WHAT IS THIS – YOU MAY HAVE “RIGHTS” TO DEMAND “PRESENTMENT OF THE NOTE AND TERMS?”

Here is a document that shows in the Deed of Trust for this reverse mortgage, the lender wanted the borrower to “waive their right” to demand presentment of the Note. Click on the attached link to see the document.   To see our blog post on this topic click here:

UCC Presentment

About the Author:

Steve Vondran is a real estate lawyer who can represent you in distressed real estate issues, short sale, predatory lending, adversary proceedings, and foreclosure defense. https://plus.google.com/u/0/10070596809310853739. Don't forget to circle me on Google+

California Foreclosure Lawyer – who has written posts on Foreclosure Defense Resource Center.


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About California Foreclosure Lawyer
Steve Vondran is a real estate lawyer who can represent you in distressed real estate issues, short sale, predatory lending, adversary proceedings, and foreclosure defense. https://plus.google.com/u/0/10070596809310853739. Don't forget to circle me on Google+

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  1. [...] If true, this would produce additional problems for the lender/creditor. In fact, I recently reviewed one loan that has a UCC PRESENTMENT WAIVER (evidencing that this is an issue that at least one lender – in that case a reverse mortgage) has considered and apparently given credence to.   According to California case law, the so-called lender would lose the right to foreclose on the security (real estate) if the obligation is unenforceable. Savings Bank v. Asbury (1897) 117 C 96, 48 P 1081; Trowbridge v. Love (1943) 58 CA 2d 746.   As the theory goes, if the lender trying to foreclose on a property cannot prove default by producing the original note and deed of trust then they may not have the right to foreclose at all.   IN FACT, IN SOME DEEDS OF TRUST (LIKE THIS ONE FOR A REVERSE MORTGAGE) THERE IS A SPECIFIC CLAUSE AS…. [...]

  2. [...] If true, this would produce additional problems for the lender/creditor. In fact, I recently reviewed one loan that has a UCC PRESENTMENT WAIVER (evidencing that this is an issue that at least one lender – in that case a reverse mortgage) has considered and apparently given credence to.   According to California case law, the so-called lender would lose the right to foreclose on the security (real estate) if the obligation is unenforceable. Savings Bank v. Asbury (1897) 117 C 96, 48 P 1081; Trowbridge v. Love (1943) 58 CA 2d 746.   As the theory goes, if the lender trying to foreclose on a property cannot prove default by producing the original note and deed of trust then they may not have the right to foreclose at all.   IN FACT, IN SOME DEEDS OF TRUST (LIKE THIS ONE FOR A REVERSE MORTGAGE) THERE IS A SPECIFIC CLAUSE AS…. [...]



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