Anyone Heard of "Produce the Note"

[MRC123]

Anyone try this tacktic? They have a how to on there.

[The Professor]

Classic judicial foreclosure defense. Lender, in its complaint, alleges they are the owner and holder of the note. Borrower, in response to the complaint, denies lender's ownership of the debt. Lender is required to prove ownership.

Good for delay, and in some instances where the lender cannot prove ownership, dismissal (without prejudice) of the foreclosure action. the "without prejudice" means the lender is free to file a foreclosure lawsuit again.

Daniel

[driacovone]

Yea, basically use it as a delay tactic until they can produce the note.
It will take them time, but they will find it eventually.

Possession is 9/10ths of the law. So basically become a squatter rent free in your own home until they can legally run you out.

And since the lenders qualm is with the property, not you, it is a civil case - not criminal. So they can go back to court as many times as possible.

They could also try to rack up all those court fees and hold them against you as well in the deficiency.

[MRC123]

They have templates for your use and that website and videos on how to go about the process.

[MRC123]

Our home is scheduled for an NTS on April 17th, 2009. How long after that date do we have to get out? 30 days?

I want to do this "Produce the Note", but just in case we don't, I just want to know how long after April 17th we have to get out.

[The Professor]

You are facing a non-judicial foreclosure. Since this process is done without court supervision, the "produce the note" defense doesn't exist, although you are free to use it as an offense. That offense would mean that you would need to file a lawsuit and seek an injunction to halt the non-judicial foreclosure. Probably more of a challenge and expense that it is worth, in my humble opinion.

Daniel