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I have been paying my mortgage to a company that says they…

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I have been paying my...
I have been paying my mortgage to a company that says they took over for a defunt bank. ameriquest. I recently did a title search on my property and found no one listed other than original mortgagor. THis other company has been receiving my payment for 5 years and have no paperwork to back up their claim to property. what can I do.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 3 minutes by:
6/24/2010
Real Estate Lawyer: Roger, Lawyer replied 8 years ago
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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You have the right to demand proof that the loan was sold from ameriquest to it. There may not necessarily be a document in the land records showing the sale of the account from the original mortgagor to a third party (although there usually is). Also, if no one has tried to foreclose on you during these past 5 years, it is probably safe to assume you're paying the right people. Otherwise, the real lender would have tried to foreclose if the money wasn't being paid to the right party.
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Customer reply replied 8 years ago
This company has been acting like a collestion agency and we have never missed one single payment since I have purchased the house. THe orginal lender was ameriqest ( actually Argent Mortgage company) that is now defunc and was sued and had to settle. We were supposed to receive some money from it but never came. I have never signed any paperwork with this other company nor is there any declaration in any paperwork with regards XXXXX XXXXX selling of my mortgage to a thrid party. Is tere a way to find out if I have any recourse to stop paying this other comany
Real Estate Lawyer: Roger, Lawyer replied 8 years ago

You don't have to sign any document allowing the lender to sell your mortgage to another company. The loan documents you signed gives the lender the right to do this.

 

You can demand proof of the assignment from the original lender, and if it provides adequate proof, you're going to pay.

 

You certainly should not expect to get out of paying this debt.

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Customer reply replied 8 years ago
I am not trying to get out of paying my debts. I have been paying faithfully my obligations for 5 years now. Neer missed one yet. However.. this company is NOT a LENDER. please understand I only want to know what my rights are. If I ask for these documents that you are telling me that I need to ask for and do not receive any what can I do at that point. This company will not talk to me about any of this.
Real Estate Lawyer: Roger, Lawyer replied 8 years ago

IF this company has been made the assignee of the lender, it has the right to collect.

 

This happens all the time. You'll borrow the money from Bank of America and they'll sell it to Freddie Mac, then they sell it to Countrywide, then they sell it to MERS, etc., etc., etc. The lender doesn't need your permission to do this.

 

However, you're entitled to a loan "chain of custody" to show you're paying the right folks. If they won't volunteer this, you can contact your state department of banking and finance and ask them to help get the information from the lender or you can sue for an accounting.

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Customer reply replied 8 years ago
OK so what do I need to do the get HomEq to give me the information required. DO I need atty to file paperwork or is this something that I can do
Real Estate Lawyer: Roger, Lawyer replied 8 years ago
No, you don't need an attorney to request the information. You're entitled to the documents as they pertain to you and your loan.
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Customer reply replied 8 years ago
so waht is it that I need to ask for
Real Estate Lawyer: Roger, Lawyer replied 8 years ago
You need to ask for any assignments (may be called an assignment of deed of trust, assignment of note, assignment of mortgage, etc.) of your loan from the original lender to the current one.
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Customer reply replied 8 years ago
ok so how long do they have to respond with the answers and what if they do not respond at all. Do I have any recourse
Real Estate Lawyer: Roger, Lawyer replied 8 years ago

You can demand the information within 10 days.

 

If they won't volunteer this, you can contact your state department of banking and finance and ask them to help get the information from the lender or you can sue for an accounting.



Edited by Adam Kirk on 6/24/2010 at 7:20 PM EST
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