Your local bank probably sold your loan, it got repackaged, sold again, repackaged and sold again and again and again.
There is a good chance that the bank that has your loan, doesn’t have the paper trail to prove it.
The recorder’s office only keeps the original loan docs.
So should I sent out the mortgage payment or not this month?
Depends on how long you want to live there:mrgreen:
I don’t have a mortgage. I paid my house off. Can I still get a check from Obama or did I screw up?
I hope you kept a copy of the payoff notice!!:mrgreen: You never know when you’re going to have to prove you OWN it already!!
You gonna back me up with the courts when the bank comes knocking for payment and eviction? Somehow I don’t think so.
The bank won’t come knocking. At the foreclosure proceeding ask the Judge to make them prove they have the mortgage on your home. There is a good chance that they can’t produce the docs.
Apparently, it will just buy time. They have other means for proof.
Some states, like Missouri, don’t have foreclosure proceedings. They send you a couple of notices, post the foreclosure sale in the paper, and sell your house. Only thing that can stop it is either pay the bank or file bankruptcy. Bankruptcy only postpones it until the bankruptcy judge tells the bank that they can proceed with the sale.
It may not matter who owns the loan, as they have given the servicing company the authority to collect on their behalf.
I don’t see how you can have a foreclosure without a court order in MO. A sheriff can’t act on a newspaper notice.
It’s all part of the law. It’s clearly defined, and the sheriff doesn’t have anything to do with it. (Of course the sheriff may need to get involved if the home owner doesn’t move out. Then there is an eviction by court order after the fact.)
Nick,
Do you have an example of one person who pulled this off and it worked?
Mark, the 20 days notice is explained later in the link you posted about MO.
Some of these lenders are now a dozen banks away from the loan originator. I bet many of them won’t be able to produce the paper trail to fend off a borrower’s contest.
Kevin, I hadn’t read it, but good article. Chris Morrell was telling me about the strategy a while back and then one of my neighbors actually did it. The judge told the lender to either produce the paper trail back to the originally recorded note or leave the homeowner alone.
Nick it would probably be wise on your part if we do not get into all the stuff you do not see how it works.
Before anyone stops paying their mortgage you might want to speak with a Bankruptcy Attorney.
Yea, but Judge, Nick told me I could. 
Maybe I’ll just play Power Ball, better odds.