November 16, 2008
So Who Owns the Promissory Note?
This story is posted on wsj.com/law. It seems Joanne Fredenburg, a widowed homeowner in Lehigh Acres, Fla., where real estate prices have plummeted was served with two foreclosure lawsuits from two different plaintiffs that both claimed to own her promissory note and mortgage and said she owed them each more than $276,000. One of the complaints alleges that the promissory note cannot be found and seeks equitable relief resolving the issue in favor of the plaintiff. The story (posted on Nov. 14) including the two complaints can be accessed here.
Judge Samuel Bufford in Los Angeles is requiring lenders moving for relief from stay to bring the original promissory note into court at the time of the hearing and testimony from a witness who has personal knowledge that the debtor actually owes the movant something. I've been told that Motions for Relief are not being filed in his courtroom any longer.
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