I heard something similar to this many years ago as I came into the records  
managememt realm and it had to do with bad filing systems and disasters.   "If 
the lender can not produce the note, then you owe them nothing".  Now I  have 
no legal training and honestly do not know if this would hold up in  court.
 
On another matter, when the collection call comes in, tell them you are  
probably going to file bankruptcy and  give them your atty's name and  number to 
call. If this is where you are at. This was told  to me by an attorney who does 
bankruptcy. This was provided NOT FOR ME but  for a client of mine.  
 
 
Trudy M.  Phillips
File Management, LLC 
"Bringing Order Out of  Chaos"
8440 Lanewood Circle 
Leeds, AL 35094
Office:  205/699-8571   Fax: 205/699-3278 
_www.filemanagement.com_ (http://www.filemanagement.com/)  


In a message dated 2/25/2009 9:49:39 P.M. Central Standard Time,  
[log in to unmask] writes:

I saw a  story on ABC News this evening which I thought had interesting
records  management ties.  I'm not taking a position on the tactic, but
here's  how the story goes.  They quoted a statistic of about 250,000  new
foreclosures last month.  Then they describe a tactic many  homeowners are
using to stall the foreclosure.  It doesn't sound  iron-clad, but the
mortgagee sends a letter to the party attempting  foreclosure and requests
that they produce the note.



Now if  you remember many mortgages in the past several years have been
"sliced and  diced" into investments.  I don't quite know what that means,
but I've  worked with enough property documents, sales and assignments
personally and  through work to know that good records are the exception in
real estate  rather than the rule.  I know many good records professionals in
this  industry and they do a fantastic job, but with all the reselling  and
selling off as an investment and the sheer speed and volume involved I  would
guess the true owner is difficult to determine and the note (and  related
assignments) are just as difficult to find.   



The story claims at least one judge delayed a foreclosure  because the note
couldn't be produced.  Someone on the mortgagee's  side also claimed that to
their knowledge no notes have been produced in  any case.  I find that hard
to believe, but isn't it interesting how  it all comes back to good records
management.  :-) 


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