Just received notice

[secondtimer]

that my loan has been sold to a trust but it will not be publicly recorded

Why would they not record that fact and is it legal?

How can they FC if they are not on record at the local courthouse?

I've not made a payment for several months after doing the HAMP dance and getting frustrated and stopped paying.

The servicer also changed and is a subsidiary of the company that owns the trust or vice versa.

What's going on?

[LoadedGuns]

Who was your original investor and when did you make your last payment?

[secondtimer]

Don't know who previous investor was.

I checked MERS and it's listed as anonymous or unknown or something.

1 year.

[LoadedGuns]

that my loan has been sold to a trust but it will not be publicly recorded

Why would they not record that fact and is it legal?

How can they FC if they are not on record at the local courthouse?

I've not made a payment for several months after doing the HAMP dance and getting frustrated and stopped paying.

The servicer also changed and is a subsidiary of the company that owns the trust or vice versa.

What's going on?

Are you sure they are not just servicing the loan, for the actual investors of your loan?

[tikiman]

What is MERS?

[secondtimer]

Selene finance is the new servicer.

The new owner of the loan is SRMOF Trust.

These two entities are affiliated somehow according to my google search.

MERS = Mortgage Electronic Registration System

I'd understand if the note got transfered out of MERS so they could start forclosure proceedings but last I checked the note in question is still listed with them.

Time will tell.

Maybe the new investor unwittingly bought some bad paper without doing their due diligence.

I had another creditor sell a different account to a CA and then issue me a 1099 which made the debt uncollectable. Could be something similar.

[LoadedGuns]

It may secondtimer. Do you have a date yet for the sale?

[secondtimer]

No sale date.

They asked me if foreclosure proceedings had started yet.

[poorold]

same deal here with Selene Finance. Certified letter in the mail from them stating the trust bought the loan and Selene Finance is the new servicer.

I filed a Motion to Dismiss in my foreclosure because Citi no longer owns the loan and therefore has no standing to foreclose.

[secondtimer]

Update..

Selene has retained Atlantic Law Group and they filed suit last week. I haven't received notice from the court yet. I moniter the court filings online.

I've never made a payment to Selene since Citi sold the rights last summer. The original investor "Equifirst" and MERS are listed as non-parties.

I'm guessing that the original documents that I signed were transferred out of MERS and entered as exhibits.

Since I defaulted on the loan while Citi was servicer/owner and Citi isn't listed as a party can Selene proceed even if I've never made a payment to them?

Do I need an attorney to examine the court docs or can I rely on the judge to make sure everything is in order? By BK att doen't handle foreclosure defense.

BTW-I'm current on my 2nd mortgage.

[despritfreya]

I'm sorry to be so. . . well you know. . . but, if I am not mistaken, you have lived in the property for over 1 year rent free, don't you think it is time to move on? Why would you even consider whether or not you should fight it since regardless of who has the right to foreclose, you simply have no defense to the default. Time to find other accommodations.

Des.

[Charlie777]

If you want to fight it you'll need a foreclosure defense attorney. There's been deate in some jurisdictions whether transferring deeds in MERS without recording them (which avoids transfer fees, recording fees, etc for the lenders by the way) creates a proper chain of title an perfected lien.

[secondtimer]

"Time to find other accomodations"
Really?
Well Mrs. Desperate it's like this.
Credit shot, failed small business and preparing a to file ch13 it's not very easy to find other accomodations.
Would you be willing to co-sign a lease for me?

[shark66]

At this point in the game, I'd personally look at the math aspect of the whole thing: how long you can fight FC and what that would cost you in terms of attorney expenses as opposed to moving out and renting the place under the most unfavorable terms in the extremely near future...

If I could see any type of financial gain coming from the fight, I'd go that route for sure, but that's me...

Good luck.