More On “Show Me the Note” in Florida Mortgage Foreclosure Defenses

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Above I touched on one of the most popular mortgage foreclosure defenses these days, the so-called “show me the note” defense that has come about due to the large number of mortgage-backed securities and the problems this has caused in Florida and around the country.

I say “so-called” because technically this defense doesn’t actually require the person or company suing you to produce the note that you signed agreeing to the mortgage. So, what does it do?

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How Does “Show Me the Note” Work?

As a foreclosure defense lawyer in Central Florida, I have a lot of experience with this kind of defense. The way it works is that it forces banks to prove that they have the right to enforce the Note and sue you for not paying.

What does this mean? Basically, that the strange bank suing you—this bank that you’ve never heard of—has to be able to show what’s called the “chain of title” detailing how the Note came to be in its possession from the original bank that loaned you the money. Here’s the problem with that for the banks, though, and this happens in a large number of cases: your lender sold your Note to someone else the very day you signed it and turned it in, and this process was repeated over and over until it came to be in possession of the mortgage-backed security that is now suing you.

Do you think they really have a record of all of those transactions? I can tell you based on experience that most of the time the answer is no.

Show Me The Note: What Does This Mean in Real Terms for You?

If the people suing you cannot show chain of title, they have no right to foreclose on your house, and that’s what a good foreclosure lawyer will be likely be arguing if they see that you have a mortgage-backed security.

Talk to me directly and I can tell you what kinds of mortgage foreclosure defenses might work in your specific case.

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