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Show Me The Note or Produce The Note - the concept of fighting a foreclosure action is being talked about in the media almost daily. I for one have been writing on this issue for over a year - not as an attorney, because I am not one - but as a consumer advocate who has been in the real estate, mortgage and finance industries for over 40 years - and believes in justice as well as establishing economic stability of our neighborhoods and our economy at large. Now that it has come into the limelight people do take positions as to this legal loophole as it has been called. But is it a loophole or is it more?
The answer is it is more - much more. it embodies the essence of our legal system. As I say over and over again - two wrongs don't make a right. What I am saying is that you can't correct one violation by violating another.
Yes, a homeowner delinquent on their mortgage payments has violated the terms and conditions of the legal agreement they signed which agreement also gives its' owner (the contract owner) the right to recovery by foreclosure. The key word here is the contract owner. The contract (mortgage note) does not give blanket authority for just anyone to recover by foreclosure. If it did, then you and I could go out, find a delinquent mortgage and foreclose on it.
Homeowners' Rallying Cry: Show Me the Mortgage Paperwork
Wednesday, February 18, 2009 By Mitch Stacy,
Associated Press Zephyrhills, Flas. (AP) - Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork. And just like that, the foreclosure proceedings came to a standstill. Lovelace and other homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess. During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse or destroyed.