What is “Produce the Note”, and how can it help me stop my mortgage foreclosure?
A:
“Produce the Note” refers to a demand by the home owner, to the mortgage note holder. The homeowner is essentially demanding that the mortgage company “produce the note” which proves that they have the right to foreclose on that property. A “Produce the Note” demand can be an effective method of buying time, in order to forestall your foreclosure. Many mortgages were bundled and sold as securities, and the paper trail could take a substantial amount of time to sift through. Many mortgage holders can not readily produce a copy of the original instrument that created the debt. Eventually they will find it however, so this tactic, while effective in potentially delaying a foreclosure, should not be seen as permanent solution to stop foreclosure. If your home is being foreclosed, it is recommended, that you seek professional advice to help you keep your home. Many professionals will even offer a free consultation to let you know your options.
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