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I know that in FL several foreclosures were stopped because the lender couldn't present the note. I've never heard of debt being erased like that though...
I think it will come up a lot in the future when short sale sellers recover their income or overcome their hardship and the lender tries to sue to recover some or all of the deficiency...they will have to produce the original note.
This "produce the note" business seems disingenuous to me. You know you bought the house, you know who you bought it from, you know how much you owe. Playing technical games to escape your obligations is low.
Sorry, but not until after closing is the real investor known. The servicing can be sold twice a year. You have no idea if the servicer bringing the lawsuit has permission to or any authorization....unless they can produce the note.
So you should pay off some random dude? Note that lenders have certain requirements as to mods and giving the consumer a fair break. If they don't do this because they don't actually own the mortgage what happens?
I have yet to hear of a bank trying to collect on a loan that someone else "owns." Fraud is rampant, but so far, this is not one I've heard of.
If I need to be corrected on this, post a few links citing examples and I'll humbly stand corrected. Otherwise, it does feel like debtors are getting off on a technicality.
I have yet to hear of a bank trying to collect on a loan that someone else "owns." Fraud is rampant, but so far, this is not one I've heard of.
If I need to be corrected on this, post a few links citing examples and I'll humbly stand corrected. Otherwise, it does feel like debtors are getting off on a technicality.
I am with you on this. I do not get a sense that banks are committing fraud. I think they have enough problems disposing of known assets without looking for more.
It seems far more likely to me that some people will game the system to take advantage of an opportunity to not honor their own promise to repay and stay in the home as long as possible without paying anything, including property taxes, all the while singing the " they done me wrong" song.
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