Posted: Sun Apr 04, 2004 11:43 pm Post subject: Security Interest
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 focuses on security interest to protect lenders. Security Interest refers to the lender's right to take property that has been offered as security.
Sometimes borrowers fail to repay the loan amount as well as interest. In such cases lenders look for interest in the borrower's asset as a security. Lenders obtain security interest by taking over the borrower's asset and enforcing its sale. They also have the right to hand over the asset to a third party.
For example, Paul took a mortgage from Jack by offering his home as security. Security interest is the right of Jack to take the home which has been offered as security.
Posted: Tue Aug 09, 2005 7:22 am Post subject: Mortgage
I refinanced my home a year ago and recently learned that the mortgage company failed to have me sign the mortgage security agreement. It is my understanding that we sign the note but not the security agreemnet - in checking with the registers of deed - I learned that they did some kind of electronic filing after the fact, but, we never signed the agreement. Do we have any recourse in this matter?
Posted: Tue Aug 09, 2005 8:44 pm Post subject: RE:
Hi Nelly
Welcome to MortgageFit forum.
There is no problem if you have not signed the mortgage security agreement. This agreement is basically a legal document that offers the lender the right to demand interest in the borrower's property in case the latter defaults on his mortgage payment. But the promissory note is a legal document through which a borrower promises to pay off his debt in time.
However, it is a legal formality and so I would advice that you talk to the mortgage company regarding this matter and sign the agreement as early as possible.
Hope you will be benefited from this information.
Please feel free to post further queries. Also sign up with us at http://www.mortgagefit.com/signup/ to avail free consultation on related issues.
Dolores can you clarify what it is you are looking for? And from whom?
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
Posted: Tue Jul 08, 2008 6:25 pm Post subject: Original Mortgage and Note
I am the borrower and I want to obtain the original mortgage and note and was told no one had it - I just found some info on MERS (Mortgage Electronic Registration System) out of VA who has been the trustee of this mortgage but turned it over for foreclosure. d
You should have your mortgage documents. Don't you have it? Is it that you have bought a mortgaged property and now want to obtain the original mortgage documents?
Sam
