Who owns a mortgage if it was sold, but assignment was incomplete and now supposed owner of mortgage is trying to foreclose?

Asked almost 2 years ago - Cape Coral, FL

If you discover an error in the assignment of mortgage ie...note not assigned, just mortgage and new bank is pursuing foreclosure - how does one proceed? I filed papers once and judge stopped the sale. That case has been open and no activity for several months. Now, there is a new lis pendens case filed. The break in title does not seem to have been satisfied. Indy Mac was original bank. How can there be two pending Lis Pendens?

Attorney answers (3)

  1. Margery Ellen Golant


    Contributor Level 20


    Lawyers agree

    Answered . Florida law does not require the recording of an assignment to transfer ownership of a loan, only to put unnoticed third parties on notice. Loans can be, and usually are, transferred in bulk transactions of many millions of dollars. The lack of an assignment will not provide you with any sort of viable defense.

    A Lis Pendens has no function other than to provide notice of the pendency of litigation relating to a claim to the subject property. Whether there is one or two or more is immaterial.

    If you are seriously interested in trying to defend this action, you need to retain a knowledgable financial services litigation attorney.

    Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-... more
  2. S. David Cooper

    Contributor Level 13


    Lawyers agree

    Answered . Many homeowners in your situation think that they cannot afford a lawyer and try to muddle through by reading the online statutes and seeking free advice on sites such as this one. The problem with that is doing a lawyer's job is not simply knowing how to read the answers -- more importantly, it is knowing what questions to ask. You will never be able to ask a question on a website that will give the full picture of your case. You get the answer you are looking for and think, "Great!" However, you may have left out one or several other facts that, if known, would have changed the answer.

    Most firms, including mine, offer very reasonable flat rate pricing schemes customized to your goals. Nearly all of the work can be handled electronically by email, which reduces costs significantly. There is an old saying you may have heard: "An attorney who represents himself has a fool for a client." If that is true for lawyers ...

    I STRONGLY recommend that you hire an attorney. The chances of your obtaining your goal are far better with your own personal gladiator to fight for you.

    If this answer was Helpful, please click the button above to let me know. Thank you.
  3. Natalie F Guerra-Valdes

    Contributor Level 13


    Lawyer agrees

    Answered . I strongly recommend that you consult with an attorney regarding the particulars of your case. I also recommend that you retain an attorney to help you defend the foreclosure action. Many attorneys on here, including myself, offer free initial consultations.

    Natalie Guerra-Valdes

    The hiring of a lawyer is an important decision that should not be based solely upon advertisements. The... more

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Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

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