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Wednesday, November 17, 2010

Consumerist Highlights the "Show the Note" strategy to delay foreclosure

Today the Consumerist blog the editors showed a story about how homeowners can delay foreclosure by asking the bank to show the note.

Beleaguered homeowners who can't pay their mortgages and risk losing their property to banks can try a Hail Mary pass to keep sticky-fingered bankers away from their real estate. They can ask banks to show them the promissory note that they signed during closing, promising to pay the mortgage. If the bank can't immediately dig up the paperwork, homeowners will most likely buy some more time.

Friday, November 5, 2010

Did Chase Bank Stop Foreclosures?


The LA Times reported recently that Chase bank is going to start resuming foreclosing on people who have stopped making mortgage payments. The large financial company headed by Jamie Dimon had temporarily stopped foreclosure proceedings in over 40 states.

Now it appears that Chase will resume the necessary legal work in 23 states starting in mid-November (just in time for the holidays). But California has a more streamlined process and Chase is still working on kicking out people in that state.

If you've had any luck in delaying your foreclosure with a show the note strategy---Leave a comment below.

Wednesday, November 3, 2010

50 States Investigating Mortgage Fraud



Bloomberg TV reports that attorney generals for all 50 states are investigating mortgage fraud that may have ran rampant in the housing market. Homeowners who have run behind on their monthly payments may be able to delay foreclosure proceedings by having a skilled bankruptcy attorney find errors and fraud in how the mortgage bank and servicer handled the paper-work... This could add months and months to the legal process of evicting them from the home and the eventual foreclosure at the courthouse.

This video features an interview with the Ohio attorney general.

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