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2nd Lender Never Owned my Loan


The last post in this topic was posted 4975 days ago. 

 

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I found out that the mortgage company was in the process of foreclosing on my home. They had a default judgment entered by the clerk of court after no response from me. (I never was served, but thats another story for another time).

 

I go to search online and low and behold I notice something that peaked my attention. The second mortgage company had just received an assignment of mortgage from my previous lender. (Dated 1 day before the default/foreclosure hearing before a judge and 53 days later after submitting foreclosure papers to the clerk of courts office.) WTF????

 

1) How in the h*ll did they have the right to start foreclosure proceedings against me when they never had the loan properly assigned to them?

 

2) How do you obtain a default judgment against a borrower whom you yourself do not own the loan?

 

3) Am I to take from this that the first & second lenders dropped the ball and never proceeded thru the proper channels, which in turn allows me to have any default judment dismissed, seeing that the lender never had AUTHORITY to process any foreclosing proceedings?

 

Would their oversight give me the chance to start over?

 

*IF THE FIRST LENDER SOLD THE LOAN WITHOUT THE SECOND LENDER BUYING THE LOAN, BUT ALLOWING THE SECOND LENDER TO MAKE DECISIONS, TAKE PAYMENTS W/O THE PROPER STEPS, THEN WHAT ARE MY REAL RIGHTS?

 

:rofl::P:huh:

 

I tried so hard to work with the second lender since they were indicating that they were over my loan. They refused to budge. If I had know all along they really never owned my loan, I could have maybe with the lender who actually still owned my loan.

 

Thanks for any replies.

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Seek legal advise from a lawyer.

This is wierd and I am not sure it is clear what is going on. Have you been making payments? If not then someone is going to foreclose, first lender second lender third lender??? It won't matter you didn't pay. I do not have any legal advise to offer this is beyond my knowledge. I would be careful whose advise I took on this. There is way too much at risk to not seek out the proper legal advise.

 

Good Luck

B

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I agree, a RE atty is your only hope at this point.

 

Were the payments current?

 

If not, it's not at all unusual for a servicing company to buy up a bulk of defaulting loans at a discount & take them to foreclosure.

 

Try not to get too caught up in *technicalities*, those only work in TV movie murder trials.

 

Generally lenders can assign their interest in outstanding loans anytime they wish & the assignee can proceed to collect on those accounts. With all the tumult in the industry right now files are being transferred around quite a lot.

 

If the payments are current then I would definitely talk to an RE atty to make sure your credit doesn't get dinged & get this straightened out.

 

If not, I would still talk to an RE atty for guidance.

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