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I managed to avoid foreclosure & made 0 payments from 9/2009…

I managed to avoid...

I managed to avoid foreclosure & made 0 payments from 9/2009 - 5/2014 when I received a principal reduction. It was a "typical" Countrywide to B of A to BONY Mellon & MERS transaction. Completed with robot signatures & a 6 year delay in assigning and recording the mortgage.

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

I am selling my home now... The Title Co. is having difficulty with the chain of title. Is there perhaps, a chance that I do not have to pay B of A for my loan balance. I definitely borrowed and received funds... but is there a loop hole or landmark case that excludes the seller from having to pay off the B of A loan?

Lawyer's Assistant: Has any paperwork been filed?

Now most al documents have been signed & recorded according to the law...not necessarily signed by real people.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

This is more a case of B of A has been paid a minimum of 3 times the full value of the loan...just curious if I need to be #4

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Answered in 4 minutes by:
11/12/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 126,853
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Unfortunately, you will have to pay SOMEONE for the loan, it is just that the title company has to trace the title for proper transfers. If the proper owner went bankrupt, then it would go to the assignee, but so far the courts have not been just wiping out loans, it just is a matter of determining the proper party, because for you to not pay is deemed "unjust enrichment" under the equitable legal theories. There have not been any cases completely absolving the borrower of the loan though.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 126,853
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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