It has been all over the news today. A new tactic that homeowners who are facing foreclosure can try, often times at the last minute, to stall the foreclosure.
it involves the three magic words: "Produce The Note".
The process looks easy enough, and makes sense. As consumers we can plainly see how inefficient and bureaucratic the banks can be, and I see that even moreso in having to deal with short sales - it's a huge frustration point.
Finally, though, that inefficiency may be working in the consumers' favor, as often times bank notes are sold so often and in such large numbers that when asked to "Produce The Note", many banks have to then bring the process to a complete halt while representatives try to figure out exactly who has the note, and where that note might be.
In judicial foreclosure states, not having a note appears to be grounds for a judge to stop the foreclosure proceedings until one can be produced. However, Washington State is a non-judicial foreclosure state - if you remember back to when you signed your loan papers, there was a clause stating that in the event of non-payment of mortgage, that the bank then had the right to foreclose and auction the property at a trustee's sale.
The procedure for using the "Produce The Note" tactic in non-judicial foreclosure states such as ours is a bit more complicated. For more information and guidance, click on the link below:
Basically, the main 'extra step' that needs to be taken is that you will need to file a lawsuit that asks the court to prevent the foreclosure until the bank produces proof of the original debt instrument(the "note").
I realize that for the cash-strapped the thought of hiring a lawyer may seem out of the realm of possibility. Check for community organizations in your area that may be able to offer assistance or advice for this. It's worth it if you really want to save your home.
Thanks for stopping by my blog!
You can reach me at 206-595-5866, or e-mail me: LisaBosques@PNWRealty.com
Or visit my website: www.98146online.com
I am an Associate Broker and Marketing Specialist with Prudential Northwest Realty Associates. I specialize in homes located in the Burien/North Highline/West Seattle area, and I am here to serve all of your Real Estate needs.
Your success is my goal!
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