FOX Orlando TV Station Spreads Word on “Produce the Note”

February 23, 2009

Central Florida is one of the areas hardest hit by foreclosures around the country.  The FOX Orlando TV station picked up on the Consumer Warning Network’s grassroots revolution sharing the strategy with viewers.  Fox Orlando’s Steve Gelbach reports.

And the Chicago Tribune reports on how distressed homeowners are fighting foreclosure by taking their lenders to court.  Tribune Reporter Becky Yerak mentions the Consumer Warning Network’s efforts to help homeowners.  She writes:

Homeowners who feel they’ve been treated unfairly by lenders are fighting back.

Some are bringing lawsuits in hopes of forestalling losing their homes or freeing themselves of what they believe are onerous borrowing terms. Occasionally they take a do-it-yourself approach, using free online legal documents to file their cases.

One common tactic is pressing to have mortgages “rescinded,” which allows consumers to cancel their loans if lenders violated the Truth in Lending Act by failing to, among other things, clearly state loan costs and terms….

Meanwhile, the Consumer Warning Network, a Web site that provides free template legal documents, is getting about 20,000 hits a day. Its most popular offerings include a document asking lenders to produce the original note that proves a debt is owed.

The intent is to delay foreclosure in hopes of finding money to make payments or to pressure the lender to negotiate. During the lending boom, many mortgages were sold or packaged with other mortgages and sold to Wall Street investors, so locating original notes isn’t always easy.

Click here to read the whole Chicago Tribune story.