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How long does lender have to reply?

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Icon Mini Profile rugbymad





Joined: 20 Oct 2011

Posts: 6

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Post Posted: Thu Oct 20, 2011 6:11 pm    Post subject:
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If the lender cannot supply the loan documentation, then I assume that the loan obligations to the occupier of the home are discharged? I wouldn't think that the new lender would have a legal right to demand payment of the mortgage without the ability to prove a legitmate debt and agreement to pay, let alone have a claim against the property in the event of non payment?

Has ther been any established case law around this? I expect it's a more common issue than many people realise.

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Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10477
Location: Nevada
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Post Posted: Fri Oct 21, 2011 12:26 am    Post subject:
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Hi rugbymad,

If the lender cannot provide with the loan documentation, then there are chances that the loan will be considered as discharged. You may not be liable for paying the loan. For more information in this regard, you can check out the given page: http://www.mortgagefit.com/foreclosure/courts-waiveoff-loan.html

Thanks
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