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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116797
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I would like to obtain a bloomberg statement on a loan. I'm

Customer Question

i would like to obtain a bloomberg statement on a loan. I'm considering buying a home that is headed for foreclosure. The bank juggled the loan about seven times and I don't think it was done properly. I think they lost the wet copy of the title. The owner has been living in the house for 7 years without paying a mortgage. Can a bank be requested to provide a all the transfer receipts for all the transfers of the title. Must the bank provide a wet title when selling a property?
Submitted: 1 year ago.
Category: Real Estate Law
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.
The bank must have the original note, that is all they need to foreclose. However, there are exceptions to this as well. The original note does not have to be presented if the lender can prove how they came into ownership of the note and that the original is lost or destroyed. As a buyer you do not have the right to request the note. The maker, or seller (current homeowner), can request the bank to produce the original note and they have to produce it to them, but not to you as buyer. The lender, must produce to their borrower proof of the note or proof the note was destroyed or lost and that the lender has legally acquired the note. That is what they need to provide proof of.
As far as the seller owing more, they need to check with the lender to see what deal the lender is making, such as a short sale where the lender has the option or waiving deficiency or holding the seller liable for paying the deficiency. Of course, if the lender cannot produce the original note or proof it was lost and they are the legal owner of the note, then they could not collect any deficiency from the seller.