This is not a foreclosure bailout program; however, it is an option that you can use to stall your foreclosure. But before I go into the details, I need to thank Chris for alerting me to this topic.
The process to this putting off the pending doom is really quite simple. All you have to do is ask your mortgage servicing company (the company that you pay your mortgage to each month) to produce a copy of the original note that you signed. The theory is “prove that I owe you money.” You have the right, legally, to make this request, and the bank must produce the documents before they can continue with your home foreclosure.
Why does this work? Because banks are putting these files back at the bottom of the list and moving forward with the files that are not demanding a copy of the note. By being put back at the bottom, some homeowners could see an extra month or two, if not longer, before the bank gets back around to them and pick up where they left off. This stall tactic can give some potential homeowners the opportunity to get back on their feet and start making their payments again.
Here is a quick video to explain the newest step a homeowner can take in the foreclosure process:
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