Legal Question in Consumer Law in Texas

Mortgage Co.

My house was owner financed 13 years ago. A couple years into the agreement, the owner sold the note to a Financial Service. The note was sold to three other Financial Services over the past 10 years and has not come full circle back to the original Financial Service Company. As of Oct 2006 my checks for my house payment have not been cashed. When I started making calls to this company back in Dec. 06, I find out the original company went out of business in 2000 but there is still an original investor working in the office. She tells me she has my original papers on my house and she has set up for me to make my payments to an IRA account set up in a business name, fbo indiviual's name. She say's once the last payment is made, she will send the loan release papers. I am really concerned about this process of doing business when it comes to my home that I have invested 15 years in paying. I dont even know what questions to ask her. Can you please advise on this entire question. Thanks,


Asked on 2/21/07, 12:53 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Mortgage Co.

Selling notes is quite common. Not cashing checks isn't.

Ask her, in writing, to confirm, in writing, how the checks should be made payable, and ask for a copy of your promissory note. If it says pay to the order of... then that's who you make the checks payable to. It will be up to the recipient to make the proper endorsement.

Read more
Answered on 2/21/07, 1:23 pm


Related Questions & Answers

More Consumer Law questions and answers in Texas