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i was wondering after looking...
i was wondering after looking at my closing documents and the uniform commercial code ,the mortgage and promissory note that the bank did not give me a loan. the note that i signed was sold and the funds were transfered for the property to the seller, but the lender also had me sign a mortgage that had a line that said for a loan i have recieved (pass tense) but i never recieved a loan.

i am thinking the mortgage and note i signed was 2 different agreements the note was a contract which was paid when they sold the note altered it and modified it(it has without recourse and blank endorsement), which would have discharged any obligation per the UCC of the original obligor 3 -407(ucc) and the mortgage a covenant( a glorified lease) which meant i signed over my house with a unilateral contract(1 way contract) after it was already paid for and bought it to life by making the first payment

i believe there was a trick here with the lender

do you think any of this makes sense and can i ask the lender for the loan i never recieved?

would a forensic examination prove this, because they said(lender) the mortgage and note were never separated and i have spoke to title co. and they said note and mortgage went to 2 separate places at closing. one was being recorded at county recorders office(mortgage) and the other is a 1000 miles away being securitized (note)

my other ? could i do a administrative procedure per the U. S Administrative Procedure Act of 1946 i think that if i ask questions per a affidavit of truth that they will Acquiesce.

then file suit asking where is my loan that i never recieved
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 1 hour by:
6/29/2010
Real Estate Lawyer: Ray, Lawyer replied 8 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
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Did you receive the proceeds from the note here--the funds to buy property were they in fact paid to the seller here??
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Customer reply replied 8 years ago

yes the funds from the sale of my promissory note that i signed(when you sign a document with one signature it becomes mine) to pay for home. i never recieved any proceeds in hand.

 

 

know i did a mortgage contract where they did a separate deal where they took my house for a loan i recived however i did not recieve a loan for them to take title to my home in their name.

 

that was paid for with my note i sold them

 

look at the reference i made to ucc and how they modifie the contract

 

then look at the ucc says about them altering my note

Real Estate Lawyer: Ray, Lawyer replied 8 years ago
You may well want to have forensic examination or have real estate lawyer look at both here.Most promissory notes are sellable either at closing or any time thereafter.In fact they often get sold every two years or so.I think the lender here woudl argue that you got the fruit here--proceeds paid to seller and you used to purchase house.You would have to file some kind of lawsuit here if you wan to raise the UCC issue about lenders.
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Customer reply replied 8 years ago
Does what I proposed make sense there are 2 separate contracts here. The ucc governs contract law. Well the presumtion that court has id there 1 deal we will go agreeing we did recieve procedes from note we sold the lender. However we never recieved loan based on mortgage doc that is the only dispute. We sold them the note
Real Estate Lawyer: Ray, Lawyer replied 8 years ago
You may well have a legal argument to make here under the UCC.This certainly is an unusual situation.
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Customer reply replied 8 years ago

well i think it is common practice the last 15 years and they are decieving the investor and the buyer. i dont know what the UCC says about separating the note and mortgage or (deed of trust ) depending on which state but the ucc is clear about separation of the two and also altering the note.

 

i was hoping you could look and see if what i see is correct or are you familiar with the article 3

Real Estate Lawyer: Ray, Lawyer replied 8 years ago
There are thousands of suits where debtors successfully challenge the lender to produce the real note here and in many cases they cannot do that and are not able to foreclose or collect on the note if challenged in court.
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