Wednesday, February 18, 2009

Stalling the Eviction

Those of us scrambling to make those mortgage payments every month are waiting to see just what the new foreclosure prevention plan means to us. In the meantime, here's a neat trick to slow down those deputies with the eviction notice:

Demand the original paperwork. Really. This whole fiasco is such a mess that if a homeowner demands to see the original mortgage, it often shuts down the entire foreclosure process indefinitely. Chances are the bank that's trying to toss you out isn't the one that originally loaned you the money.

Our mortgage has changed hands so many times we can't even keep track. It took a conversation with our mortgage servicer (that's the company we pay every month) to discover that it doesn't own our mortgage - and any discussion of renegotiating terms with them is impossible until we've missed more than two payments. We're dealing with Fannie Mae - who knew?

If you own a home, do you know who actually holds your mortgage?

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