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Re: Quit-claim - Is this in your mortgage contract? Does it even apply considering regulation J?

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  • T M
    but does the contract even apply after the lender converts the note by assigning/selling? I ve heard that Regulation J states something like the contract
    Message 1 of 1 , Jan 25, 2005
      but does the contract even apply after the lender converts the note
      by assigning/selling? I've heard that Regulation J states
      something like the 'contract' can no longer be enforced after
      lender sells/converts the note into 'legal tender' thru assign/sale
      of the 'note.' This is only common sense, since the 'lender' would
      have been compensated by this assign/sale thus your obligation to
      pay them would be satisfied AND the fact the note then becomes
      "just like cash" or "M1 money" and was a free gift from you to the
      lender without compensaiton or payback.... -TM

      --- paul <mountainrose@...> wrote:

      Something you should know. In the deed of trust contract you signed
      there is a clause that reads something like:

      you will not assign,transfer or otherwise sell your interest/rights
      in the property without lenders approval/knowledge.
      When you quit claim your house into the Oxford trust, you just did
      what you agreed not to do regardless of the merit of the Oxord
      trust attoney legal arguments And if you refinance then they can
      potentially say you profited from that act and accuse you of fraud.

      Dorean is a zero sum game. At some point There will be one winner
      and 1 loser, winner take all, loser loses everything



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