Stopping foreclosure using litigation and dismissing the original mortgage.

[aaasep]

What is the name of your state (only U.S. law)? CA

This company United First from [url]www.bailoutmyhouse.com[/url] is claiming that they file a litigation and a TRO with against the lender claiming that the lender has to show the "original" mortgage note. Otherwise the whole mortgage gets dismissed and the property owner walks away with 20% equity since United First forms a Joint Venture agreement with them taking the 80% for themeselves. It seem fair since they are paying the attorney fees and the owner gets to stay in their home for approx 2 more years while the case is in court and cut their monthly payment in half.

I'd like to know if this is possible? They have a video presentation explaing the process and also a news clip from CNNMoney, showing that 50% of these lenders cannot find the original note making this whole process more ligit.
What do you think?

Thanks
Steve
[email]svosscpa@gmail.com[/email]

[dmiller12]

[quote][I'd like to know if this is possible? They have a video presentation explaing the process and also a news clip from CNNMoney, showing that 50% of these lenders cannot find the original note making this whole process more ligit.
What do you think?
/QUOTE]

Call your lender and ask them for a copy of the Note. I'll bet you they'll be able to produce it.

[aaasep]

Yes, but the courts will only accept the original note in order to foreclose. And the original note is sold evertime the loan is sold. Some of these notes get sold hundreds of times. If the homeowner does not show up in court to contest the foreclosure, the lender signs an affidavit stating that the note is lost and since no one is contesting it, the judge signs off on it.

[FlyingRon]

Of course the "original" (or at least a certified copy) is almost always recorded. Producing one is little more than running down to the court house and paying whatever fee they charge for making the certified copy.