Homeowners often request that they be shown examples of letters they can send to their lender to fight foreclosure. The following is a template of a form letter than homeowners can send to their lenders to request that the original promissory note be made available for inspection. Whether the lender or servicing company will be able to comply with this request may mean the difference between defending a foreclosure lawsuit or losing the home.
[YOUR STREET ADDRESS]
[YOUR CITY, STATE ZIP CODE]
[YOUR LENDER’S STREET ADDRESS]
[YOUR LENDER’S STREET ADDRESS 2]
[YOUR LENDER’S CITY, STATE ZIP CODE]
Re: [YOUR LOAN NUMBER]
To Whom It May Concern:
Please accept this letter as my formal request for a copy of my Promissory Note.
I am the owner of the real estate property located at [YOUR STREET ADDRESS, CITY, STATE ZIP CODE]. This property is security for a loan made by [ORIGINAL LENDER’S NAME], and was made on [DATE OF LOAN].
Within thirty (30) days of the date of this letter, please send me the Promissory Note for this loan for my own personal inspection.
If you have any questions or concerns relating to this matter, you may contact me via regular mail at the address listed above. Thank you for your prompt attention to this request.
With all of the confusion of promissory notes and original mortgage paperwork that has been occurring in the mortgage industry over the past few years, this may be the exact request that lenders do not wish to receive from borrowers. Especially if there are other issues, such as an incomplete chain of title or conflicting land records, the servicer may be unable to prove it has legal possession of the documents.
If the company suing the borrowers for foreclosure can not show proof of possession of the original note, there may be difficult legal hurdles to clear for the lawsuit to go through. A lender or servicer that can not show it owns the note can not prove it has a dispute about a loan it can not prove it even has an interest in. Numerous cases so far have been thrown out of state and federal courts because lenders did not keep records of ownership.
Of course, simply sending such a request to the lender is no guarantee against losing the home. However, homeowners defending a foreclosure need to have as much information as possible, and as many different arguments as they can find as to why the lender should not be allowed to move ahead with sheriff sale and eviction. Sending a letter requesting the production of the promissory note is one more tool that can be utilized by homeowners.