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adjustible rate note transfer

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by johngholloway, May 26, 2014.

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  1. johngholloway

    johngholloway Law Topic Starter New Member

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    My wife and I took out and signed a Mortgage and Adjustable Rate Note with Loanleaders of America. Now Ocwen wants to collect on it for Wells Fargo Bank. There is no recorded transfer of the Note nor the Mortgage even though Ocwen claims that they do have possession of the Note. Can they collect or Foreclose?.
     
  2. army judge

    army judge Super Moderator

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    If they own the note, or were hired to act on behalf of the note holder, they can bring an action to foreclose.

    But, you should seek to verify who they are, and what they're trying to do.

    I suggest you start by discussing this with a manager of the company you think is the mortgage holder.

    Never discuss your business with unknown parties over the telephone or in person.
     
  3. johngholloway

    johngholloway Law Topic Starter New Member

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    Thank you for your reply. You say that "if they own the note". Does that mean that there has to be a recorded transfer of the note, or just because they are in physical position of the note, without even a legal Assignment of the Mortgage which goes along with the note? Thank you in advance.
     
  4. army judge

    army judge Super Moderator

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    Notes are sold everyday, billions of dollars worth of notes.
    Those holding the note (the creditor) is in no way obligated to seek the approval of those owing (the debtor) on the note.

    Just pay the note in time, nothing will change.
    Stop paying, or get behind in the note, much could change.
    Read everything you signed.
    Your answers are in the documents you signed.
     

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