Prevent Foreclosure Advice: The Best Defense for Preventing Home Foreclosure — A CNN Special Report

Are you facing home foreclosure? Did you know that banks have to “produce the note” that proves that you owe the debt? This report shows that a whopping 40% of the time, banks have lost the paperwork (eg, the promissory note). And, this can be your best defense for stopping foreclosure.

40% of lenders unable to produce promissory notes that prove homeowners they’re trying to foreclose on indeed owe the debt.

If you know anything about debt collection, one of the first things a creditor must do is prove that you indeed owe the debt. If they can’t prove it, then you can stop the foreclosure process.

A home foreclosure expert in the video says don’t let the lender off easily if they’re trying to foreclose on your proeprty. “Make them produce the note,” he says. In the video, 14 homeowners in Florida were able to prevent foreclosure — at least for the time being — until their lender could produce the note.

Watch this eye-opening, June 23, 2008 CNN report on using this method to prevent foreclosure.

P.S.: Get info on 32 ways to stop foreclosure: Discover what banks won’t tell you & investors don’t want you to know.

Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

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