If a mortgage company re assigns a loan, do they transfer rights of the promissory note and deed of trust?
Mom refinanced house in 2007 and the deed of trust was not filed as was instructed, and paid for at closing. The loan was transferred 2 times. its in default and was finally sold and was to close last week but days before closing my mom is served a law suit claiming Federal National Mortgage Association (who we never heard of) holds the deed of trust that was "for reasons unknown" not recorded in 2007. They list the trust deed as a true and correct copy of the original but it is missing 10 pages. They did not disclosed any documents that associate FNMA with the property or the loan. The predecessor to FNMA, MERS (mortgage electronic registration system), must have lost the original and Multnomah County Refused to record their copy. My mom went 2500 miles r/t to close this deal and the buyers backed out at the last minute. Does the plaintiff have to disclose all the evidence they base this suit on, together with the summons? (as in criminal cases to the defense) If an exhibit for the plaintiff, named as a true and correct copy, is missing 10 pages, The dates are wrong on when the deed and note were executed , and they do not even offer one shred of evidence that a company was ever assigned as a successor in interest, Could a motion to dismiss be filed as an answer to the complaint? Can someone with common sense mount a defense against their dip-**** legal council, and expect to win. I am not a lawyer, but have spent considerable time in the legal system. I just spent 2 months and nearly $2k making sure that house was ready for sale. It's 1270 miles each way. Can you file your answer to the court via Mail? asking for a set over at the least? They are seeking Attorney fee's if the action is contested. They burnt my mom on the whole re finance and violated RESPA in regard to closing service providers. Can we counter sue for costs of fighting this frivolous (my opinion) suit? If they get there way, I fear for my mothers retirement place of residence. WE HAVE NO MONEY FOR COUNCIL. What pisses me off the most is, these are the blood sucking mother ******* that put the housing industry, and ultimately our entire economy in a position that will take years to overcome if ever. Hope you get the jist.
I would hate to go to prison over this thing, but I will have my head held high if I do.
- David14Lv 77 years agoFavorite Answer
You people amaze me.
If you had paid on time there would be no issue at all. Stop looking for loopholes that don't exist. You don't pay, you don't stay. No badly spelled rant will change that.
- ErikaLv 44 years ago
Case? What case? Lenders should buy and promote loans as much as they need. The terms of the loan cannot change. As a rule lenders dump loans which can be close default. Some lenders are better then others with dealing with collections. If something, the lender has a case on the grounds that the earnings the loan was approved on has decreased. You entered into a contract. It's up to all parties concerned to conform to any motifications. Call the new lien holder. The money you possibly can spend on an attny could be higher making use of to getting the mtg back up.