I have read that when a note (I'm talking about a note associated with a mortgage) is indorsed in blank, then the physical bearer of the note is deemed by the courts to own the note. Does that mean that whoever is claiming ownership has to hold the original of the note? My understanding is that the county recorder's office typically has scanned electronic copies of mortgages, notes, deeds, etc. If that is correct, who is supposed to retain the original of these documents?
you have asked very technical questions that require a more thorough review of the documents to provide an accurate answer. some of your questions have generic responses that are fraught with exceptions. an example is the "owner" of a note must have possession. however the servicer of the loan has standing to foreclose. further if the note is lost or otherwise unavailable the "owner" through the servicer may reform the note by statute. the subpart responses would provide you no beneficial assistance. you should really have the matter reviewed by a lawyer who would have the benefit of reviewing the documents and be in a position to specifically advise you on what your rights and obligations are
without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...nothing in this response should be construed as establishing a lawyer client relationship..the answers herein are for informational purposes and not to be construed as advice
I concur with Mr. Tomberg. You need an attorney to fully review the case and all the documents. It is possible that the Plaintiff does not have possession of the original note and has not attempted to reform it correctly. If that is the case then you have defenses which should be raised. It is impossible, however, to tell from just your question if that is the case.
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Personal Injury Lawyer
In short, with a note endorsed in blank, whoever holds the original note - owns the note.
Lenders typically did not record Promissory Notes. Additionally, many of the original notes were lost or "misplaced" during the securitization process.
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