Ask your Bank to send you a copy of the original “note”. In order for the Banks to foreclose on a property, they must have the original note you signed when you bought the home. If they can’t produce it, they can’t foreclose…legally that is.
This helps explain why the Banks are offering people money to short sale their homes, which sounds silly, but makes a lot of sense when you take this in to consideration. If you stop making payments on your mortgage and the Bank doesn’t have the original note, they can’t foreclose and the only option left is to have you do a short sale.
Recently our Bank Negotiator, Bekah Stone, helped a couple make this official request to their Bank (CHASE). What happened next was quite amazing… They received, via certified mail, an officially recorded letter from CHASE rescinding their right to file a “Notice of Default” (NOD) or “Notice of Sale” (NOS), which is what starts the foreclosure process. Basically, CHASE was admitting they didn’t have a copy of the original note and telling the homeowners in writing they would not initiate any foreclosure proceedings! This lucky family can now rent this home our or live there the rest of eternity absolutely mortgage-free.
Now, I know this sounds a little far-fetched, but you’d be shocked how often this happens. The loan was originally with Countrywide who was bought by Bank of America who then sold the paper to CHASE. So many of these loans are packaged and sold on the open market which only makes it more likely the end party won’t have a copy of the original note. It won’t work for everyone, but it’s worth a shot. Legally, they MUST provide it if you request it, so why not try?
If you’d like help making this request or have questions about a Short Sale in San Diego or selling your home, contact Bekah Stone directly at 760.815.0861
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