Request for promissory note could buy time in foreclosure
It’s not a magic phrase, but it could be a helpful one for people in foreclosure. More and more banks across the country are hearing three words: “Produce the note.”
Picture a shell game, but instead of looking for a little ball; you’re looking for who has your home loan. Before the housing market hit the problems it has now, home loans were being bought, sold, repackaged, resold and rebundled several times over. Companies who want to foreclose on a property have to prove they own the loan.
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