RaginBajin

Definitely agree that it's not fraud, but it does mean that BOA did not have the authority to foreclose. That would also raise to me the thought why it took so long, Do they even have the note? Great she lives in SC which is a judicial state. She is trying to drag it out as long as possible to try and get back on her feet. Thanks alot!

You definitely need to seek legal advice for your state, but the way that someone proves that you owe them money on a home is two fold. You need a Note and you need a Mortgage. Both of them HAVE to be filed at the courthouse. If they don't have them recorded saying that there is a Mortgage and/or Note, then you have a legit claim to make that you owe nothing that is secured by that property. You may have an unsecured debt, but that's a different story. Before handing over any deed to any bank, go find a Real Estate Attorney as soon as you can.

bump.

I just received a letter from a CA. They are saying that I owe a Doctor about $5,000 or so. The CA is: Rapid Recovery Credit & Collections I am assuming the debt is from March of 2005 since it is a surgical office that is making the claim. I am in Virginia and I assume a Medical Collection is an Open Account which has an SOL of 3 years. Even if it was a written account that would only be 5 years in Virginia. Now: 1. I have not pulled my credit report to see if they are reporting on there yet 2. I don't have an EOMB since that was a very long time ago and life has definitely changed for me. 3. I'm not sure what really if the debt belongs to me or not. So, I am going to start the process this way: Step 1: Use the LETTER TO COLLECTION AGENCY MEDICAL ACCOUNT DV/SOL/CEASE/DESIST Letter since the claim is from a CA (check credit report first) and is older than 4 years old. (http://whychat.5u.com/ltrcavalhipaa.html) Step 2: Don't send the follow-up Follow-up letter to CRA if it wasn't on the credit report. Is this the proper way? Now if the debt is showing up on my credit reports, start with the standard PRE HIPAA MEDICAL DISPUTE LETTER TO CRA (http://whychat.5u.com/hipaadisp.html) They have begun to mention Legal Filings as well. When they state the balance they say "ADD ON LEGAL FILING", and in their letter that they will have to turn over for legal action... Please confirm that I'm doing the right thing.

If she doesn't have the paperwork, if she can remember the title companies name, she may be able to get the HUD and everything from them. The deed and mortgage can be found at the local courthouse.

If Idaho is like most states, then yes you will have the option to BK if it comes to that and it can be just him AND just the mortgage. So if you had cars, another house (depending on how the house is owned), all of that will stay safe while the rest of it will be included in the BK.

I'm not sure if it is still around or not, but ask your Broker if they have the ability to do a Rapid Rescore. When I bought my house in June of 2009, I had a few bad things that just wouldn't come off. I paid like 60 bucks to the company doing the credit reports and had to show them documentation that they were satisfied, and they updated the credit report that the lenders were using. The lenders were aware of these things, they just need to make sure all the paperwork is in order. See if that is an option for you.

You will most likely have to get a lawyer involved to get the judgment removed. They will have to submit to the court with some sort of agreement from BOA saying that the judgment is not valid. Then the court will sign off of it and you will get it removed.

Depends on the state that you are in. Basically, the second mortgage is second position on a loan. If someone defaults on their second mortgage, that lender has to petition the first mortgage to foreclose as well in order for them to collect their money. 99% of the time the first lender is going to say no because they will probably end up in less money than just keeping the mortgage going. This leaves the second lender in a position where they will have to try to come after the borrower through normal collection methods. They have to collect like an unsecured debt. They never lose their second position so they will still have rights to collect on that home based on the note and mortgage.

I just didn't want anyone to think I was coming off as a jerk... Atleast not immediately.

No doubt is it an oddball case. But there is more to it than just MERS merely being the principal lender and that it did not need to provider a notice of foreclosure. This does apply to most normal securitized mortgages. The opinion has defined what MERS is as a nominee. The court defined the word nominee as: This meant that they were given the same rights as a mortagee, which leads to the big opinion that: This now seperates the note from the mortgage. Which means MERS and any bank that was on the mortgage can not enforce the mortgage and collect on the note. This is why it is an important decision and does effect normal securitized mortgages. **P.S. I'm just argueing what I am reading and understanding.. If I sound condescending or angry I'm not tring to be and I apologize if I do. I enjoy dicussing these things and welcome all comments and thoughts.

Landmark vs Kesler - Kansas Supreme Court said that, MERS has no rights, is not a real party, and cannot assert any claims, constitutional or otherwise. MERS was the appellant seeking to invoke due process rights which it said were violated when they failed to get notice of the fact that their “interest†was being wiped out. The Court said simply that MERS — or any nominee†didn’t have any interest and proves its point by reference to simple statements in the documents and the simplest of laws and interpretation of the role of MERS and the requirements of recordation. referenced from: http://livinglies.wordpress.com/2009/09/23...ies-strategies/ Supreme court of Arkansas references the Kansas case re-affirming that MERS since not being real and having not financial interest in the property can not foreclose. MERS vs Southwest Homes of Arkansas referenced from: http://livinglies.wordpress.com/2009/09/30...legal-standing/ The issue with MERS is more than just paperwork. It's a contract law issue where MERS has no financial ties to the property which means it has no rights to foreclose.

It already has been. There are a few cases which I think I have quoted in my earlier posts if not in another thread, where MERS (even they say they are not a lender) has no rights to foreclose since they don't own the note. MERS is only like a look up service. As the mortgage gets sold it was suppose to transfer via MERS. The thing with that is that they still don't know who actually is the Lender. By definition, the Lender is the person who actually gave the money. In this case, it is everyone who is bought the MBS's, not Bank of America or Chase , etc.

Well depending on the price of the house say a $300,000 debt being held over your head or $3000.00. I mentioned this to someone else and they were saying that their lawyer costed them $750 for the initial consultations to get things going.

Is this an FHA loan? Depending on if it is, you may be able to take it to a mortgage broker and get them to streamline it.