What if people are paying a mortgage to someone who doesn’t actually hold title to the property? Sounds to me that most lenders are not capable of selling an unencumbered deed.
It’s not about the deadbeats, but about those who are paying to the wrong person. It’s a complete and utter scam.
“What if people are paying a mortgage to someone who doesn’t actually hold title to the property? Sounds to me that most lenders are not capable of selling an unencumbered deed.”
You are correct, but there are many right here of FR who say: Tough! To bad for them! Those people got the short end yeah but we made sure that the ‘dead beats’ didn’t get a free house.
“It’s not about the deadbeats, but about those who are paying to the wrong person. It’s a complete and utter scam.
“
Imagine the immediate future: You pay off the mortgage to whom you *think* owns the title, the bank, only to have the real owners next year file suit claiming you still owe them.
THIS is what the issue is all about: Ensuring whomever owns the loan is accounted for before the borrower is held accountable twice. Imagine being told by the court that any previous adjudication of the loan is a different issue to be resolved later and the newly present owner of the note must be paid.