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Facing Foreclosure? Stay Put.

Posted by Chrissie Cole
Monday, February 02, 2009 11:35 AM EST
Category: Protecting Your Family
Tags: Foreclosure, Sub-Prime Loans, Predatory Lending


IMAGE SOURCE:© iStockPhoto / foreclosure / author: GeofferyHolman

As many Americans find they cannot stay in their homes because of job loss or a sub-prime loan that has now doubled, one Ohio Congresswoman has a word of advice, "Stay put" and when the sheriff comes, tell him to "Show me the paper."

"So I say to the American people, you be squatters in your own homes. Refuse to leave without an attorney and a fight," said Congresswoman Marcy Kaptur before the House of Representatives. "Don't leave."

Others say it’s too late when the sheriff is at the door, better to see an attorney who understands foreclosures and there is a growing tide of lawyers being trained in foreclosure.

A homeowner can delay foreclosure by demanding the lender prove the suing institution is actually the same that owns the debt (follow these steps). There is only one original note for your mortgage that has your signature on it proving you owe the debt.

Your home is the biggest asset in your life. To them, it’s just a piece of paper, one they likely lost or destroyed. The court will allow the foreclosure to proceed, if you don’t challenge your lender.

“During the lending boom, most mortgages were sold, resold, packaged and repackaged so many times that not only is the paperwork difficult to lay hands on, in some cases, it’s unclear who owns the loan, explains Brass check TV. “In a mad rush to turn these over as quickly as possible, to make the most money, many new lenders failed to get the proper paperwork to show they own the note and mortgage. This is the key to the produce the note strategy.”

The Consumer Warning Network has resources that can help you understand the “Produce the Note” strategy and put it to good use.

As Francis Bacon said, “Knowledge is Power.” Know your rights and fight for them. #

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