Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
I was wondering if any one knows how long a mortgage co. has to perfect a lien in Idaho, if it is an assignment of deed of trust.
Quote 0 0
Regarding to this subject, I have a related question, and I am sorry by "hickjacking"
this question.

I live in a Jud state, and te question is:
Is there any law in a judicial state that say that no lien could be perfected against the
land / property, without the full disclosure of the proper creditor?

Quote 0 0
I'm not an attorney, this isn't legal advice.....

In most jurisdictions when a mortgage is executed and value is given it is enforceable and in full effect.  There is no further action needed.  You are on the hook.  The "perfection" would be recording the executed document so everyone knows this entity has a mortgage on the subject property.  In "perfecting" their lien the mortgagee has protected their priority in regards to the claim on the property.  If an entity FAILS to record their mortgage and the homeowner goes out and gets a different mortgage, by the failure of the first entity to record their interest in the property as required by law, they MAY not have a first lien on the property and may drop down in priority to a 2nd mortgage status. 

In most jurisdictions when you execute a mortgage and it gets recorded that is all the perfection that is required.  From this point, the mortgage follows the note.  In MOST judicial jurisdictions (Ohio is one exception) an assignment ISN'T required.  The note holder would have an equitable assignment of the mortgage. 

In Non-Judicial states such as Idaho there are different requirements.  The link below is to the relevant section of Idaho code in regards to Mortgages/Deeds of Trust. 


45-1505. Foreclosure of trust deed, when. The trustee may foreclose a trust deed by advertisement and sale under this act if:

(1) The trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in mortgage records in the counties in which the property described in the deed is situated; and

(2) There is a default by the grantor or other person owing an obligation the performance of which is secured by the trust deed or by their successors in interest with respect to any provision in the deed which authorizes sale in the event of default of such provision; and

(3) The trustee or beneficiary shall have (a) filed for record in the office of the recorder in each county wherein the trust property, or some part or parcel, is situated, a notice of default identifying the deed of trust by stating the name or names of the trustor or trustors and giving the book and page where the same is recorded, or a description of the trust property, and containing a statement that a breach of the obligation for which the transfer in trust is security has occurred, and setting forth the nature of such breach and his election to sell or cause to be sold such property to satisfy such obligation; and (b) mailed a copy of such notice by registered or certified mail, return receipt requested, to any person requesting such notice of record as provided in section 45-1511, Idaho Code. Service by mail in accordance with this subsection (3) shall be deemed effective at the time of mailing. In addition, the trustee shall mail the notice required in this section to any individual who owns an interest in property which is the subject of this section. Such notice shall be accompanied by and affixed to the following notice in twelve (12) point boldface type, on a separate sheet of paper, no smaller than eight and one-half (8 1/2) inches by eleven (11) inches:

Quote 0 0
A Mortgage and a Deed of Trust are not the same.
Quote 0 0

Texas wrote:
A Mortgage and a Deed of Trust are not the same.

I know, that is why I posted the link to the Idaho code in regards to the deed of trust.
Quote 0 0
to Tanya:
    It's called the Truth in Lending Act (TILA) and it is a Federal Statute but
most states also have a similar statute.
    Mortgage lenders must be licensed and the true lender must be stated
on the loan documents otherwise its a federal offense and the lien is not
    I am working on two Quiet title cases in Federal Court where in both
cases the "pretender lender" "straw man" was not licensed and did not fund
the loan even though in both cases these "straw men" were named as the
lenders on the loan documents.
    I have seen this same scenario in many foreclosure cases, so it is not rare, it is very common.
Quote 0 0
Write a reply...