Color of Change posts handy mortgage tracking tool

[eridani]

http://www.wheresthenote.com/colorofchange/

The big banks are at it again. First they targeted minority communities with subprime loans and other predatory lending schemes, helping to make Black Americans and Latinos 70% more likely than Whites to be in foreclosure.1

Now we're learning that the very same banks and mortgage lenders have been foreclosing on homes around the nation without verifying that they have the right to do so.2

The stories are horrifying: in Ohio, a bank foreclosed on a man after insisting for months that it didn't hold his loan and refusing to accept his payments.3 In Florida, Bank of America tried to take a house away from a man who never even had a mortgage.4 The more we learn, the worse it gets.

If you're a homeowner, one possible way to protect yourself from the banks' bad behavior is to demand your note and make them prove they own your mortgage. A new online tool makes it easy. Check it out and please share this information with your friends and family. It could help to save your home or that of someone you love:

[TheWraith]

1. Can someone tell me exactly what happens if the bank can't produce your note?

Say you've got someone who's not in foreclosure, they're just paying their mortgage. What happens if the bank can't produce the note?

[eridani]

2. Maybe they should pre-emptively demand paperwork?

That way you could avoid possible future problems.

[TheWraith]

3. That's the scenario I'm talking about.

What if a normal homeowner, not in foreclosure, demands to see the note? And the bank can't produce it? Does the homeowner no longer owe them a mortgage? What happens?

[TheWraith]

4. Kick. nt