Question about mortgage default in NY...

[tk2kewl]

if one were to have 2 properties with 2 separate mortgages, would the mortgage holder on either property have a claim against the other property if the homeowner defaulted?

[handmade34]

1. good question

my partner and I have that situation but in 2 different states... we assume that yes, the mortgage holder has a claim but don't really know about New York

[tk2kewl]

2. thanks

been trying to sell one for a while without any luck

[handmade34]

3. been looking online

don't know if this can help.... commercial site

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

we want to sell and haven't had luck... renters are not paying and it is not fun anymore

[SheilaT]

4. Ask a realtor or a mortgage lender.

But my gut instinct is that the mortgage holder has to hold a mortgage on the specific property in question to have a claim. Even if it's one mortgage holder, two different properties, because you've said they are two separate mortgages.

[zalinda]

5. Call your local Legal Aid office, they would know. n/t

[ms.smiler]

6. If you know, are either of the mortgages MERS mortgages?

I don't believe that a company with a lien on one property could have any claim against some other property unless they too have a lien.

I've been researching mortgage/foreclosure fraud for 3 years, so I am suspect of whomever might claim they own the Promissory Note.

[tk2kewl]

7. How do you find out if it is MERS?

[ms.smiler]

8. I'm happy to assist you.

Although MERS appears nowhere on the Promissory Note, it will appear in a MERS mortgage, Mortgage Electronic Registration System. The mortgage will read MERS as Nominee for the loan originator and that company name.

You can find your MERS MIN number on the upper left hand corner of the mortgage.

Go the link and select Search by MIN and enter number. A Servicer name will appear and if you enter the homeowner Social Security Number. The Investor may or may not be disclosed in the search. The complete chain of Title will not be revealed nor will it be filed in our local land records.

https://www.mers-servicerid.org/sis/

Fannie Mae lookup tool: http://www.fanniemae.com/loanlookup/

Freddie Mac lookup tool: https://ww3.freddiemac.com/corporate/

Compare the information with what appears in your local land records. Most local land records are online and can be searched without visiting the office.

See if you can also locate and check the Settlement Sheet for Yield Spread Premium and Origination Fee.

[tk2kewl]

9. thanks!