Posted on: 16th Jul, 2012 12:41 am
What would be the right wording to ask for a copy of our deed from our mortgage lender? Our mtg has been through a Mortgage Servicing Company after our mtg has changed hands several times over the years. And a Major Bank oversees our Mtg Servicing Co.
We have filed for Ch 7 BK due to our inability to pay our debts with too low of an income. However, if we asked for our deed from the Mtg company and they did not provide it, will the BK trustee take that into consideration so that we might possibly be able to retain our property and home after the Ch 7 BK is discharged? I hope this made sense.
Should we send a certified letter asking our Mtg Servicing Co to produce the Deed to our property??
Thank you!
Sincerely,
SJ
We have filed for Ch 7 BK due to our inability to pay our debts with too low of an income. However, if we asked for our deed from the Mtg company and they did not provide it, will the BK trustee take that into consideration so that we might possibly be able to retain our property and home after the Ch 7 BK is discharged? I hope this made sense.
Should we send a certified letter asking our Mtg Servicing Co to produce the Deed to our property??
Thank you!
Sincerely,
SJ
Hi SJ,
You can reaffirm your mortgage which will make you personally liable for the home loan. You will be able to retain the property if you pay off the mortgage payments on time. You can ask your bankruptcy attorney to send a letter to the lender asking him to produce the deed.
Thanks
You can reaffirm your mortgage which will make you personally liable for the home loan. You will be able to retain the property if you pay off the mortgage payments on time. You can ask your bankruptcy attorney to send a letter to the lender asking him to produce the deed.
Thanks
Look up RESPA - Qualified Written Request and send in that form stating what you are asking for. The Deed, is a recordable document, so they should easily be able to locate it. You may be asking for the NOTE or promissory note, which is your security in the property. If the lender cannot produce the note, then who is actually due to receive the payments? If the lender cannot produce the note, then it may have been lost, meaning no one can prove you owe or do not owe the lender.
Hello SJ,
Well... If lenders take possession of the home and sell it at foreclosure auction for less than is owed, it becomes a financial loss for the bank. When mortgage notes are used to secure financing, banks can pursue mortgagors for deficiency amounts.
:idea:
Well... If lenders take possession of the home and sell it at foreclosure auction for less than is owed, it becomes a financial loss for the bank. When mortgage notes are used to secure financing, banks can pursue mortgagors for deficiency amounts.
:idea:
