In most states a Mortgage creates a lien on Real Property (the land your home sits on) by securing a Promissory Note. If you don't make the payments required by the Promissory Note, then the person or bank who is due the payment can foreclose the Mortgage, and get the property (and your home) back. To find out if your state is a Judicial or Non-Judicial State, click here.
If the land is located in a "Judicial" State, then the Mortgage Holder must file a foreclosure suit against you in State Court. If you live in a "Non-Judicial" State, then
Questions You Should be Asking Yourself or Your Lawyer:
Who Owns Your Note?
- How do you find out who owns your note?
- Is MERS the owner of your Mortgage?
- What are the legal implications in a Foreclosure of ownership of the Note?
- Does your Mortgage Servicer own your Note?
- Have your Mortgage payments been going to the correct person or bank?