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'Show me the note' : Banks Vs Home owners
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2009 Sep 22, 8:08am 1,580 views 2 comments
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If I were one of the home owners, I'd make the bank prove it's ownership of the debt and right to foreclose. If I were the owner of the mortgage loan, I would have my copy of the debt obligation so that I could enforce my rights.
"My dog ate my homework" was not an excuse for me growing up. I don't see why banks should think they can use the "the market ate my note" excuse.
If I were one of the home owners, I’d make the bank prove it’s ownership of the debt and right to foreclose. If I were the owner of the mortgage loan, I would have my copy of the debt obligation so that I could enforce my rights.
“My dog ate my homework†was not an excuse for me growing up. I don’t see why banks should think they can use the “the market ate my note†excuse.
Banks could follow Obama's (COLB) approach:
Post the document on the web, get an "independent" third party to proclaim it authentic.
How many people would be applauding courts if judges dismissed homeowner's lawsuits asking for document verification?
http://www.huffingtonpost.com/2009/09/22/whos-got-the-mortgage-pro_n_294169.html
Home owners are challenging banks to produce the 'note' that they own the house. And in the age of sliced-diced mortgage securities, it is not so easy to do....
wonder how long this tactic will last
#housing