Delaying Foreclosure: 3 Magic Words
February 25th, 2009 by Shalini
According to Tampa attorney, Chris Hoyer, those three magic words are “Produce the Note”. If you are a homeowner delinquent in your payments and you receive a foreclosure notice, Hoyer first advises consumers to find a foreclosure attorney. If a consumer is unable to do so, Hoyer suggests showing up for the court hearing and asking the lender to produce the promissory note (the document that proves that the homeowner owes the bank). In a study by Katherine Porter, an Associate Professor at the University of Iowa Law School, banks failed to attach the promissory note in 40% of the foreclosures she studied.
