08-16-2005, 08:19 AM
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Join Date: Apr 2005
Location: somehere in the country
Posts: 119
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pay to the order of -without recourse?
Just a question to memebers, I have read the definition of this many time, the original mortgage claiming they are still the Holder in Due Course. My read on this is that they have sold the mortgage and are not the holder. They claim they only assigned the rights to collect payment to other company. Just asking to see if I am correct on my read. Any help or suggestion appreciated.
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"We must affect our country as our parents,
And if at any time we alienate
Out love or industry from doing it honor,
We must respect effects and teach the soul
Matter of conscience and religion,
And not desire of rule or benefit"
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08-16-2005, 11:46 AM
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Mental Jujitsu
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Join Date: Jun 2005
Posts: 901
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Quote:
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Originally Posted by mr.yet
Just a question to memebers, I have read the definition of this many time, the original mortgage claiming they are still the Holder in Due Course. My read on this is that they have sold the mortgage and are not the holder. They claim they only assigned the rights to collect payment to other company. Just asking to see if I am correct on my read. Any help or suggestion appreciated.
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It is quite possible that the original lender is still the holder of the note and has sold only the servicing rights to another company. |
08-16-2005, 12:14 PM
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Join Date: Apr 2005
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Quote:
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Originally Posted by Judge Roy Bean
It is quite possible that the original lender is still the holder of the note and has sold only the servicing rights to another company.
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Promissory is stamped and signed. Pay to the order of -----mortgage co., without recourse, by ------mortgage. signed by the president of the company.
First company was been released of further liability, no rights to future moneys on note.
__________________
"We must affect our country as our parents,
And if at any time we alienate
Out love or industry from doing it honor,
We must respect effects and teach the soul
Matter of conscience and religion,
And not desire of rule or benefit"
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08-16-2005, 03:02 PM
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Practice Makes Perfect
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Join Date: Oct 2004
Location: California
Posts: 329
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Good Job Mr Yet!
To be exact, let me quote directly from "LAW & BANKING APPLICATIONS" by Craig W. Smith, PUBLISHED by the American BAnkers Association ISBN # 0-89982-443-9 from chapter four on (Liability), subheading (Contract liability) at page 50,
"A drawer is the party who writes a draft instructing the drawee to pay funds to a payee. By signing, the drawer contracts to pay the draft if the drawee does not pay. The drawer's obligation is conditioned on receiving prompt notice that the drawee has dishonered the draft.
A drawer who does not want to assume the contract liability may write the words WITHOUT RECOURSE after his or her signature. This will release the drawer from any contractual obligation to pay the instrument."
dashboy~
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I just figured it out! It's all for free!
Last edited by dashboy : 08-16-2005 at 07:14 PM.
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08-17-2005, 07:24 AM
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Join Date: Apr 2005
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Posts: 119
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Quote:
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Originally Posted by dashboy
Good Job Mr Yet!
To be exact, let me quote directly from "LAW & BANKING APPLICATIONS" by Craig W. Smith, PUBLISHED by the American BAnkers Association ISBN # 0-89982-443-9 from chapter four on (Liability), subheading (Contract liability) at page 50,
"A drawer is the party who writes a draft instructing the drawee to pay funds to a payee. By signing, the drawer contracts to pay the draft if the drawee does not pay. The drawer's obligation is conditioned on receiving prompt notice that the drawee has dishonered the draft.
A drawer who does not want to assume the contract liability may write the words WITHOUT RECOURSE after his or her signature. This will release the drawer from any contractual obligation to pay the instrument."
dashboy~
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Thanks dashboy,
I have a court hearing in 2 weeks, trying to get my ducks in a row.
mr.yet
__________________
"We must affect our country as our parents,
And if at any time we alienate
Out love or industry from doing it honor,
We must respect effects and teach the soul
Matter of conscience and religion,
And not desire of rule or benefit"
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