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Stay Put An Answer To Foreclosure?

By Eddie Farah

There is more and more conversation about this concept.

As many Americans find they cannot stay in their homes because of job loss or a sub-prime loan that has now doubled, one Congresswoman is saying "stay put” in your own home.

When Wall Street bought and sold mortgages as investments, they forgot to dot all of the "i's" and cross the "t's". In other words, the paperwork may not actually be easy to lay your hands on anymore. The question then becomes- exactly who owns your loan?

If a bank can’t product the documents from the real owner of the loan, the contract may be null and void. Congresswoman Marcy Kaptur from Ohio, is telling consumers in this story on CNN that she is encouraging people to stay in their own homes.

Kaptur took the floor of the house “so I stay to American people you be squatters in your own home don’t your leave.”

Jacksonville is fast becoming the foreclosure capital of the country so many homeowners might ask those wanting to foreclose to, “produce the note.” A homeowner can actually delay a foreclosure, Kaptur says, by forcing the lender to prove it owns the debt. Very often they cannot.

Of course, you don’t want to try this with the sheriff at the door.

There is a problem though. Try getting a human on the phone after you've received a foreclosure notice. You will end up in a phone tangle, and brokers may not be the right source.

More and more attorneys are turning to foreclosure law and with good reason. It will take an investigator hours upon hours to untangle the actual path a mortgage took after you initially signed on the dotted line. Whatever you do, don’t try to do this alone- find an attorney through the National Association of Consumer Advocates www.naca.net to begin the process or call our Jacksonville, Florida offices for help.

And these days during any real estate transaction, it is wise to have an attorney present. There is just too much that can go wrong, as we are beginning to understand in this fallen house of cards that is the

Originally posted at InjuryBoard by Eddie Farah

Full post as published by Jacksonville Personal Injury Lawyer on February 01, 2009 (boomark / email).