| OHIO Congresswoman says stay in your home - good article - may be of use to someone you know - although I hope that will not ever be a need. - Martha From The Raw Story: Rep: Foreclosed owners should squat in their own homes David Edwards and Stephen C. Webster Published: Friday January 30, 2009 If you're poor and the bank is coming for your home, Congresswoman Marcy Kaptur has a plan for you. Just squat, she says. Yes, this Ohio Democrat is actually encouraging her financially distressed constituents whose homes have been foreclosed upon, to simply stay put. In a Friday report, CNN's Drew Griffin explored the case of Ohioan Andrea Geiss, whose home was foreclosed upon in April. "Behind in payments, out of work, a husband sick, she had nowhere to go," said Griffin. "So, she decided to follow the advice of her Congresswoman and go nowhere." In Lucas County, Ohio, over 4,000 properties were foreclosed upon in 2008, reports CNN. "So I say to the American people, you be squatters in your own homes," said Congresswoman Kaptur before the House of Representatives. "Don't you leave." She's called on all of her foreclosed-upon constituents to stay in their homes and refuse to leave without "an attorney and a fight," said CNN. "If they've had no legal representation of a high quality, I tell them stay in their homes," Kaptur told Griffin. Kaptur is a high-profile advocate of an increasingly popular mode of fighting foreclosures best known for it's key phrase: "Produce the note." By telling a bank to "produce the note," a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt. "During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street," explains the Consumer Warning Network. "In the rush to turn these over as fast as possible to make the most money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage. This is the key to the produce the note strategy." To read the full story and view the CNN coverage, go here: http:// rawstory.com/ news/2008/ Rep_Foreclosed_ owners_should_ squat_in_ 0130.html |
[nndl] "Produce the Note" - a counter foreclosure strategy |
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