How can this be? Easy. When you obtained your mortgage supposedly before your papers were dry, your Note was transfered into a securitized trust. How would you know? More and more people are learning the answer if you received a notice of intent (Maryland) to foreclose.
That notice must tell you the owner of the Note. Here is where things get confusing. For your Note to get into the trust the Note must be properly negotited into the trust. The rules that control this transaction are contained in a documement called a pooling and servicing agreement (PSA).
If this transaction is not done properly the foreclosing party does not have standing and can't foreclose. It is possible to challenge the foreclosing party and prevent a foreclosurebecaue of lack of standing. If you find yourself in this situation, it is time to contact a bankruptcy attorney to explore your options.
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