Bronx, NY asked in Foreclosure for New York

Q: Bank sold note with out notifying

My parents obtained a mortgage in 9-2003 from first financial bank and in 11-2004 the bank sold the note to Option One. Parents were not notified. Mortgage was never signed. note went from 312 to 369. parents never questioned the increase and has stopped paying due to being disabled for 5 years now the bank wants to foreclose on the house but their first summons was for non signature.

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2 Lawyer Answers

A: Your parents need to sit down with a Foreclosure Defense attorney to go over all of their options. An attorney will need to review all of the documents associated with the suit. There are defenses your parents may have, but if they do not answer the complaint the right way they may wave these defenses and make fighting the suit that much harder later.

A: I am sure the note was signed. Plus, your parents paid, affirming the debt. Defend the case, but realistically decide what you want to happen.

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