3rd party aquired title to an unsecured Note
My mom(trustee for the Trust B) loaned my brother $65000 to buy a mobile home in 2003. He signed a Note making payments to my mom’s personal acct thinking that she would make payments to Trust B(lien holder). The note is not secured. The note is not assumable by a 3rd party.
We found out that the beneficiaries of the Trust B are not aware of the note. In 2006 my mom got a loan w/ private lender, using her own home as collateral AND 100% interest in my brother’s Note.
My mother had given this person a copy of my his Note with two CHANGES. His note now reads that he is to pay Trust F, payable to my mother and his signature was forged.
My mom transferred the title to my brother’s home to the private lender as lien holder. In HER loan papers my brother’s home and address are listed as collateral .The private lender claims her loan to my mom is “in good faith” and she is entitled go after my brother for payments on his note. Does the private lender have the legal authority to be on my brother’s title and to collect payments on his note?
Is assigning 100% interest his Note to a 3rd party legal when his note is not assumable nor lists collateral? Three years later can his home be used as collateral in another persons note?
Re: 3rd party aquired title to an unsecured Note
I believe I’ve provided answers to two other versions of the same facts.
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
P O Box 318
Tomales, CA 94971-0318
Re: 3rd party aquired title to an unsecured Note
Your question is too convoluted to follow. Your brother should talk to a lawyer. A note, if it is negotiable, is governed by the Commercial Code Article 3. Your recitation of the facts doesn’t make any sense. Cheap is dear. A lot of money is involved. Have your brother consult a lawyer.
Mitchell Roth
MW Roth, Professional Law Corporation
13245 Riverside Dr. Suite 320
Sherman Oaks, CA 91423
Re: 3rd party aquired title to an unsecured Note
Your question is too convoluted to follow. Your brother should talk to a lawyer. A note, if it is negotiable, is governed by the Commercial Code Article 3. Your recitation of the facts doesn’t make any sense. Cheap is dear. A lot of money is involved. Have your brother consult a lawyer.
Mitchell Roth
MW Roth, Professional Law Corporation
13245 Riverside Dr. Suite 320
Sherman Oaks, CA 91423