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Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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Does Garn St Germain Act [12 USC 1701j-3 (d) (8) which ...

Customer Question

Does Garn St Germain Act [12 USC 1701j-3 (d) (8) which specifically authorizes a "transfer" and an "assumption" of a "real property loan" to a trust, mean that the lender can be compelled by a TRO to report the Note as "transfered" with "zero" balance once the trust assummes the Note pursuant to Garn Act. I am an investor and I sold three properties to a trust, where I retained beneficiary interest in the trust. I faxed all the purchase/assumption papers to
all 3 lenders. One lender, Chase Mortgage..updated their reporting to "transfered" and "0" balance. The other two lenders refused to
update their credit reporting to " transfered" and "0" balance. I need to file a lawsuit, Show Cause and TRO to compel these two
lenders to change their reporting to "transfered" and "0" balance. Does Garn Act support my contention that these lenders must be compelled to accept the transfer and the assumption and subsequent update of their reporting to "transfered" and "0" balance. Please advice.
Submitted: 10 years ago.
Category: Legal