I wanted to let you know about something I learned of today.  Since obtaining the CDPE (Certified Distressed Property Expert) Certification in January, I have been continuing to improve my body of knowledge concerning short sales and foreclosures.  Today’s post is about a possible strategy for delaying foreclosure.  It’s not a guarantee, but for the time being it sounds like it might be something those at risk of foreclosure can use to stall a sale.  It appears judges are allowing the strategy.

 

It is called the “Produce the Note” strategy.  With the sale of mortgage notes to various investor groups, and some of those notes becoming part of derivative securities products, it often is not clear who holds the note.  By requesting that their lender or servicer produce a copy of the original note signed at closing, some homeowners may manage to delay the sale of their home for many months because the negotiator probably prefers to deal with the “cleaner” sales first rather than take the time to pursue the original documents.  It is possible those homeowners requesting the lender produce the note will have their file pushed further down on the stack of hundreds of files on a negotiator’s desk, giving them more time to try to get a loan modification or pursue other home saving strategies with their lender.  Home owners who are trying to get more time may want to contact their servicer.  For the ABC news video about this, go to http://abcnews.go.com/Video/playerIndex?id=6945801.  Homeowners should always contact their legal or tax advisor when dealing with these major issues.  This post is not intended and legal or tax advice.

 

If the homeowner lives in Colorado Springs or El Paso County, doesn’t intend to stay in the home, has to sell, and needs the help of an expert in getting a sale accomplished, please remember me and my team!  We want to be on the homeowner’s side and help them determine if a short sale is a possibility for them rather than having their home sold by the Public Trustee.