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joegolfer2007 · Joined: 15 Mar 2010 Posts: 2 1.00 Dollars($)

Have you heard of a case where the bank can foreclose on a homeowner without the original note, and unable to re-establish the lost note, using the argument of equitable subrogation? Just curious

smithsussane · Posted: Mon Mar 15, 2010 10:08 pm Post subject:

Hi joegolfer!

Welcome to forums!

If the lender cannot prove that he holds the note for the property, then he won't be able to foreclose the loan. The mortgage dues would be forgiven and you would own the property free and clear. As far as I know, with the policy of equitable subrogation, one who pays off the mortgage of another is treated as the beneficial owner of that original obligation. I don't think this law would help the lender foreclose the property in your case.

Feel free to ask if you've further queries.

Sussane

joegolfer2007 · Joined: 15 Mar 2010 Posts: 2 1.00 Dollars($)

Thanks. That's what I think as well. My last mortgage payment was July 2002, and still going. They tried to re-establish the note and we took the depo of the lady who signed the "Lost Note Affidavit" and during her depo she admitted it was false! Therefore, they are trying the equitable subrogation claim even though they were not the lender who did my refi but bought my loan as part of a pool of non-performing loans some 15 months after my refinance. I guess they are grasping at straws. Thanks.

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