Lender finally produces "the note"

August 31, 2009 5:57:05 PM PDT
A couple using the "show me the note" strategy to forestall foreclosure had a huge setback Monday.

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Isabel and Richard Caporale had gone to court saying the foreclosure was illegal because the lender did not have the loan documents to prove the money was owed.

After months of court wrangling, a judge told Saxon Mortgage, 'produce the note today or there would be no foreclosure.'

Late Monday afternoon, the loan documents were turned over to the court and it looks as if the foreclosure will go through.

The "show me the note" strategy has worked in the past because some lenders had lost all the paperwork surrounding loans.

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