Listen FRiend. I am one of the people whose mortgage has been “securitized”.
I am willing to pay my mortgage. I am current. However I HAVE NO IDEA IF MY PAYMENT IS GOING TO THE LEGAL NOTEHOLDER!!!!
Banks got greedy - they wanted their money NOW, not over the next 30 years at 6% interest... so they bundled my loan and sold it - and probably got a “bailout” on top of it!
Under the LAW, I don’t have to pay someone I don’t owe.
You tel me... who do I owe?
Somebody owns that mortgage now, probably the Fed. As the law said, there’s an issue of law and an issue of equity. While many people took out mortgages they couldn’t afford and many people got rich, wrongfully so, should the flaws in the foreclosure system be a mortgage holder’s lottery ticket? I would love to see my mortgage forgiven by my bank. And the banks certainly do deserve to suffer.
This is a case where technology has outstripped the law. The MERS system while great in theory was treading on untested legal waters.
But again, because all these people did bad things and stole money, should that let the homeowner totally off the hook. And in reality, the homeowner will be stuck with that house forever, because since the title is uncertain and uninsurable, then it is unsaleable. So some accommodation must be reached between the owner and the bank. Whether this is marking the mortgage down to market or giving the borrower some type of credit, I just don’t see the Court’s voiding millions of mortgages. They may stop the banks from foreclosing, by voiding the mortgage, no likely.
That means that the bank is stuck with an unenforceable lien and the owner is stuck with an unmarketable home. You don’t have to make mortgage payments and just stay there for life. Or you just quit claim it to a friend or relative?
This is a mess that threatens to bring down the entire system, which is certainly corrupt to its core.
I live in Pgh and went to my County’s Recorder of Deeds to check out my mortgage and note. It states my original bank and I could find NO ASSIGNMENTS although I have proof that my loan was sold within 30 days of my closing, sold again the following year and sold year in late 2009. I am currently sending my payments to none other than BOA who cannot prove they are “owed” the money. Now what?
OK, how do I find out if my mortgage has been “securitzed”?
For the details, we live in NYS, and HSBC holds our mortgage. I really do not understand all this stuff, even though I try to follow along.
What do I doto find out if we can sell our house. We may have to, to pay for assisted living for my husband, who has Parkinson’s.
What steps should I take?