Mortgages : Lost Track of Who Owns Your Mortgage? Chances are You're Not Alone
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Total Bankruptcy
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Mortgages
Blogged date : 2007 Jun 08
Florida attorney April Charney, Forbes magazine tells us, noticed that a lot of the mortgage foreclosure cases she saw involved affidavits of lost notes. An affidavit of lost note is essentially a sworn statement that says, "we own this debt, but we can't find any paperwork to prove it, so please just take our word for it". A bit of investigation revealed that in many cases, the paperwork didn't exist, or originated at the wrong time, or conflicting interests had been recorded. In some cases, notes had been illegally purchased by pools after they were already in default.
Flaws like this can stall mortgage foreclosure proceedings altogether, or at least delay them long enough to let an attorney negotiate something workable for the homeowner.
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