Results 1 to 4 of 4
  1. #1
    Join Date
    May 2008
    Location
    Los Angeles, CA
    Posts
    97

    Default 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.

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Who Owns Our Note

    Who is she making payments to? That is a good start.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

  4. #4
    Join Date
    May 2008
    Location
    Los Angeles, CA
    Posts
    97

    Default 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.

    1. Sponsored Links
       

Similar Threads

  1. Foreclosure: The Latest Signed Note Become the Original Note for a Home Loan
    By mommylaw in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 04-15-2011, 08:06 PM
  2. Foreclosure: Does the Latest Signed Note Become the Original Note for on a Home Loan
    By mommylaw in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 04-15-2011, 08:06 PM
  3. Foreclosure: Second Note Servicer Changing Note Terms Results in Notice of Default
    By PKofPNW in forum Buying, Selling and Conveying Real Estate
    Replies: 3
    Last Post: 10-20-2010, 01:02 PM
  4. Mortgages: Who Owns the Title when Promissory Note is Sold
    By ihspy in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 12-05-2009, 09:16 AM
  5. Foreclosure: Foreclosure With Husband On Note, But Wife Owns Land
    By ikey68 in forum Buying, Selling and Conveying Real Estate
    Replies: 5
    Last Post: 06-05-2008, 07:31 PM
 
 
Sponsored Links

Legal Help, Information and Resources