Posted by Michael Morrongiello on May 30, 2004 at 20:49:53:
In Reply to: Mortgage..no way to foreclose? posted by EJ on May 29, 2004 at 20:51:09:
EJ:
You are asking quite a bit here....While it is wise to get the Note payor to "estop" and verify the balance of the Note, that it is current, and that no offsets or defenses exist to future payments being paid, it is not absolutely necessary to obtain a payor estoppel....
For instance if you can obtain a payment history for the last 12 months on the Note and obtain an estoppel from the Note holders along with certain representations and warranties, that might be sufficient to proceed forward and close the Note purchase transaction (as Sunvest has done for many times over the years)...
If the mortgage does not have any default language contained in it then the promissory Note should... at the very least you need to peruse BOTH documents carefully.
As for obtaining a copy of the Note, does the closing attorney or title company have one....? Perhaps they can pull their archive file from storage and locate a signed copy.
If the Note is in default as opposed to being paid up and current that will present a whole different set of circumstances for you to consider before making such an investment.
To your success;
Michael Morrongiello