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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6028
Experience:  28 years of experience in General Practice, Real Estate Law and Estate Law.
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I'm in Michigan. I took a home loan out in 2005. My loan

Customer Question

I'm in Michigan. I took a home loan out in 2005. My loan was sold 4 times. Who would be the loan holder? The original lending institution or the current loan holder?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 9 months ago.
Hi, I'm Lucy, and I'd be happy to answer your questions today. Can you tell me anything else about your situation? Sometimes it helps to have a little context to ensure I'm giving correct information.
Expert:  Attyadvisor replied 9 months ago.
Welcome and thank you for your question. The site asked me to see if you still needed assistance. The first place I would check is the recorder's office to see if the assignments have been recorded and if so the dates of recording. Have you already checked with the Recorder's Office? Where in Michigan is your home located?
Customer: replied 9 months ago.
I was ill in 2014 and acquired many medical expenses. I own my own home and have a person living with me contributing to some of the bills. I had gotten really behind in all my bills and in January 2016 I had to go bankrupt. I did not include the house in the bankruptcy thinking I could afford the payments.
I can't afford to pay the house payment and the bills even after bankruptcy. I I stopped making payments and now I have a Sheriff Sale pending May 20th.
Expert:  Attyadvisor replied 9 months ago.
My loan was sold 4 times. Who would be the loan holder? The original lending institution or the current loan holder? The original institution could be the loan holder depending of whether the loan was assigned back to them. You would be able to check this with the county recorder's office (Register of Deeds) in Michigan where your real property is located. For example this is the link for the assignment recording information in Wayne County http://www.waynecounty.com/deeds/index.htm The last valid assignment holder would hold the loan. Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you. If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it. Thank you for using JA!
Expert:  Attyadvisor replied 9 months ago.
Please ignore the request for premium services. You may not be aware that the attorney does not receive credit for their work if the customer does not rate us positively/ Thank you.
Customer: replied 9 months ago.
My home is located in Mount Clemens, Michigan. Macomb County.
Expert:  Attyadvisor replied 9 months ago.
Sorry about the premium services pop up. First you will want to check the chain of title (so to speak) I will provide a link for the Reorder's Office. The last recorded assignment should set out the current lender. You should also have information on who is servicing your loan as that would be where you would make payments. My loan was sold 4 times. Who would be the loan holder? The original lending institution or the current loan holder? The last recorded assignment is would show the lender holding the loan.
Expert:  Attyadvisor replied 9 months ago.
You can perform an online search through the Macomb County Clerk / Register of Deeds Carmella Sabaugh at http://clerk.macombgov.org/Clerk-ROD-Search The phone number for assistance is(###) ###-####
Expert:  Attyadvisor replied 9 months ago.
the mortgage is to provide security for the loan that is evidenced by a promissory note."Mortgage AssignmentsBanks frequently sell and buy mortgages from each other. An “assignment” is the document that is the legal record of this transfer from one entity to another. Assignments typically contain the following information:the name of the assignor (the current owner of the loan) and assignee (the new owner)the names of the borrowersthe date of the mortgagethe original amount of the mortgagethe original mortgage recording information, andthe property’s legal description.The assignment of mortgage serves as proof of the transfer of the loan from one party to another." http://www.nolo.com/legal-encyclopedia/foreclosure-defenses-was-there-proper-assignment-the-mortgage.html If you have any suspicions or concerns about an assignment you will want to file a complaint with the cfpb at http://www.consumerfinance.gov/?gclid=CLnd6LjA5MwCFY9hfgodct8L2A
Expert:  Attyadvisor replied 9 months ago.
Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you. If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it. Thank you for using JA!

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