Recently Jim and I interviewed Professor Katherine Porter on our radio show SpotLight about her report: Misbehavior and Mistake in Bankruptcy Mortgage Claims and her recently released findings.
"Foreclosures are on the rise, and lenders and loan servicers are making a lot of mistakes in the process. In many cases, the servicers don't have the right to foreclose on homes because they don't own the loans. But unless borrowers challenge their foreclosures in court, the servicers prevail. A Harvard graduate, and law professor at the University of Iowa, Katherine Porter talks about a dirty little secret of the lending industry."
Listen to Katherine on SpotLight:
If you believe you have been targeted for foreclosure illegally or unfairly, ask the lender to produce the note that proves they own your home. Many times the note has been sold and the lender that is trying to foreclose on you -may not the right to. There is only one original note for your mortgage that has your signature on it. This is the document that proves you owe the debt.
Katherine Porter interviewed on CNN: Produce the Note!
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FIGHT FOR FAIRNESS
This process is not intended to help you get your house for free. The primary goal is to delay the foreclosure and put pressure on the lender to negotiate. Despite all the hype about lenders wanting to help homeowners avoid foreclosure, most borrowers know that's not the reality.
Too many homeowners have experienced lender resistance to their efforts to work out a payment structure to keep them in their homes. Many lenders bear responsibility for these defaults, because they put borrowers into unfair loans using deceptive, hard-sell practices and then made the problem worse with predatory servicing.
Most homeowners just want these lenders to give them reasonable terms on their mortgages, many of which were predatory to begin with. With the help of judges who see through these predatory practices, lenders will feel the pressure to work with borrowers to keep them in their homes. Don't forget lenders made incredible amounts of money by using irresponsible practices to issue and service these loans. That greed led to the foreclosure crisis we're in today. Allowing lenders to continue foreclosing on home after home, destroying our neighborhoods and our economy hurts us all. So, make it hard for your lender to take your home. Make 'em produce the note!
For additional information and steps to take to request the lender prove they own your note visit the Consumer Warning Network.
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Our Lender or the loans servicer has put us in foreclosure and is returning the payments. The issue is over a payment they say they did not receive. We are being bullied even though we have the cancelled check in question. Their entire push is to have us sign a document that makes us pay all kind of fees and late payments. This amount is over $10,000 and will be attached to the loan balance. They say this is the only way to stop the foreclosure.
We don't have the money to fight this in court! Where can we go for help? We have all the documented facts if we can get someone to listen.
ineedmortagehelp@gmail.com
does any one know if its to late to ask them to produce the note after the discovery period.
thanks
Yes!!! Joe you are right!!!! and this is my Horror Story just in case anyone cares to here it, because it seems no one in this town cares "Ground Zero" They call us,sorry to sound bitter but I'm really not I know God won't give me more than I can handle "OUT OF BAD COME GREAT GOOD SOMEWHERE" The Mortgage Co, I had never gave me a chance to Modify my loan and as soon as I told them it was preditory lending anyway and if they would give me a loan Please, let alone looseing my modification paperwork with all my private information twice, Until the Housing of Urban Developement got involved, and then by that time they set to auction my home so I was forced to bankrupcy to stop it,then they sent me a letter saying now that you filed for bankrupcy you have been denied a modifacation "but it was ok for Fie_d St_ne mortgage to"(you can fill in the blanks)so then they accelerated the process even faster they went to court and Produced the NOTE alright a forged note with there copy of the Deed that wasn't even a certified copy, with an ajustable rate note attached to it and someone eles forged my initials to it because I have the original certifidied copy of the same deed and mine has an ajustable rate rider to it and clearly different initials my own and the page #s are different and the stock # code of the paper is different and behind all that were fraudulent comps to my home that were 6mos to a year old My home was 1447sq ft and built in 1985 and the homes they took comps of were 3000 plus sq ft and built in 2005-2008. The courts gave them the right to take posession and let alone looseing my modification paperwork with all my private information twice, Until the Housing of Urban Developement got involved, and then by that time they set to auction my home so I was forced to bankrupcy to stop it,then they sent me a letter saying now that you filed for bankrupcy you have been denide a modifacation but it was ok for Fie_d St_ne mortgage (you can fill in the blanks) and then they Auctioned it and the Mortgage Co bought it back for less than half of the mortgage I had. and I'm paying more for rent than I would have paid them for a mortgage at the price they bought it back at. then they sent me a letter saying now that you filed for bankrupcy you have been denide a modifacation but it was ok for Fie_d St_ne mortgage (you can fill in the blanks)befor you know it the kicked me out.Sent a Broker to put a lock box on the door I lived there 14yrs and never ever late perfect credit until this bad loan and they wouldn't even give me have a chance,The first company Merged with second one who bought the mortgage pool of Loans, who are being sued by the investors for fraud for not having a license to even purchase those kind of mortgage backed security bonds in the first place...->(with no recourse to the invester "Buyer beware")
Sorry! Joe I miss understood your Question. I just want to say it was tooo late for me.But I think alot of the laws are about the same every where, you do have like a 3mos to 1yr window depending on the laws of your State to recover your home after a Forclosure I believe.
I have 2 mortgage with chase. I have submit my application 4 month ago by my self. When i submit application they said one application is ok for both loan in one house.I call them they said samething 1 application is ok.2 month ago i submit my application through a hud counselor, 1 application for my 1st and 2nd mortgage. I call them up they said its ok. last wekk i call for to know the modification status. the lady transfer me to EMC I asked , Who is EMC? She said they are the department who handle equity. Prior to that I havent heard anything about EMC.
what should I do?