2-507 Letter??

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HAMP What?

LoanSafe Member
Dec 10, 2009
19
0
0
Could someone explain what a 2-507 letter is? I live in Maryland and can see that this letter was filed as part of the foreclosure procedure today.

Thanks
 

hope67

LoanSafe Member
Aug 3, 2009
1,573
15
38
Could someone explain what a 2-507 letter is? I live in Maryland and can see that this letter was filed as part of the foreclosure procedure today.

Thanks
What does the doc say? I searched for 2-507, all I can find is that there is a rule in Maryland called :(rule 2-507), it has to do with dismissing a court case.
 

HAMP What?

LoanSafe Member
Dec 10, 2009
19
0
0
I don't actually have the letter, I periodically check the Maryland case search just to follow the foreclosure docs and I saw that this was filed today. I think this means that Suntrust has 30-days to prove to court that the original foreclosure filing is still valid or the case will be dismissed. If this is the case, then I am sure the case will be thrown out because Suntrust is currently reviewing a NACA proposal for a loan mod. This could be good news for me, but I will not hold my breath.
 

hope67

LoanSafe Member
Aug 3, 2009
1,573
15
38
I don't actually have the letter, I periodically check the Maryland case search just to follow the foreclosure docs and I saw that this was filed today. I think this means that Suntrust has 30-days to prove to court that the original foreclosure filing is still valid or the case will be dismissed. If this is the case, then I am sure the case will be thrown out because Suntrust is currently reviewing a NACA proposal for a loan mod. This could be good news for me, but I will not hold my breath.
Ok, I did find something else, it's called "Uniform Commercial Code" U.C.C 2-507"

U.C.C. Sect. 2-507 Effect of Seller's Tender; Delivery on Condition



(1) Tender of delivery is a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acceptance of the goods and to payment according to the contract.
(2) Where payment is due and demanded on the delivery to the buyer of goods or documents of title, his right as against the seller to retain or dispose of them is conditional upon his making the payment due.

U.C.C. 2-507
 

hope67

LoanSafe Member
Aug 3, 2009
1,573
15
38
More...


U.C.C. § 9-609 (2001) lists the various means a secured party has for obtaining possession of the collateral. The typical ways a secured party obtains collateral are the debtor voluntarily relinquishes the collateral or the secured party repossesses it. Article 2 grants no right to a seller to repossess goods from a buyer except for the limited right to reclaim goods received by an insolvent buyer, and an unpaid cash seller’s right to reclaim delivered goods for which it has not received payment. U.C.C. §§ 2-702, 2-507(2) (2001), respectively. For a discussion of the cash​
seller’s right
[FONT=Arial,Italic][FONT=Arial,Italic]see [/FONT][/FONT]P.E.B. Commentary No. 1, March 10, 1990.

http://works.bepress.com/cgi/viewcontent.cgi?article=1000&context=richard_nowka