New foreclosure defense: Prove I owe you

[shellgame26]

Randi Rhodes used to talk about this strategy on her show. It delays foreclosure and forces banks to renegotiate your mortgage.

http://www.msnbc.msn.com/id/29242063/?gt1-42003

AP
ZEPHYRHILLS, Fla. - Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork.

And just like that, the foreclosure proceedings came to a standstill.

Lovelace and other homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess.

[BlooInBloo]

1. Yah - heard bout that a few months ago. Good thing to try.

[Roland99]

2. There was a case in the upper Midwest where someone sued to stop foreclosure...

believe they won as the holder of the mortgage couldn't prove they held the mortgage.

[SoCalNative]

3. Just a take on the same strategy

people use with debt collections. Request proof of the original debt from the debt collector (not the original creditor, but the collections agent they sell the debt off to) and if they can't produce the orig paperwork for the debt you can be off the hook.

[notadmblnd]

4. I asked for a copy of mine the other day when I was in th office

under the pretense that I didn't know where my husband (who has since passed away) has put our copy. They said they would send me a copy. If I don't have it in a week, I'll call them back and ask what happened. If they can't produce it....

[DURHAM D]

5. Very good -

Its called "Show Me The Paper" strategy.

[Tsiyu]

6. This is true

It worked for me. A loan scavenger bought one of my credit card accounts and sued but the amount was so much higher than the principle I was confused. It was over six times the original amount.

I was planning on showing the judge that I had made arrangements when a hillbilly - who had a judgment against him already - stood up and demanded that the (same) debt scavenger show the paperwork.

The judge dismissed without prejudice (meaning once the creditor found the paperwork the case could be brought to court again and a new judgment awarded.)

That was a magic moment for me. I had no issue with the ownership of the debt; I simply wanted to see how it had been so inflated. On paper.

My case was dismissed as well and I haven't heard from them since.

They should have to prove where they arrive at their figures.