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Download audio-only version (Right-click, Save As): September 23, 2014 audio
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Topics…
- Asset of the Week: 151 Filmore Pl, Bay City, MI 48708
- Roman Tarnawsky: Chain of title issues
- Lori Fields: Quit Claim to HOA, who pays?
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This is regarding a non-performing note I purchased this past summer. The buyer is filing for BK13 and the attorneys are objecting to the bk plan and gathering documentation.
The issue is, the note (of which you have page 3) originated with Moneyline.
Hello, please see below explanation from counsel-
“I am unsure as to where Encore comes in as well. But, on page 3 of the note there is a specific endorsement from Moneyline to Encore Credit Corp. I will say, the endorsement looks to have been a blank endorsement and then it looks like the Encore stamp was later placed there, but unless the lender can offer an explanation as to why that endorsement is faulty, we are going to be unable to file anything without the missing documents as this Court is extremely sensitive to real party in interest issues.”
My thinking is Encore is some type of subsidiary of Moneyline and the signee needed to designate that at signing.
My point to the servicer is, how could Moneyline give an endorsement to Encore, then endorse the note to the company I bought it from? The chain goes from Moneyline, to Seirra to Cleveland Asset. Wouldn’t there be something in the documentation from Encore back to Moneyline?
Tax records show the the transfer date in line with the loan origination with Moneyline back in ’05.
My feeling is the attorney is chasing ghosts. Encore stopped existing in 2010 per the Sec of State of CA.
Roman Tarnawsky
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I’m looking at a Granite non-performing note in FL. The Borrower quit claim deeded the property to the HOA in Dec 2013. Is the Borrower still responsible for payments on the note? If yes, and she doesn’t pay, does the HOA have to pay the note? Assuming the Borrower does not pay. would I have to foreclose on the HOA to obtain the property?
Best regards,
Lori Fields
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