Quote:
Originally Posted by Gigs  Or you could, you know, just pay the debt that you owe. Just a thought. |
You still have to eventually pay, but it is a good way to buy time for some people to work something out. They will find the original note at some point, but until they can produce it, they can't foreclose on you. That gives the homeowner time to make payments against what they owe. It's particularly helpful for those who have lost jobs and had to make the hard choices on what to pay when.
This could actually work for just about any debt, I believe. You can request any creditor to produce original paperwork signed by you which proves you are the debtor. In this age of computers, and bank mergers, re-mergers, etc, finding the original paperwork can be time consuming and sometimes downright impossible.