Distressed Homeowner Tactic - Prove It
Homeowners' rallying cry: Produce the note
"ZEPHYRHILLS, Fla. (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.
Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage.
"I'm going to hang on for dear life until they can prove to me it belongs to them," said Lovelace, a 50-year-old divorced mother who owns a $200,000 home in Zephyrhills, near Tampa. "I'll try everything I can because it's all I have left."
"ZEPHYRHILLS, Fla. (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.
Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage.
"I'm going to hang on for dear life until they can prove to me it belongs to them," said Lovelace, a 50-year-old divorced mother who owns a $200,000 home in Zephyrhills, near Tampa. "I'll try everything I can because it's all I have left."
posted by nolocontendere at 6:24 AM
2 Comments:
this is the first good news i've heard all day. although it still leaves the banks owning the land and homes.
there's a movement i heard of a couple of weeks ago called the venus project. instead of a monetary based society, they seek to create a resource-based society. the guy who founded it lived through the depression and saw that the resources were there as was the willingness of the people, but it was the obvious lack of distribution of money and credit by the bankers who were of course creating the economic mess. anyway, it's an interesting movement that i'm still exploring. they have several very cool environmentally friendly buildings built in venus, florida.
people are getting fed up.
People really are getting extremely pissed, even foxified mouthbreathers.
Creating their own tender, boycotts, refusing federal money, protesting in front of CEO homes, even talk of secession in some states and municipalities. I'll bet it's going to get very rough.
Post a Comment
<< Home