Produce the Note

[RonBoyd]

Interesting tactic:

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

[rs0460a]

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]

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]

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]

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.