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Missing Loan Documents Stall Mortgage Foreclosure

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Your monthly mortgage loan payments and income may be unchanged, but the value of your home has decreased to the point where you owe more than the value of your home. Regardless of your particular situation, if you are unable or unwilling to . meet your monthly mortgage loan payments, you face the probability of foreclosure.

A mortgage loan (loan funds) obtained to purchase the home. The borrower must intend to occupy the home purchased with the mortgage loan funds. A non-purchase money mortgage is a mortgage loan obtained to refinance or to add additional loans to the home and not for the purchase of the home.

14 Factors That Can Stall the Mortgage Closing Process. By Nikki. loan closings can be completed in as little as. the lender may lose a document that will need to be obtained again. 7..

Missing note defense to foreclosure alive again in Illinois?. The most important documents for a mortgage loan are the promissory note (which contains the promise to repay in exchange for the money) and the mortgage (which grants the bank the right to foreclose if you fail to repay.

Lien Release and Title Curative Services Pending issuance of the RPR Release, the City records a ‘Notice’ against title on all properties within Carson. This ‘Notice’ is a cloud on title or lien, and prevents the issuance of title insurance.

Mortgage lenders take. that serves as collateral for the loan in foreclosure. This ensures that the legal description.

Repeating info from the promissory note, this document defines your borrower rights. It also gives your lender the right to claim your property via foreclosure if you fail to meet mortgage terms..

Matter Real Estate Group recently obtained a 0 million loan from Mosaic. in 2007 but went into foreclosure in 2011.

Missing mortgage papers stall foreclosing banks. to have engaged in "robo-signing" – processing foreclosure documents in bulk without verifying the details.. and uncounted missing, crucial.

Missing loan documents stall Mortgage Foreclosure An example of the sloppiness of many mortgage lenders (and their attorneys) in going about their obligations in bringing foreclosure actions is illustrated in a recent decision of a New York City trial court.

When a missing document problem surfaces for a loan that is headed for foreclosure, it is imperative that the mortgage remains on track for foreclosure, and that the missing document problem is dealt with promptly as described earlier.