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Asking for the promissory note

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    Asking for the promissory note

    So what is the purpose of asking for the promisary note? Would it buy time or what? If the first lien holder could not produce it would that hold things up? Just looking for ways to hold things up for as long as possible to bank cash. Mortgage was with CW now with BOA was discharged in chapter 7 never reafirmed and now walking away.

    #2
    Yes, it can hold things up for foreclosure if the lender cannot find the original. They have to show the original to the court or they are SOL. Many lenders that bought and sold mtg's cannot locate them. If you had a CW mtg they probably have it though. Mostly this would pertain to all those crappy lenders that have long since vanished. Like First Magnus, Mira, and others.
    Attorney Retained/Paid: 1-4-10
    Online CCC-Completed & Cert Received: 1-8-10
    Filed Chapter 7 1-18-10.
    341 3-10-10 ~~~ Last Day to Object: 5-10-10

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      #3
      What if the loan was sold (from Suntrust to Wells Fargo) and they never told you, and the original note holder is still trying to foreclose on you?

      Comment


        #4
        Originally posted by bk7oregon View Post
        What if the loan was sold (from Suntrust to Wells Fargo) and they never told you, and the original note holder is still trying to foreclose on you?
        Who is the original note holder? You're saying SunTrust is foreclosing? See your other thread...

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          Suntrust is foreclosing, but when I initially asked for a forbearance in 2009 I was told Wells Fargo, owns my mortgage even though I have never spoke to a Wells Fargo representative.

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            #6
            You will need to read the Mortgage yourself. It could now be "securitized" and held by Wells Fargo. In other words, it's a SunTrust mortgage, but it had been securitized and packaged into an "asset backed security" under the Wells Fargo banner.

            I think it's securitized and Wells Fargo is just the bank holding the asset backed security and SunTrust is still the servicer. With a few exceptions, and based on your State's underlying non-bankruptcy law, a servicer is entitled to foreclose as a party in interest, so long as they can produce the Note. Of course, the servicer would need a pooling services agreement which authorizes them to act on behalf of the "owner" of the Note.

            If you're really unsure and have a few hundred bucks to spend, have a forensic analysis done of your Mortgage and (Promissory) Note.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

            Comment

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