Foreclosure Article

[AAbsolute]

sounds like you have a lot of experience w/ foreclosures

Great first Post. Welcome to Sowal.

 

[flyforfun]

Just read this short article ... wondering if any locals have tried this route ....


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Some homeowners are stalling foreclosure with a seemingly simple request: asking their lender to produce the original mortgage paperwork. During the real estate boom, many mortgages were sold and resold, bundled into securities and peddled to investors - often leaving the original note signed by the homeowner lost, stored in a distant warehouse or even destroyed.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-021809.cfm

Here is another link to this strategy:

http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

 

[AAbsolute]

Here is another link to this strategy:

Produce The Note - "How-To" | The Consumer Warning Network

Isn't every Mortgage recorded in the Official Record of Walton County. I look at recorded mortgages frequently and it takes about 24 seconds to see every page.

 

[gardening1970]

Mortgages are recorded but Notes are not. Assignments are sometimes lost prior to recording. In GA, we have a relatively new law that says a lender may not proceed with a foreclosure if all assignments leading to its owenrship of the note have not been recorded. There may be a chain of assignments in some instances, and proper execution and recordation by lenders has been sloppy in the last few years.

 

[AAbsolute]

Mortgages are recorded but Notes are not. Assignments are sometimes lost prior to recording. In GA, we have a relatively new law that says a lender may not proceed with a foreclosure if all assignments leading to its owenrship of the note have not been recorded. There may be a chain of assignments in some instances, and proper execution and recordation by lenders has been sloppy in the last few years.

You brought up a good point that I'm just learning about. SmilingJoe has a current Thread in here about Government Loop Hole and Doc. Stamps. It sounds like Florida Statute would mandate the payment of Doc. Stamps on every assignment of mortgage under the security and consideration definitions.