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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118132
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My original lender, Myrichuncle, was backed by Doral Bank

Customer Question

My original lender, Myrichuncle, was backed by Doral Bank and other lending firms that were bailed out. Doral Bank actually went defunct recently. Before all that happened, Myrichuncle sold my loans, likely for pennies on the dollar. My loan was backed by Doral Bank, but Doral Bank doesn't exist anymore, went under (FDIC, though). I asked for my original MPNs and proof of transfer of ownership of my loans. I received only my MPNs. My MPNs, however, were never signed by Doral Bank (and they obviously can't sign them now). Do I have a case in the event that they seek judgment?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
In order for them to obtain a judgment, they have to prove the promissory note. If they cannot prove the promissory note, then this is grounds to seek to invalidate the loan. You would need to file a quiet title action in court and you would name the successor lender as a defendant and in court you would force them to produce a promissory note signed by you and if they cannot produce proof of the note, you can seek to have the court invalidate the loan and clear your title.
Customer: replied 1 year ago.
They provided the MPN. The MPN, however, is not signed by the original lender or bank (bank is now defunct). Is the MPN valid if I'm the only one who signed it?
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your clarification.
If you signed the contract and they never approved it then you can argue it is not a valid contract. They will counter that their approval was tacit or implied and no signature is needed because 1) they gave you the contract and it was their contract so they are presumed to agree to it and 2) they proved their acceptance of the contact by giving the money.