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Old 07-27-2008, 10:28 AM   #1 (permalink)
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Question original note lost

I Have Been Sent A Foreclosure Notice, Back In May Of 08, Which The Bank Said The Note Was Lost, One Loan Was For 61,000 Second One 15,000 . I Know The Lone Was Sold At Least Two Times. ? Do They Have The Right ~to Foreclose On Me ? I Did Send Their Attorney A Letter Stating I Wanted The Original Note, I Have Not Heard From Them An There Has Been No Activity On The Forclosure. Should I Contact Their Attorney?
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Old 07-28-2008, 12:24 PM   #2 (permalink)
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Quote:
Originally Posted by galtr1131 View Post
I Have Been Sent A Foreclosure Notice, Back In May Of 08, Which The Bank Said The Note Was Lost, One Loan Was For 61,000 Second One 15,000 . I Know The Lone Was Sold At Least Two Times. ? Do They Have The Right ~to Foreclose On Me ? I Did Send Their Attorney A Letter Stating I Wanted The Original Note, I Have Not Heard From Them An There Has Been No Activity On The Forclosure. Should I Contact Their Attorney?
A bank voluntarily told you they LOST the note? Don't you have a copy of it? Did you pay your loan? Who is trying to foreclose on you? the original lien holder or one of the two subsequent ones? (It is common for loans to be sold). If you haven't paid, whomever the lien holder is can foreclose on you for nonpayment.
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Last edited by GentleGrace; 07-31-2008 at 07:39 AM.
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Old 07-31-2008, 08:15 AM   #3 (permalink)
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THANK YOU FOR REPLYING,
THIS IS WHAT THEIR ATTORNEY SENT ME :
THE ORIGINAL PROMISSORY NOTE WAS LOST OR DESTORYED SUBEQUENT TO PLAINTIFF'S ACQUISITION THEREOF, THE EXACT TIME AND MANNER OF SAID LOSS OR DESTRUCTION BEING UNKNOWN TO PLAINTIFF.
PLAINTIFF CANNOT REASONABLY OBTAIN POSSION OF THE PROMISSORY NOTE BECAUSE ITS WHEREABOUTABOUTS CANNOT BE DETERMINED.

from research i'v done, I guess they can sell the notes to anyone! but certin
states will not allow a forclouser with out the original note..
I sent them a letter stating i was concerned that anyone could come back on me in the future an demand payment on the original note, i'v heard nothing from them. and its on the first mortage. 61,000
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Old 07-31-2008, 10:39 AM   #4 (permalink)
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Quote:
Originally Posted by galtr1131 View Post
THANK YOU FOR REPLYING,
THIS IS WHAT THEIR ATTORNEY SENT ME :
THE ORIGINAL PROMISSORY NOTE WAS LOST OR DESTORYED SUBEQUENT TO PLAINTIFF'S ACQUISITION THEREOF, THE EXACT TIME AND MANNER OF SAID LOSS OR DESTRUCTION BEING UNKNOWN TO PLAINTIFF.
PLAINTIFF CANNOT REASONABLY OBTAIN POSSION OF THE PROMISSORY NOTE BECAUSE ITS WHEREABOUTABOUTS CANNOT BE DETERMINED.

from research i'v done, I guess they can sell the notes to anyone! but certin
states will not allow a forclouser with out the original note..
I sent them a letter stating i was concerned that anyone could come back on me in the future an demand payment on the original note, i'v heard nothing from them. and its on the first mortage. 61,000
Now that is certainly interesting---I would contact a local attorney immediately and ask if you basically, have them over the proverbial barrel. I would contact them immediately--it may make a huge difference in your financial future. Thanks for sharing this information--post back here and tell us what happened to we can learn.

Many sources I looked up said a certified copy of the original can suffice, and also said they can foreclose without the original in the particular state whose web site I consulted.

Good luck!
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To [COLOR=darkorchid]FORGIVE [/COLOR]is divine.
[FONT=Comic Sans MS][FONT=Times New Roman][COLOR=red]NEITHER[/COLOR] is my policy.[/FONT] [/FONT]

Last edited by GentleGrace; 07-31-2008 at 10:53 AM.
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Old 09-07-2008, 09:39 PM   #5 (permalink)
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Grace is right here. Very Interesting.

This sounds like one of those companies that bought shares of bundled mortgages and then sold those shares a couple of times so that the current mortgage holder is without documentation. Unfortunately, they cannot foreclose without a document. The courts look suspiciously on any mortgage company that attempts to foreclose without the documentation. I have to assume that YOU have one. I also get the impression that YOU requested the original note be returned to you after to paid off that mortgage... perhaps in a refinance... and that they don't have one.

However, if this is really what is going on, then you should allow them to use YOUR copy to mark IT paid.

I agree that somewhere, sometime there could be someone out there with a bundled mortgage share who actually has your mortgage documentation... who could then come after you to pay it AGAIN... so if this really is a payoff situation, don't let up on them to provide you with documentation that it is paid.
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