Bank says "Lost Note"????

[hernz74]

I just was just served "Lis Pendens" papers,and it has 2 counts on it Please advise me on what I can do about this. It says:

Count 1 " Reestablishment of Lost Promissory Note"

in accordance to Florida Statues 673.3091, claiming that the bank has lost the original note, and the bank cannot reasonably obtain possession of the note because its whereabouts cannot be determined.

HMM , I wonder if it got lost around the 2nd or 3rd time the note was sold?

Count 2:"Mortgage Forclosure"

If the court will grant the reestablishing.

I don't understand how the bank can collect on something they lost and have no documentation but public records ?

Another thing ,the bank that is trying to forceclose , I had no idea they had interest in the loan.(Never even heard of them buying it!?)

Please advise me on what I should do about this, prior to recieving these papers today I had tryed 2times for a loan modification and was DENIED!

Thank you for your help ,
Alma

[Marshall Rosenbach Esq.]

Hi hernz - yes, this is all standard. Most people have no idea who owns their note at this point! You are going to have 20 days from the date you were served with those papers to respond. In the meantime, if I were you, you should keep pursuing the loan modification! I have had many people contact me who got nowhere with their lenders, and then with further support from a lawyer, they were able to work something out. Also, you may have a potential countersuit against the bank which an loan audit might reveal. Most importantly, you need to respond to the lawsuit within 20 days. If you cannot get a lawyer before then, call the lawyer for the bank and ask for a 30 day extension to respond (or take whatever they offer you!) Also, don't give up on the modification!

[hernz74]

Thank you for responding.
How long does a audit usually take? And would the same person that does the audit be able to represent us? Or would that be someone seperate?

Is it true that if the bank cannot provide the original note the loan is not collectable?

that's why they are asking the courts for reestablishing?

Sorry for so many questions , just trying to understand all of this.
Thanks again for all your help,
Alma

[Marshall Rosenbach Esq.]

You are correct. Because they lost the note, they have to ask the court to reestablish the lost instrument. An audit should take a week or less. In terms of the lawyers who do this kind of work, you have to ask that particular lawyer. I do both as I am sure many do. I would think most lawyers who do audits also are capable of representing you in a foreclosure case.