Proooooooove it!

The past couple weeks have been filled with controversial attempts by borrowers to retain foreclosed homes. The most bothersome is Acorn, infamous for lending to some of the riskiest borrowers, helping borrowers break into their foreclosed homes. I realize the foreclosure process is horrible, dramatic, and filled with emotion, but it does not give people the right to break the law. It is NOT their home anymore. The fact that Acorn is encouraging the behavior is even worse. Even more pathetic, Acorn has received over $3 billion in tax payer dollars since 1995.

On the other side, there are legal options borrowers can explore in an effort to keep a home. For example, ask the bank to prove you owe the money. The bank must provide a copy of the signed mortgage note that indicates you agree and understand you are obligated to repay the mortgage at the terms disclosed on the note. It is estimated that 30% of notes are either missing or not recorded properly. In this case, the borrower may not keep the house (although there is a slight chance the note may never be found), but at least the borrower buys time. With foreclosure attorneys busier than ever, they are more inclined to move on to the next file than spend hours trying to find the note. Hey, it's worth a shot!

For more information, feel free to email me. Have a great weekend!