Facing Foreclosure? Before Walking Away, Contact The Lender & Make 'Em Produce the Note!

A recent article in Forbes reported that borrowers are increasingly viewing voluntary foreclosure (ie. walking away from the home) as a practical financial decision (see Deadbeat Homeowners Hit The Road). Such action would typically take place when the payments become unaffordable and /or when the homeowner owes more on the mortgage loan than what the home is worth.

Keep in mind that there is a decent chance that the mortgage lender or company servicing the home loan has lost the actual promissory note that was signed on the date the loan was closed. So, to anyone considering taking a hike and mailing in the keys, before you bolt (even if you are not yet in foreclosure), contact the lender and make 'em produce the note.

For other posts that reference the failure of some mortgage lenders and their attorneys of filing mandatory loan documents when starting foreclosure actions, Go Here, Go Here, and Go Here. missing mortgage foreclosure docs beta