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Foreclosure and the promissory note/transfer of service

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by maryh221, Oct 7, 2012.

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  1. maryh221

    maryh221 Law Topic Starter New Member

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    Does the fact the MERS transfer of service/loan was filed with the register of deeds over 2 yrs from which it took effect (remember, MERS/robo signing?) Have any bearing on foreclosure proceedings?
    I lost my job in Jan 09.and defaulted on my mortgage in March (and ever since). Chase began foreclosure proceedings in June 2010 after many months of trying to work out or even qualify for a "help for homeowners" program. The house has been foreclosed on, sold back to bank at the sheriff's sale and confirmed. I've been fighting tooth and nail to keep my home which shelters myself, my 3 kids, and a wheelchair bound/disabled ex-national guardsman.
    While researching my documents I noticed my original promissory note is made out to American mortgage, but I recall making my payments to Chase for the length of the loan (Jan 08-Feb 09). I checked to see if I had anything in writing stating that Chase was the rightful servicer of my loan, and I did not. When I appeared at the confirmation of sale hearing, I asked chase's lawyer if he had anything. He did not. The judge waived it off by saying 'if he didn't have one, he dodes now'. I'm not sure what was meant by that but I thought I had a right to see the document?
    I obtained a copy of the MERS transfer of loan to chase only to see it was filed on June 10 2010. 2 yrs after it took effect and just weeks before foreclosure began. Is this legal? How do I find out if the transfer was robo signed? Would this make the foreclosure invalid? Thank you.
     
  2. army judge

    army judge Super Moderator

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    I don't believe it matters.
    Loans are originated by one entity, and sold to other entities regularly.
    This was a common practice, long before derivative bundling began.
    So you originate a loan from XYZ bank, and within 24 hours, ABC Bank owns your note, or is servicing your loan.
    However, if you believe your rights have been violated, take ALL of your paperwork to a local real estate attorney and discuss your situation.


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  3. maryh221

    maryh221 Law Topic Starter New Member

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    Thanks AJ, for your beliefs. I strongly believe and from what I've read, i.e. USC 12/2605, o should have been notified of each and every transfer. I have a call into a local law office and waiting on their reply. Any more suggestions, comments would be appreciated.
     
  4. army judge

    army judge Super Moderator

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    Don't confuse federal notice requirements with your contractual obligations and state foreclosure procedures.

    Underlying these many things is your failure to pay your note. You agreed to pay on a loan. The reasons for your inability to pay your note is of no moment, matter, or import to the lender.

    Contractually you were obligated to pay as per the terms of your note. It matters not (legally) who the lender engages to collect their payments.


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    Last edited: Oct 8, 2012
  5. jetliner2

    jetliner2 New Member

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    If it's gone that far, it's probably too late to do anything about it now. In fact, I'd say that's what the judge meant when he said the other party has it now. You didn't put in the request in time. Also the bank doesn't necessarily have to notify you that your mortgage has been transferred to someone else. But the time to have started questioning all of this was before it got sold. Honestly at this point, you are pretty much going to need to hire a lawyer to be able to fight it successfully.
     
  6. maryh221

    maryh221 Law Topic Starter New Member

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    I've tried to find a lawyer but can't get one to even answer me. I've called organizations that are suppose too help with such situations, but they won't even call me back. I've thrown in the towel. thank you for your responses.
     
    lost in ohio likes this.

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