Someone near and dear to me was having troubles paying for their home. They were facing foreclosure and the value of the home had dropped so that there would still be considerable debt remaining even if the house were sold.

I had read about requesting the Original Bank Note from the financer after they start the foreclosure process. This at the very least can provide a few months free of a mortgage to accrue the finances necessary to find a new dwelling, and at the most can result in the possession of a home free and clear.

The homeowner had expressed a willingness to be a guinea pig as the homeowner had little regard for the future of the home, or the impact it may have on the homeowners credit score.

Foreclosure begun months ago. A request was made for the Original Bank Note. Letters started coming in from the financial institution with options to try to solve the issue. Then threats of eviction and auction. There were even ads for said auctions in the classifieds with the home’s address. However, when said auction date came to pass it was always cancelled. The homeowner moved out of the home during this process and has allowed me to stay there. Even though it has been months since the date the eviction was to take place the homeowner is still skeptical of the idea.

I can say personally that when faced with foreclosure asking for the Original Bank Note can at the very least buy you some time. Currently the financing company has stopped communicating with the homeowner. I hope that this may help someone in need of an option.

-dillon

S&F This is good to know. Keep us up to date on what the mortgage company does. I heard those notes can be very hard for a mortgage company to find. Our mortgage was sold to an investor about a year after we bought our house. Sometimes a mortgage can get bounced around from one investor to another and stuff gets misplaced. I hope they don't find the note on the house you are in.

The mind set of "Corporations" is that if they have you committed to their process they own you. If they get your signature then own you. The truth is that the contracts needs to be bilateral. Both parties need to sign and commit to the legal process and perform. Banks almost never sign. I think the reason is that they would be committing themselves to fraud. If an officer of the company doesn't sign it isn't a valid contract. That goes for credit cards, car loans, house loans, etc.. Banks do not conform to the "Law of the Land" in a dozen ways. So they pretend and bluff and sucker the county sheriffs with the idea that they have entitlement. This is the basis of what becomes the fascist government perspective. If they business says its so, it's so. Credit Bureaus exemplify this process. They are not based on lawful proof only the opinion of the company and a network of companies conspiring to support the black list.

Thank you all for the well wishes.

I will most definitely keep you all updated, but honestly I doubt anything will ever come from it. The mortgage was passed around through multiple companies. Odds are with the rash of foreclosures, they are going to deal with the easy fish, and keep putting this mortgage at the bottom of the pile.

As of now all the mortgage company has said was they are assigning a negotiator. Whatever that means...

I just thought I'd drop in to say that I am still living at the property without any issue.

All of this is pretty cool.

I wouldn't have thought of any of that!