Yes. I worry about the state of the papers on normal mortgages. We have refinanced our home several times over the last 20 years — a new mortgage every time the interest rate dropped a couple of points. In turn, those mortgages were sold to other banks so that I’m not sure which entity is holding it now. We make payments to Wells Fargo, but ???
At the end of the day, will they be able to find out deed so that I can make the last payment? Something similar happened about the last car I bought with a loan. The bank was sold, and the new bank ased ME for the certificate of ownership. !!! I fianlly got a cheesy letter of ownership several months after I made the last payment. Doesn’t look official to me. Will the same thing happen about my house?
I looked up our liens on a database maintained by our county Recorder of Deeds. You probably have something similar, or could talk to humans at the same office for help. They have summary information on the deeds, mortgages and satisfaction letters, and also scanned copies of the documents. I didn't print out the scanned copies because I didn't feel like paying $10.50 each, but I should probably do so.
The second thing I did was look up our re-fi's in the MERS database. I found that they both are/were "owned" by Fannie Mae. The second one was never recorded at our county level, and both were probably sliced and diced into MBS's. I doubt GMAC can convey clear title, so I'm concerned about our mortgage and wonder why in the heck I'm sending them money.
I'm afraid it's probable and to think otherwise strains credulity.
The ingredients and preparations required to prepare this toxic stew are sufficient enough to challenge the skills of a Master Chef.
Below are two videos explaining the "microwavable" version...
Whew...got a heck of a pinglist going.
Quite possible.
If that happens, though, and the lien is properly cleared, then you should be able to request a deed from your county (or whatever jurisdiction handles that).
I suspect there will be a sudden investment in paperwork tracking by banks and servicers, so that this shouldnt happen. In general, the people who work at servicers arent paid very well and their equipment is 3rd rate. I used to work at an I Bank whose servicer was based in Arlington, TX and they only bought 2nd hand servers!