[Cheburashka]

I wonder if maybe a whole bunch of mortgages were pooled as collateral for some complex investment vehicle that in turn is owned by a whole bunch of investors. Thus, there’s a many-to-many relationship between investors and borrowers.

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No, there’s a “trustee” of the pool who owns the mortgages for the benefit of the various investors. The exact term “trustee” might not be the exact term used, but this entity by whatever name “owns” the mortgage and can enforce the mortgage in the name of the investors.

Probably in this case the “trustee” appears to be Deutsche Bank or some entity controlled by Deutsche, which has not kept its paperwork in order.

As others above have said, the remedy is to get the actual ownership in the mortgage paper transferred and then Deutsche can sue.

Only problem I can see: what if the originator of the loan has gone out of business, or even if it is still in business but can’t find the file with the original mortgage in it?

If Deutsche can’t get the paperwork, they can’t ever enforce the mortgage. And they will probably be liable to the owners of the mortgage-backed securities. Ouch big-time.

As someone said above, the job isn’t done until the paperwork is finished.

[GYPSY286]

My mortgage was purchased in 2002 and yes, I have an ARM which I had hoped to get out of. Closing was set - and I was laid off so no closing. I’m making my payment within the month it is due (but always late). Not so good for my credit. Asked Wilshire if they would agree to a skipped payment and put it on the end of the loan. They said no - that they do not have the power/authority to change the terms of my original note. Does this make sense?