If You Are Facing Foreclosure

If you are facing foreclosure....READ THIS!
If you know anyone who is facing foreclosure...READ This!
If you can pass this along to everyone you know who might be effected by a foreclosure...GET IT IN THEIR HANDS

This is just a quick post - and I want to do my part to spread the word about a way to stall foreclosure that's getting a lot of press.

Those who know me pretty closely know that I have an axe to grind over what many are calling the "sins of Wallstreet" being paid for by mainstreet. You see, this foreclosure mess isn't really about lending as much as it is about Wallstreet wanting to get their hands on, and monetize the one sector of the economy they couldn't formerly touch....the real estate world. They found their way, though, and it was through the world of "mortgage backed securities" that took mortgage instruments and diced and sliced them up into lots of "servicable" pieces.

You see, most people think that a bank is holding the mortgage they obtained. In truth, all kinds of pieces of it were sold off to various investing entities. The interest stream was bought by one outfit, and principle stream by another. The origination put money in some hands, and other fees went somewhere else. To make matters worse, these slided and diced pieces were packaged with pieces from other loans into these "mortage backed securities". It takes a forensic accountant to figure out any of this.

And, don't get me started with the hundreds of billions that were given to...added like salt to a wound...to the Wall Street. They made money going and coming out while individual buyers are paying the price losing their properties.

But...in the morasse of slicing and dicing of the loans apprently rests one of the best foreclosure-stalling strategies available to a homeowner. It's in demanding that the lender "produce the note" or simply put....dig up the note that supposedly shows a particular person is the borrower on a particular property. Apparently, they can't! Producing that paperwork can take months of research, and a foreclosure can't take place if they can't prove that a person owed the money or is the borrower of record.

Here are a couple of video links to explain it. I'm trying to do my part to spread the word about this...put some power back in mainstreet!

http://cosmos.bcst.yahoo.com/up/player/popup/index.php?cl=12195482

http://www.youtube.com/watch?v=kswEb-iVsms

I am not a lawyer, and I am only reporting what I hear with this, but my jaw dropped when I did, and I knew others needed to hear about it. PASS IT ALONG!