I have read in several different places, including on the Home Page of this site, there are accounts of homeowners "delaying" foreclosure by asking the Lender to provide proof they hold the original (blue ink) note.
From what I understand, since most notes are sold, resold and resold, there is a poor record keeping system and the original note gets lost in the process somewhere.
The question then becomes, when the homeowner gets foreclosed on, does the entity foreclosing on them have the legal right to foreclose?
When does one ask the Lender the question, "can you show me proof that you own my note?"
If they are foreclosing, shouldn't they at least prove they are the true owners of the note?
I cannot find any reference to the answer anywhere. I also cannot find an attorney in my area (Northern California) who is even aware of these situations.
Any insight to this would be helpful!