she said the 3 words to the bank employees the foreclosure came to halt. These 3 words were “Produce The Note”. Since then Mrs. Lovelace hasn’t heard from the bank authorities.

Lovelace and various other house owners all over the country are employing this ploy to buy time and there by continue staying in their respective houses. It’s an approach that brings into notice the various mortgage chases that is prevalent in the entire country for the past decade or so. At the time when real estate businesses were roaring, various concerns were selling and reselling their mortgages again and again. Chris Hoyer, the consumer attorney added that at that particular point of time no one really had any clue about what was owned by whom as mortgages were being sold and resold over and over again. He continued by saying that in a few cases, the original note that was present was lost, destroyed or simply stored away.

The message was very simple just ask the bank authorities to show the proof as to who actually owns the original note. And thus make them provide evidence as to the individual who owns the note has the real authority to own the place. Hence by this method the load of substantiation lies on the bank people who are vouching to throw people out of their houses and occupy their houses as they have to come up with all the documentations required to confirm their action and thus provide substantial evidence on their part.

Mr. Dunlap is the attorney who has been dealing with various real estate issues for the past 23 years. He thus concludes that in the present day scenario where in many residents of Michigan are trailing their respective houses at a shocking rate, demanding the bank authorities to provide the note is definitely a good option as if they can’t provide the necessary evidence then there is no question at all of foreclosure. As it takes time for the bank authorities or the mortgage companies to locate the house owners’ records thus helping in buying time to the people to find and select another suitable place and location to live.

Mrs. Lovelace has till now put on hold losing her house for about 4 months as since the time she asked for the note no one has contacted her as the bank authorities have said to have lost or misplaced the note. She adds that if the authorities cannot produce the note, how can they state that they have possession of her house.