Yes, it should probably state commercial, but does this change
anything? You signed it, knowing what it said, right? We cannot tell
you if a contract is valid or not ... you need to consult with a
lawyer and show him/her the contract. As far as the transfer,
companies can assign their rights to others, who can legally enforce
those original rights assigned to them. Not sure what the
administative dissolution adds to the issue (but perhaps your argument
is that they are no longer financially capable of administering the
loan?) I would check the contract for clauses that state that BK or
dissolution is grounds for cancellation.




--- In goforlaw_forum@yahoogroups.com, "nativegirlie26" <mjeche@m...>
wrote:
> I am buying a resturaunt and I signed a "RESIDENTIAL MORTGAGE loan
> origination agreement" shouldn't it state COMMERCIAL?? The company
> that I signed this agreement with has been administratively dissolved,
> they did not notify me in writing of this. Also, I was not made to
> sign a new contract with the new entity that bought out the original
> company. I have requested a cancellation of the agreement since the
> company is no longer in business. My loan has not closed yet either.
> Is the original contract valid?? I find it as misleading since it was
> for a RESIDENTIAL loan and this is an acquisition of a business.
>
> Help is appreciated.