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Who Owns Our Note
My question involves a mortgage in the state of: Arizona
My mother fell prey to some predators who convinced her to refinance her home to purchase an investment property. After 6 months of profitability the economy collapsed for the last 4 years the investment has been a money trap (remember the economy crash and immigration sweeps?). Now she has no cash left to carry the property, she's 3 months behind and the service rights have been sold to a local realtor/servicer. It seems its just in the staging area for auction.
My question is how can we find out who owns the note? The building can still be profitable if they lender wraps 10k into the note, reduces the interest rate from 7.8 to 3.5 for 2 years.
The alternative is to take it to bid and to collect maybe 300k on a 750k note, leaving my mother liable for 450k. Her assets there after are perhaps 80k. She's lost everything in this deal and has just reached retirement age.
How do i find out who owns the note so i can be assured they're hearing the facts about the property.
If it goes to auction she will have to file bankruptys to protect her home.
Where can i research the types of judgements that fit this scenario?
Thanks for any feedback.
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Re: Who Owns Our Note
Who is she making payments to? That is a good start.
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Re: Who Owns Our Note
Are we talking here about foreclosure of the investment property or home, and are we talking about a foreclosure that has been started or is this all theoretical?
If she's presently paying (or is supposed to be paying) a company that services the note, as opposed to the holder of the note, she could try asking them who owns the note.
If the original holder of the note has not changed, the holder would be identified in the loan instruments and title history.
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Re: Who Owns Our Note
This is a foreclosure for the investment property.
And i can't believe they would not grant her this small consideration. It will apparently be auctioned off soon.