Interesting new catch phrase sweeping across the country “Produce the Note”. Homeowners facing foreclosure have found a way to stick it to the banks. Essentially what is happening is that homeowners are filing the paperwork necessary to require the foreclosing bank to produce a copy of the original note. Doesn’t sound like it should be a problem, but the notes may have been bought and sold many times and the paper trail can be a extremely hard to follow. Click here to see a recent news story on the subject.
We process a large number of Stockton short sales and think “produce the note” can be used as leverage with the banks.