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Updated almost 2 years ago on . Most recent reply

User Stats

23
Posts
5
Votes
Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
5
Votes |
23
Posts

New Servicer wants original Note????

Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
Posted
Hi,
I'm being forced to change note servicer on my notes since my old servicer will no longer be licensed in the state where I have most of my notes (MI).
The Old servicer recommended West Star in Phoenix, and they seem to be OK.
In the process of transferring the notes, West Star requested I give them the original of the Note! This seems wrong to me. If something happens to that original, how do i show that I'm entitled to the payments? I of course have copies, but copies - even notarized ones - cannot be used to show ownership.
Has anyone in this group heard of servicing requiring the original of documents (CFD, Note, Assignments, etc.)?

Most Popular Reply

User Stats

23
Posts
5
Votes
Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
5
Votes |
23
Posts
Guillermo Perez Vargas
  • Investor
  • Scottsdale, AZ
Replied

Thank You!

My notes are low value notes (<$50,000.00) so Madison is a little to rich for me, but will definitely look into Allied.

Thank you for your Input.

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