Don’t we have to be notified if someone has boughtour mortgage?

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Don’t we have to be notified if someone has boughtour mortgage?

Can a corporation hold us to a mortgage that has been granted bankrupcy if they did not notify us that they bought the mortage? Filed and recieved bankrucy on our home 10 months ago. Was contacted by another corporation that they were trying to locate us about our mortgage last month We filed against the company that was takeing us to court for forclosure.

Asked on November 1, 2011 under Real Estate Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Custom and practice in the lending industry as well as required by each state law is that when a loan evidenced by a written promissory note and secured by a mortgage is sold and transferred to a new owner with a different servicer, the borrower is required to be notified in writing of the event.

If there is a stay in place as to any foreclosure proceeding concerning your home, the new owner of the loan cannot legally begin foreclosure proceedings unless the automatic stay has been lifted. I would consult with your bankruptcy attorney about the subject you are writing about. Good luck.


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