Let the record show: You have financial rights!
There was an interesting story on Bloomberg.com about a man living in Boca
Raton, Florida who has had a bank unsuccessfully trying to foreclose on his home
for 8 years!
Joe Lentz hasn’t denied not paying his mortgage
since 2002. All he did was request that the promissory note be provided to the
Florida court that was conducting the
foreclosure proceedings. Lentz wants the
bank to prove that what they say he owes is true by showing the document
verifying the banks position.
Your word versus mine.
this article is not about how to make it
tougher for some banks to foreclose on your home this story does provide a great
reminder about filing and protecting your important documents. Neither of the
two banks involved in the Lentz case have been able to win a favorable outcome
because the Florida court agreed they should have to provide the promissory note
as proof of their claim. With no promissory note, it became the banks’ word
against Joe Lentz’s word, thus a stalemate.
The lesson to get from this story is to protect your financial well being by
being prepared to prove your rights and ownerships with records. Think about
your own situation. What possibilities could arise where you would need to prove
When you need records.
Some common areas that often require proof would be warranties, identity issues,
and credit reports. With warranties a receipt of purchase is often required as
it lists dates, prices, and other factors required for meeting warranty
requirements. One extreme example of needing to prove identity was the fallout
in January 2010 earthquake in Haiti. There were children being kept from their
adoptive parents of the inability to prove identities with proper documentation.
Another example is your credit report. These are very important because you are
the only person who can correct the mistakes that may be on your reports. When
you do find mistakes you will most likely need the right paperwork to prove your
It isn't always about winning. Sometimes it is about not losing!
Simply keeping organized, accurate, and thorough records about your financial
and family matters will prepare you for many of the challenges that could come
your way. Also be sure to protect such records from damage or theft. There are
many incentives to keep good records, but one of the best, as the banks in the
Lentz case have been learning, is preventing financial loss.