Posted on 04/04/2011 6:45:19 AM PDT by Chunga85
Video Only.
Link below to 60 Minutes "Overtime Edition"
Mortgage mess: Who really owns your mortgage?
My house is PAID FOR!!! No mortgage for me!
“Have you contacted your mortgage servicing company to find out whether your mortgage has been bundled and sold? Did you get a clear answer and a copy of your mortgage paperwork to back it up?”
Thanks for posting this article. I have one of those Countrywide ARMs which I will be calling BofA about later today.
Chase approached us to re-fi about 6 months ago (we re-fied with them about 4 years ago), and we’ve been with them for 9 years now. They bought our original mortgage from Wachovia.
Then, about a month ago, I get a letter from Chase telling me that they have sold our mortgage to Fannie Mae! Checks still go to Chase.....
strange.........at least we know who holds the mortgage....for now......
Now, since Fannie Mae is bankrupt, maybe that means our mortgage will cease to exist? “Enquiring minds want to know....”
ping
Yup. Paid-off two in 1993.
Life is good.
Still can’t figure out why nobody in the forged document mill that was paying people to sign fictional bank VP names to mortgage documents is going to jail. I guess some criminals are more equal than others.
We were lucky and sold right before the bottom fell out in 2009, had lots of “tire kickers” and only ONE offer! Thank the LORD this gal liked the house enough to buy it! We were both layed off from our jobs with two cr@ppy vehicles ready for the scrap heap and still had to pay the $5000 year in property taxes (NH. With only a few thousand ($7000 approx) in the bank this ANGEL bought the house and we were able to pay off the rest of that mortgage and buy a house in Maine for cash with a little left over to keep us going for a while. Every day I thank God as to how lucky we were that this one person came along and “rescued us”. Occasionally I check the listings in my old town and most of the SAME houses that were on the market BEFORE we listed are still there! I’d hate to think where we would be today if our buyer didn’t come along.....
If your mortgage has been registered through MERS there is a good chance that there is some cloud behind it.
You should be able to see a copy of your original on the boa site.
I can.
Thing is the are just the servicer.
BUT.....I thought the economy was recovering...../sarc
Paid off mine in 2009, life is good.
Thanks, but I’m not understanding what you are saying.
It’s there: Servicer: Chase Home Mortgage, Investor: Fannie Mae
So it’s a bad thing that I found it in MERS???? Why wouldn’t all good mortgages be found there as well?
This was a brand new mortgage created in 2000 as we built our own home on land we owned (no mortgage on land). As I said, Wachovia did it, sold it to Chase in ‘02, we re-fied with Chase in ‘05 and ‘10........
Seems like it would be pretty clear unless Chase bundled it in one of those security packages.......
And BoA is now the servicer.
As I say, chances are your original is loaded on BoA server in .pdf format.
Mine doesn’t show on MERS.
Sounds like you can hound Fannie for “the note”. Good luck.
Here’s Bush is a speech pushing home loans for totally unqualified minorities.
http://www.youtube.com/watch?v=MqR15H0gNBU
MERS covers the mortgages. i.e what the banks say is owed to whom.
However, it doesn’t cover whether titles were properly conveyed. Since MERS was primarily created to get around pesky state filing and recording requirements there is a greater than zero chance that _any_ mortgage using it has some break in the chain of ownership as required by localities. Dig deeper - the people to whom you are paying money every month may have no legal claim to the property that “secures” the debt.
This is great. Buying a foreclosed house, in cash, that I’m having inspected this afternoon.
Now I’m afraid we’ll never close because they won’t be able to find or transfer the title deed.
The FDIC rep’s recommendation was to start a “clean-up” fund to pay homeowners to just accept foreclosure instead of making the banks prove they own the mortgage. Go figure.
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