Everyone remembers the game hide and seek. In the foreclosure debacle we see the modern version of that game in the form of “Where’s the Note?” The game involves lawyers representing distressed homeowners in a legal battle with the banks during the foreclosure process. The homeowner would sue the bank thinking that the bank could not produce the actual promissory note, and when the note could not be found, the judge would rule in favor of the homeowner and cancel the foreclosure.
In the past we have heard about homeowners winning “Where’s the Note?” battles with the banks but we have never seen first hand proof — until now. One of our Bay Area attorney connections represented a client (in Colorado) and actually won a “Where’s the Note?” verdict.
This case, in the Colorado 10th Circuit, bared a foreclosure because Deutsche Bank did not produce the original note. The attorney mentioned how this case could actually create some real momentum for homeowners in Colorado but California as well.