Q: In state of Md if mortgage company failed to transfer the note/ deed to new owner are they still legal owner?
Old mortgage company was sold to another, but used the same sub server initially. Right as we had signed and sent back our approved loan mod papers, they transferred us to new subservicer. As far as I know the mortgage company itself would still be the owner of the note therefore giving them legal right to collect payments. Whole thing has been quite a mess and they tell me they cannot find note? Nor was it recorded. Would this company have the legal right to foreclose without note? Thx
A: Notes are not recorded. And the originals are often endorsed "in blank." Maryland law has changed much over the last three years, mostly to protect the rights of a party to foreclose if they have possession of the note, and authority to act for the owner of the loan. That is as specific an answer as you can expect without someone reading through all of your documents and correspondence on the subject.
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