Burden and standard of proof.
The promissory note, paragraph 1, states: Borrower promises to pay the Lender or anyone who takes the Note by transfer. This entity is referred to as the "Note Holder".
Many times the original "wet ink" promissory note is destroyed or copied. In order to foreclose, the foreclosing entity attorney must have the following documents: Original "wet ink" promissory note not a copy that the borrower signed at closing or proof of loss of note per UCC Section Most states have adopted the Uniform Commercial Code code pertaining to this subject.
Original deed to secure debt that the borrower signed at closing. Assignments of Beneficial Interest in the deed to secure debt signed and notarized and recorded in historical sequence from Lender to current Note Holder.
This deed is used to give a lender a security interest in the property until the debt is paid off. Assignments of interest in the debt click on link next to 3 should be recorded every time a note is transferred sold from one entity to another entity.
See Georgia code here which addresses this requirement. The requirement for transactions to be recorded and available to the public is very important because one must be able to see a clear chain of title on a property.
That would be like buying a car that was previously stolen. It didn't have a clear title and still belongs to someone else.
As stated above, MERS does not share their registry with anyone and therefore, it has created a shadow or false registry. Because they refuse to share the information, they can create any document they want.
Copy of modifications of the Note with recording information.
Full and accurate accounting of payments and charges. Security Deed or Deed of Trust has to have a Power of Sale provision, meaning they have power to sell upon borrower's defaulting on the debt obligation.
Assignments are often recorded just days prior to a foreclosure date for the specific purpose to facilitate foreclosure. Research 2 weeks up to the day prior to foreclosure.Co-developing your business plan with people you respect and trust will provide you with three times the ideas, solutions and perspectives to draw from, will speed up the business plan process and increase your level of enthusiasm for implementing the business plan you ultimately create.
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Claremont Funding is a mortgage brokerage serving the lending needs of real estate professionals, builders, and individual home buyers/5(17).
A "mortgage point" is a fancy term used in the industry to describe a percentage point of the loan amount. So if you're paying one point on a $, mortgage, it's simply $1, Learn more about how it works and why it's charged.