From Cynthia Scott of OMC Financial Services:
A little known secret that might help homeowners facing foreclosure negotiate with their lending institution.
>>Many homeowners either over extended the mortgages they could afford; signed mortgages with unfavorable terms or are currently unemployed and unable to meet their obligations.
>>Foreclosure requires the lending institution to produce original signed mortgage documentation including the mortgage note
>>During the housing boom, most mortgages were sold to other lending agencies which are no longer in business or have been merged with other lending agencies
>>Millions of mortgages were dividend into different parts and sold to investors
>>Locating the original note has become more and more difficult: Is it the servicing company; the original lender or the investor
>>Individuals who might be facing foreclosure need to be proactive and notify their lender that they are having financial difficulties. They may be able to renegotiate their loan under more favorable terms based upon the legal requirement that the institution initiating foreclosure proceedings produce the original signed note
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