Loophole Alert: Keep Foreclosure at Bay
Posted by breadwinner on March 30th, 2009
Photo: slate.com
Hey, readers of ITE: is your house being foreclosed upon? Well, here’s a tip we heard about over the weekend. If you’re being handed your ass in a foreclosure proceeding, it’s within your rights to request a copy of your original closing documents from way back when you bought the home you couldn’t actually afford. Turns out with so many banks, real estate companies, and title agencies being bought and sold like porcelain figures on eBay, it’s likely it could take weeks or even months to locate your original papers.
And in that amount of time, maybe you could make up the dough selling porcelain figures on eBay.
Here’s a little consumer protection “how to” for getting your bank to produce your note:
http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/
Can’t hurt to try… if nothing else it will buy you some more time.
My understanding is that California has proposed or passed legislation to extend the so-called default period. Does this send a message to lenders that they should be more cautious when lending. As a result, could lease-options become more popular as lenders marginalize potential buyers and require them to interact with the sellers without the traditional mortgage? Thanks