Produce the Note

RonBoyd · 06-24-2008, 03:10 PM

Interesting tactic:

Foreclosure Fighting Words: ‘Produce the Note’ | Zillow® Blog

rs0460a · 06-24-2008, 03:30 PM

Interesting, but I don't think that this is a common occurance in this "digital age".

At least they had the wording correct. A "note" is a promise to pay. A "mortgage" is a document that pledges collateral for the loan (note). This is usually the real estate being purchased.

It's a common practice to use the word "mortgage" when they actually are referring to the note.

- Ron

Walt34 · 06-24-2008, 03:48 PM

This is not surprising. When we paid off the house it took several months and repeated phone calls to get the lien taken off the property records because the bank couldn't find the paperwork. I kept after them because I knew we'd be selling/moving in a couple of years and I didn't want that issue coming up then.

tryan · 06-24-2008, 04:06 PM

Yeah, I've read many urban legends where people stay in the foreclosed home for over a year while the bank attempts to prove - in court - they are the true lein holder.

Weighs right up there with the "taxes are unconstitutional" scheme. Good luck with that.

MikeD · 06-24-2008, 04:09 PM

I had a similar problem with the Nasa FCU. They lost the paperwork for my car loan on which I was making payments. They wanted me to come in to the conveniently located main HQ in another state and sign new ones. I asked the guy what was in it for me? Afterall, he couldn't repo the car w/o the paperwork and I was making payments, etc. All he would say is that it would bring the files up to date. I declined, made all the payments on time, and got the title back from them in a timely manner. They gave me another loan three years later.

Mike D.

06-24-2008, 03:10 PM	#1
RonBoyd Full time employment: Posting here. Join Date: Dec 2007 Location: Denver, Colorado Posts: 887	Produce the Note Interesting tactic: Foreclosure Fighting Words: ‘Produce the Note’ \| Zillow® Blog

06-24-2008, 03:48 PM	#3
Walt34 Thinks s/he gets paid by the post Join Date: Dec 2007 Location: WV Panhandle Posts: 1,525	This is not surprising. When we paid off the house it took several months and repeated phone calls to get the lien taken off the property records because the bank couldn't find the paperwork. I kept after them because I knew we'd be selling/moving in a couple of years and I didn't want that issue coming up then. __________________ Retired six years ago at age 52. Then decided to get a job. For a while. Or maybe not. Oh hell, I don't know.

06-24-2008, 04:06 PM	#4
tryan Thinks s/he gets paid by the post Join Date: Mar 2005 Posts: 1,629	Yeah, I've read many urban legends where people stay in the foreclosed home for over a year while the bank attempts to prove - in court - they are the true lein holder. Weighs right up there with the "taxes are unconstitutional" scheme. Good luck with that. __________________ FIRE'd since 2005

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06-24-2008, 03:30 PM	#2
rs0460a Full time employment: Posting here. Join Date: Feb 2006 Posts: 987	Interesting, but I don't think that this is a common occurance in this "digital age". At least they had the wording correct. A "note" is a promise to pay. A "mortgage" is a document that pledges collateral for the loan (note). This is usually the real estate being purchased. It's a common practice to use the word "mortgage" when they actually are referring to the note. - Ron

06-24-2008, 04:09 PM	#5
MikeD Full time employment: Posting here. Join Date: Apr 2003 Location: Leesburg, VA Posts: 528	I had a similar problem with the Nasa FCU. They lost the paperwork for my car loan on which I was making payments. They wanted me to come in to the conveniently located main HQ in another state and sign new ones. I asked the guy what was in it for me? Afterall, he couldn't repo the car w/o the paperwork and I was making payments, etc. All he would say is that it would bring the files up to date. I declined, made all the payments on time, and got the title back from them in a timely manner. They gave me another loan three years later. Mike D.

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