Legal Question in Banking Law in California
I was told that in California a mortgage lender (bank) must be able to produce 23 specific documents related to that mortgage. If they can't, the home buyer does not have to pay them any more and the bank has no more claim to the property. Sounds fishy to me. Any truth to this?
Asked on 6/20/10, 10:33 am
2 Answers from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Highly Doubtful.
Answered on 6/20/10, 3:43 pm
No truth at all. They do have to produce the original promissory note and deed of trust if they want to foreclose, but if they don't have that, there is a legal procedure for getting a court to authorize collection based on evidence the note and deed of trust existed and have been lost. So all that does is slow things down.
Answered on 6/21/10, 10:58 am
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