Question

[BigDave]

This isnt a story of a loan gone bad. Rather it's a pertinent question. Say the fight against a foreclosure goes well. The better argument (or prevailing one) is that any lender who files a complaint without being able to show a connection to the actual note either lacks standing to sue or must rescind/suspend the suit until the connection can be produced. In some jurisdictions, cancellation of the loan is a remedy to the borrower (since no one can prove they own the note via possession (UCC 9-305). Say that works (court agrees and orders cancellation of the loan)...what happens next for the borrower? I mean, I dont suppose the borrower gets to keep the property does he? Similarly, most or all mortgages include a recission clause. The likelihood of getting recission after a year of haggling in court is becoming more probable. Say you get recission...then what? Isnt the borrower then just in a similar position? Really want to know what the borrowers options are at those points.

[stanlaywallace]

Hi
You have done a good question, it’s really interesting. If you get any good reply, so please let me know. So I’ll also get some good idea.
Thanks for your future help.

[magma]

Most in the same situation are renting until they build their credit back up and get past the situation, on a foreclosure you need to be at least 3 years past it with payments made to all tradelines of credit on time during those 3 yrs............it is obtaining a new " mortgage loan" that would be considered fraudulent.

You can hire an attorney...National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys or try a non profit to help with the modification like HOPE at 1-888-995-HOPE.

If you are going through the modification process with Chase, they are modifying most of their loans as long as you can show that you can afford the modification going forward........