Corporate Assignment Of Mortgage
I'm totally confused!
When we had our final hearing (and could avoid foreclosure), we were served a bunch of papers before we went to court. One was a "CORPORATE ASSIGNMENT OF MORTGAGE" - whatever that means. As far as I know, such a legal form is used to "assign" a Mortgage from one lender to another.
Now the assignee was the 1st Mortgage holder - U.S. Bank National Association. So far so good. The only strange thing is that this assignment took place about a year ago - but U.S. Bank ALREADY had that mortgage in their posession.
What I DON'T understand, however, is that the 1st Mortgage company sends us an Assignment of Mortgage to foreclosure on our 1st Mortgage but said Assignment shows the original principal balance of our 2nd Mortgage!
What does that mean? Did the 1st Mortgage company already buy the 2nd Mortgage - according to the assignment - for $10? Or did they make a mistake? How can such a mistake occur in the first place since it even has a Notary Seal on it? Do they want to fool us because they can't show us the note on the 1st Mortgage although we already requested to see it for quite some time now?
This is really strange...So could it be that we only have one lender but two loans?
We are looking forward to setting up a new loan (1st Mortgage) with our current lender (we will be in negotiations in about a month after we completed our current forbearance agreement) and we have to take care of that (possibly want to have the 2nd Mortgage paid off by the 1st for a few grand - maybe that already happened for $10? Who knows?).
Based on this assignment, it did..
Maybe I should also mention that the Assignor was MERS as nominee for OWNIT Mortgage Solutions - a company that went out of business in 2006. Maybe the $10 was a "symbolic buyout"?
So where should I go from here? Any help is highly appreciated!
When we had our final hearing (and could avoid foreclosure), we were served a bunch of papers before we went to court. One was a "CORPORATE ASSIGNMENT OF MORTGAGE" - whatever that means. As far as I know, such a legal form is used to "assign" a Mortgage from one lender to another.
Now the assignee was the 1st Mortgage holder - U.S. Bank National Association. So far so good. The only strange thing is that this assignment took place about a year ago - but U.S. Bank ALREADY had that mortgage in their posession.
What I DON'T understand, however, is that the 1st Mortgage company sends us an Assignment of Mortgage to foreclosure on our 1st Mortgage but said Assignment shows the original principal balance of our 2nd Mortgage!
What does that mean? Did the 1st Mortgage company already buy the 2nd Mortgage - according to the assignment - for $10? Or did they make a mistake? How can such a mistake occur in the first place since it even has a Notary Seal on it? Do they want to fool us because they can't show us the note on the 1st Mortgage although we already requested to see it for quite some time now?
This is really strange...So could it be that we only have one lender but two loans?
We are looking forward to setting up a new loan (1st Mortgage) with our current lender (we will be in negotiations in about a month after we completed our current forbearance agreement) and we have to take care of that (possibly want to have the 2nd Mortgage paid off by the 1st for a few grand - maybe that already happened for $10? Who knows?).
Based on this assignment, it did..
Maybe I should also mention that the Assignor was MERS as nominee for OWNIT Mortgage Solutions - a company that went out of business in 2006. Maybe the $10 was a "symbolic buyout"?
So where should I go from here? Any help is highly appreciated!