How hard is it to find out who actually OWNS your mortgage? Almost impossible. Just try calling your servicer and asking. They don’t even know! The only way a lender can foreclose on you is if they can produce the original note that you signed when you closed your loan. Chances are, your loan has been sold so many times that no one knows who owns it or where the original note is housed.
During the lending boom, most mortgages were sold to other lenders or servicers or sliced up and sold to investors on Wall Street. This all was happening so fast to make the most profits that many of the new lenders didn’t get the proper paperwork and now, in most cases can’t show they own the note and the mortgage. Now that there are so many foreclosures, resulting from the mess that they created, they don’t have the proper paperwork to prove they have the right to foreclose.
If you don’t challenge your lender, the court will simply allow the foreclosure to proceed. It’s just a piece of paper to them, and one they likely either lost or destroyed.
There is a website, consumerwarningnetwork.com that has some very good information. It was mentioned on Good Morning America this morning. Check it out...
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