Lost note foreclosure sale

[Aaron Mazzrillo]

I had an interesting call today. Seller has a house she was losing to foreclosure. The lender wasn't able to produce the note when she challenged it and the foreclose was thrown out. Her lawyer told her the statute of limitations for contracts has expired and the lender can no longer foreclose. She was told if she gets an indemnity bond she can sell.

I've heard of people challenging the foreclosure, but never actually spoke to anyone involved in this situation. My next step is to contact title to see what they say and get the name of her lawyer to find out what his take on the situation is. Sounds like misinformation to me, but worth a look.