How to Find “Who Owns The Note” – Who has an “Insurable Interest” !!!!

How to Find “Who Owns The Note” – Who has an “Insurable Interest” !!!!

It is basic insurance law that in order to become named as a loss payee – that is, to get an insurance policy issued to you to indemnify you against loss – you have to have an “insurable interest.” MERS doesn’t ( as far as I know). It is not a “loss payee”. Every assignment of a mortgage (when the mortgage is sold in the securitization process is insured:

http://www.eagle9.com/policies/Lender_Policy.pdf

(I think I posted this here before, because Eagle9 warns of a loss of assignment if the assignment or hypothecation (sale of chattel paper/mtg) is not recorded under state law AND there is an intervening BANKRUPTCY that supersedes UCC automatic perfection under UCC 9-301 – 304

(yes, I did:

https://livinglies.me/2008/05/23/foreclosure-defense-strategic-bankruptcy-options/ )

Follow the insured interest.

Then you will know who does or does not have an interest in your mortgage.

And thanks to Brad Keiser for reminding me of this again in our telephone conversation yesterday.

Steven K. Kop
Attorney at Law
bluejaylaw@gmail.com
(310) 721-8557

Tags: assignments, brad keiser, creditor, hypothecation, insurable interest, lender policy, loss payee, MERS, Steven Kop, UCC 9-301-304, Who Owns the Note
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