Now, I know specific talk of foreclosures is kind of old-skool in today's news cycle, but I think this story bears (bares?) reiteration. See, back in February, SFGate.com posted an opinion piece by DemocracyNow.org's Amy Goodman who wrote about the advice Ohio congresswoman Marcy Kaptur was giving out to people who are facing foreclosure: Don't leave, squat. Then, ask them to "Produce the note."
As in, demand they prove that they have legal ownership of your loan. I'm thinking that you should demand to see the piece of paper you signed in order to get the loan in the first place. Seems like, short of that, they won't be able to legally prove that you owe them squat.
Haha, get it? Squat because they may not be able to prove squat!
This is similar to a tactic you can use if a collection agency is after you for money. Most of the time (I've heard), when they finally getting around to suing you for old credit card debt, they've completely lost track of your original contract. Make them show it to you. Odds are they won't be able to and, in theory, their lawsuit against you is over. Likewise in the case of foreclosures. From the above capped article at SFGate.com:
These mortgages were made, then bundled into securities and sold and resold repeatedly, by the very Wall Street banks that are now benefiting from TARP (the Troubled Asset Relief Program). The banks foreclosing on families very often can't locate the actual loan note that binds the homeowner to the bad loan. "Produce the note," Kaptur recommends those facing foreclosure demands of the banks.
"[P]ossession is nine-tenths of the law," Rep. Kaptur told me. "Therefore, stay in your property. Get proper legal representation ... [if] Wall Street cannot produce the deed nor the mortgage audit trail ... you should stay in your home. It is your castle. It's more than a piece of property. ... Most people don't even think about getting representation, because they get a piece of paper from the bank, and they go, 'Oh, it's the bank,' and they become fearful, rather than saying: 'This is contract law. The mortgage is a contract. I am one party. There is another party. What are my legal rights under the law as a property owner?' "If you look at the bad paper, if you look at where there's trouble, 95 to 98 percent of the paper really has moved to five institutions: JPMorgan Chase, Bank of America, Wachovia, Citigroup and HSBC. They have this country held by the neck."
Kaptur recommends calling the local Legal Aid Society, Bar Association or 888-995-4673 for legal assistance.
So, there you have it. Your original contract is lost in a see of digital paperwork, most likely.
Orignal From: Marcy Kaptur: Facing Foreclosure? Make 'em Prove It!
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