Posted by KeithK2 on June 28, 2001 at 21:57:06:
As my attorney explained it to a defaulted note payor whose note I had purchased from a private seller, the original noteholder assigned all of their interests in the note over to this new assignee (me). This assignee steps into the exact same position as the old noteholder. The old noteholders rights and resposibilities under the terms and conditions of the note go with it. This is why mortgage contracts have that clause that states that the contract is binding on “all parties, their assigns, heirs and nominees” or something similar.
This means that the rights under the note can be transferred as long as nothing to the contrary appears in the contract (as in a due on sale clause or a no-assumption clause) I’m sure the collection agency’s agreement with the old noteholder had a similar clause in it so it wouldn’t matter which name they gave you, the interest in the contract now belongs to the new noteholder as well.
May not be what you wanted to hear but I hope this helped anyway.