WCBS tv in New York ran a story on producing the note in mortgage foreclosure cases. Read and watch the story here.
Key from the story: “The request to produce the note seems simple enough. But professor of law Katherine Porter claims finding the piece of paper can be difficult.
“In today’s market, with huge banks and changes in the financial industry, it will sometimes take the lender three, six or even nine months or a year (to find it),” Porter said.”
The banks cannot show that they own the note for months – if ever. While I do not tell people rely on this strategy to save their homes, it is one more tool that homeowners can use to help them.