Posted by Rick, the Probate Guy on September 15, 2008 at 11:36:50:
For more (and possibly better) answers, you might post this in the “Cashflow” section of this board, if you haven’t already.
If this is a note that you’re considering purchasing, make certain that you are comparing the date the documents were created (i.e. printed) rather than comparing the execution date to the TD print date.
If different, that could be a problem. If I were buying this note, I’d probably grind the note seller down some more as if this were, in effect, a defective loan due to mis-matched docs. In real life, however, I wouldn’t have a problem with the documentation.
I would grind the seller, get an Affidavit as to the defect, and also make certain that your note purchase agreement has language that give you recourse should the note be challenged (something to that effect) UNLESS you’re buying it SO cheap that you’re willing to take the risk upon yourself.
I’ve puchased notes with this (and plenty of other defects) and never been challenged, even if foreclosing (I’m in CA, a non-judicial F/C state).
Do you have an attorney or T.O. to exaxime your documents prior to purchase?