There’s a new strategy for fighting foreclosure and some homeowners are winning. Despite all the hype about lenders and wanting to help homeowners avoid foreclosure, most borrowers know that’s not the reality.
To capitalise on a booming housing market, many lenders sold mortgages. But in their haste some lenders did not get the proper paperwork to show they own the note and mortgage. Consequently approximately 40% of lenders who are now moving to foreclose on homeowners don’t have the proper paperwork to prove they have a right to foreclose.
Barbara Atkinson, founder of Arizona Cash Flow Club, said,
“Every consumer facing foreclose should force their lender to produce the note, both to ensure that the lender has the right to foreclose and to protect themselves from another lender attempting to collect after their home is repossessed.”
Homebuyers facing foreclosure should not just hand in their keys and walk away from their home. They should still consider the option to appear in court for the hearing and at least ensure their lender can prove they have the right to foreclose. The homeowner’s objective should be to delay the proceedings and put pressure on the lender to negotiate.
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