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Does foreclosure seem to be in your immediate future? Would you like to put the brakes on the entire procedure at the bank? Just ask someone the above question and watch the skid marks appear! Read below....
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."
http://abcnews.go.com/US/wireStory?id=6897985
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I enjoy someone sticking it "to the man" as much as anyone else, but she's got to replace the income to keep the house, right?
Oh sure she does, but desperate times require desperate actions. She happened to come up with a legal way to delay the process.
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Good for her...provided she's figured out how to pay the mortgage payments.
I enjoy someone sticking it "to the man" as much as anyone else, but she's got to replace the income to keep the house, right?
There are so many people hanging on by their fingernails right now I can see why they'd try this to keep the wolves from the door. But at the same time, the house is worth $200,000. If you don't think you're going to get another job anytime soon why not just sell it, sort out what you owe and get something cheaper?
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Everything's hitting the fan so quickly in this recession. I don't blame anyone for attempting fair ways or foul because tomorrow the government could bring in what you need to save you from being on the street. You do what you have to do.
©2009
Good for her...provided she's figured out how to pay the mortgage payments.
I enjoy someone sticking it "to the man" as much as anyone else, but she's got to replace the income to keep the house, right?
There was a similar related story I saw on the news that was really sad. An older lady had been renting a house for 10+ years, but the landlord defaulted on his mortgage. She had nowhere to go and the bank sent a crew to dump her belongings out on the front lawn, then it started raining. Argh. Apparently someone has her set up in some temporary housing though. This was in the Dallas, TX area.