Foreclosure Defense: Lost Mortgage Notes — Nobody Knows!!!

Lost Track of Who Owns Your Mortgage? Chances are You’re Not Alone

In the confusing sea of paperwork transferring mortgage notes from lender to holder to securitized pool, many consumers aren’t at all sure exactly which entity owns their mortgage notes, or how one entity is related to another.  The surprising news that’s working to the advantage of many homeowners facing foreclosure is that the mortgage lenders and note holders may not know, either.

Florida attorney April Charney, Forbes magazine tells us, noticed that a lot of the mortgage foreclosure cases she saw involved affidavits of lost notes. An affidavit of lost note is essentially a sworn statement that says, “we own this debt, but we can’t find any paperwork to prove it, so please just take our word for it”.  A bit of investigation revealed that in many cases, the paperwork didn’t exist, or originated at the wrong time, or conflicting interests had been recorded.  In some cases, notes had been illegally purchased by pools after they were already in default.

These flaws can bring a mortgage foreclosure action screeching to a halt; Forbes reported on one such homeowner who is still in residence five years after foreclosure actions were commenced.

If you’re facing foreclosure, don’t assume the worst. Get the professional help you need to untangle the paper trail and find out whether you have valid defenses in a forecosure action.

5 Responses

  1. It shows not only “Lack of Good Faith” but also blatant Governmental encouragement of Preditory Banking with complete disregaurd for Truth, Justice, Oversight, Transparency, Accountability, Life Liberty and the Persuit of Happiness, Baseball & Apple Pie!.

    When we have a Global Economic Disaster of this Magnitude caused by Greed & Corruption we need to be committed to INVESTIGATIONS! atleast as committed as the investigation into Bill Clintons Blowjob or Eliot Spitzer’s high priced Call Girl. We left no stone unturned for a blowjob but for an International Economic Disaster, we didn’t even have a phoney 9-11 investigation… EXACTLY how much did Dick Cheney make off this war?

    We can not have this kind of Economic Disaster without Bank Scams and Banking Related Fraud Preditory Banking and Wall Street Corruption! (self regulating my bloody ass!) Naked Shorts, High Frequency traiding, unregulated Derivatives…

    anything to make a buck, soon we will sell our soul

    BTW, has anyone seen the movie House of Sand and Fog? incredable movie and very relevant

  2. Hi,

    can I do a short sale if the mortgage note was lost?

    if I received the lawsuit from the court, I’m late for a short sale?

    thanks

  3. Chase lost my note and is trying to foreclose and reestablish the sercurity interest. I need to get a lawyer that is versed in this defense.

  4. Where can I check on when a purported successor corporate trustee of a mortgage trust actually became the trustee?

  5. Count 1 – “we HOLD and own the note”
    Count 2 – we LOST the note and need it reestablished.
    Fraudulent pleadings?

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