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"Produce the note": desperate homeowners seek magic words
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A lot of buzz this morning about a strategy some homeowners are using to delay foreclosure: demanding the bank "produce the note" -- that is, supply the original mortgage paperwork.
The AP leads with a woman who's managed to stop her foreclosure, she says, by asking for the note.
"And just like that, the foreclosure proceedings came to a standstill," the story says.
But the story goes on to say, three paragraphs down, "Exactly how many homeowners have employed it is unknown. Nor is it clear how successful it has been; some judges are more sympathetic than others."
AP says that many judges accept electronic copies of the original note, and while it might take time to find, eventually the paperwork can be located.
Still, for a lot of homeowners, a delaying tactic might be better than having to pack up and move.
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