If you are facing foreclosure on your home, 

make the lender prove that it own the loan.  

When you purchased your home, you signed a note for your mortgage.   The original note you signed proves that you owe the debt to the lender.   If you demand proof that the foreclosing lender actually owns the loan, then the lender which  is suing you,  (foreclosing on your home)  must prove that it owns the loan.   They must produce the original note.   

If you do not make them prove ownership of the loan, they and the court will skip right over this issue and proceed with the foreclosure.   

During the latest financial industry's feeding frenzy, hundreds of thousands of loans were lumped into investment packages and sold to other lenders, who sold them to other lenders who sold them to other lenders, et cetera.   If the lenders were not meticulous, and many of them weren't,  many of those attempting to foreclose on properties will not have the proper paperwork to show they own the note and mortgage.   

If the foreclosing entity does not have the proper paperwork, you can stop the foreclosure process.   The lenders, facing a task and the delay of finding the correct paperwork, will usually negotiate with the borrower and often offer an affordable,  fair, and reasonable lending agreement.   

There are other websites that explain what to do and how to do it.   They offer explanations and details.   We refer you to these websites:

http://webofdebt.wordpress.com/2008/07/30/
standing-up-to-the-banks-how-to-challenge-your-foreclosure-in-court/

and

http://www.consumerwarningnetwork.com/?s=home+foreclosures

Robert Coté is also available as personal  consultant.   

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22 Aug 09

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