Posts: 2,314
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quote:
Originally posted by anela1111
Some of the loans have been repackaged and sold so many times that there is no legal way for anyone to foreclose.
All mortgage notes include the salable clause and it doesn't matter who is the last one on the note, that lender has the right to foreclose. (My mortgage had been sold three times, but I can't stop paying without getting foreclosed on.)
Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
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You are very right (of course) John. Our IL mortgage has been bought by 4 banks in the last 10 years. It does not matter who owns the docs... you are legally responsible to pay them, just try and skip some payments if you want to test this. Anyone who does otherwise should expect foreclosure.
devany
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There are cases where the bank collecting the money is not the mortgage holder but they tried to foreclose anyway, this is where the trouble begins..
My understanding is, the actual holder can foreclose not the processor.
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I do not believe that America is better than everybody else...
America "IS" everybody else.
HBAT
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I do not believe that America is better than everybody else...
America "IS" everybody else.
The Wilder Side Of Hawaii
Wait and see what HPP homes/lots are worth in the next 4 years.
Ha ha, That's if individual property ownership is still allowed.
You know it just isn't fair that you worked to own some HPP property and others have to do without.
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Congratulations John, keep posting I have learned more reading your post about real estate then I wish I knew, thanks for the info.
I like it here in the shallow end of the gene pool
Posts: 2,314
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Joined: Jun 2003
Well, I have spent more than $50,000 on my real estate education over the years, so it should pay off, right?! [
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Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
