A New Way to Fight Foreclosure in Charlotte North Carolina
A New Way to Fight Foreclosure
Homeowners are finding new ways to fight foreclosure. The newest way may provide a way out for 4 to 5 out of 10 homeowners facing foreclosure. According to Associate Professor of University of Iowa, Katherine Porter a study shows that banks are failing to attach the promissory notes to the file over 40% of the time. When a bank files for foreclosure, they are also in some cases filing to retrieve the lost instrument, promissory note as well. A homeowner facing foreclosure needs to watch for this filing at the courthouse. Charlotte real estate lost instrument filings are easy to find. If the lender can't show proof that the homeowner is supposed to pay the mortgage, they can't foreclose. Last November, a judge stopped the foreclosure of 14 homes against Deutsche bank until they can produce the promissory notes. These homes are still in limbo and the homeowners are still in their homes.
Make the Lender Produce the Note If the lender can't produce the note, how can they foreclose on your home. Charlotte real estate homeowners facing tough times with limited funds need to find ways to fight harder for their homes. Homeowners are not asking the right questions and demanding negotiations. Some are simply walking away from their homes and abandoning the property and equity they may have in their homes. If a lender has to produce the note, this can hold up a foreclosure for months. In many cases, the homeowner will need to find legal counsel to assist. Fannie Mae has now changed their underwriting guidelines to five years seasoning after a foreclosure before a buyer can purchase again. This alone is worth fighting a foreclosure.
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If you are facing foreclosure in Charlotte or own real estate in another city or state, there are a few organizations available to provide free assistance should you not be able to afford an attorney. The Homeownership Preservation Foundation is a non-profit organization of HUD-approved counselors to help homeowners facing foreclosure.
