Posted on 05/03/2011 5:03:07 AM PDT by Kartographer
“I’ve thought about making a demand on BOA for them to produce documentation ensuring the paperwork is clear. A little hesitant as I figure the reaction will probably be hostile and wont produce anything.”
I have seen people do this at Zerohedge. I have not seen the end results, but some did have various difficulties. Some had their credit cards canceled. Some had no response. Some had nasty letters sent in return. Some had their credit scores ruined. The sad thing is that there is a law that requires them to respond in a certain time to a request (called a Qualified Written Quest that has specific rules) inquires by the borrower. The Banks have not done so.
I found out we had BOA when we got a letter from Fannie saying that our loan was reassigned. We never knew that BOA had our loan, and there is no record at the county of it being recorded.
It seems that a bank will think it has your mortgage, but the county recorder won’t have it listed as assigned to that bank. What to do in that case? I really don’t know. I have been thinking like another poster on this thread to refi with a local credit union. I am currently watching to see if we can do that if the rates come down again.
I am not a lawyer or an expert in real estate. But I would suggest looking at your county recorders office and see what is actually filled there. I did mine online.
Good luck.
I have had the surprise of my life when Fannie sent us a letter telling us BOA had our loan, which we didn’t know, and now Fannie has it. And Fannie thinks it doesn’t have to file the assignment with our county.
And people would post to me, “Why do you care who has your loan?”
I am not happy. I would have NEVER had a loan with BOA. I hate them ever since the 70s. I would have nothing to do with them. YET, now, they GIVE my loan to Fannie?
I don’t like it either. As a borrower, I want to deal with people I trust. If I don’t like a certain bank, that is MY business.
I think that some here don’t want people questioning this to much. I even had people tell me to refi with WF!!! Or that Fannie is good, I shouldn’t worry.
Well, I am watching and thinking. Like another poster here, I am considering refi with a local credit union. I am waiting for the rates to come down. No more TBTF banks for me.
Thanks, don’t find my house on that site. however I have received letters from Fannie indicating they owned the mortgage.
thanks I tried my county site and they don’t support searching for properties. only completed foreclosures and other recent sales. I’d probably have to go down there.
If they list foreclosures and sales, assignments should be listed, I would think.
I looked mine up in a variety of ways, one of which was using my name.
I am sure it does vary widely what is available across the USA.
I did find it odd that Fannie sent you a notice but you are not listed at their site. Fannie does list mine, but I am sure the assignment from BOA is bogus. Without chain of assignment, there is no clear record. That is why I am considering going to a credit union to refi. Leave those bogus assignments in the dust.
Good luck!
Thanks, I appreciate the links.
So I find my mortgage on their system. Does that mean my mortgage is tied into the MERS system somehow?
Yes, and to cite the oft quoted and still relevant United States Supreme Court case of Carpenter v. Longan, 83 U.S. 271 (1872), where the United States Court reasoned that “the note and mortgage are inseparable; the former as essential, the latter as an incident. As assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity.”
“the note and mortgage are inseparable; the former as essential, the latter as an incident. As assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity.”
I guess I don’t quite follow...
I’m guessing that if the note is assigned properly, then the mortgage is also (as a matter of course) properly assigned. Whereas if only the mortgage is assigned and the note is not, then there is something amiss.
Would you please explain further? Perhaps you’d be willing to tell me what I should be looking for to verify the integrity of my note/mortgage or what I should be asking (if anything).
Any help would be greatly appreciated.
Probably the best way to do this is to have an attorney (with experience in securitization) run the title.
Politicians use banks.
Obama used fraud to collect on all those credit cards via no security code.
Obama has no choice they have him by the unconfirmed gonads.
you can’t search MERS.
If your mortgage is in any way tied up with MERS then you are screwed.....royally.
how are they deadbeats? that is just banker propaganda from CNBC.
The FACT is there is a CONTRACT. The contract states that the land is collateral for the loan. If the person does not pay then the collateral reverts to the bank.
People have stopped paying and have turned over the collaters AS IN THE CONTRACT.
(this does not even touch the banks documentation requirements under the law)
There are more than one FReeper who will be more than happy to ‘school’ you in that area, just keep asking and you’ll find them. And as the Little Rascals use to say: “Then you’ll be sorry.” Right Guys? ;-)
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