Who Owns Your Mortgage?

[Keyser Soce]

 "Produce The Note" Movement Helps Stall Foreclosures


In dismissing 14 foreclosure cases in 2007 based on a lack of proper documentation, a federal judge in Ohio admonished the lenders, stating their argument that "'Judge, you just don't understand how things work'...reveals a condescending mindset and quasi-monopolistic system where financial institutions have traditionally controlled, and still control, the foreclosure process."


http://www.huffingtonpost.com/2009/09/22/whos-got-the-mortgage-pro_n_294169.html

[Russell Kanning]

interesting

[Lloyd Danforth]

A friend of a friend has been living in his house without making a payment for two years while the outfit that bought it out of the last bundle it was in fails to prove he owes them anything.

[KBCraig]

A friend of a friend has been living in his house without making a payment for two years while the outfit that bought it out of the last bundle it was in fails to prove he owes them anything.

While that might be a fun exercise of gamesmanship in the courts, it does boil down to theft: someone took a mortgage, then didn't pay it.

[Lloyd Danforth]

I know.  I just think it adds interest to the mortgage de bak kle

[sandm000]

A friend of a friend has been living in his house without making a payment for two years while the outfit that bought it out of the last bundle it was in fails to prove he owes them anything.

While that might be a fun exercise of gamesmanship in the courts, it does boil down to theft: someone took a mortgage, then didn't pay it.

They can't prove that they own it, therefore you don't owe them money until they do.
It's a contract you intend to honor as soon as the real owner shows up. (ie you should be putting money in escrow)
And which of us with a mortgage has misplaced the paperwork for our $100,000 object? So why should I feel bad for them if they didn't do the due diligence or hold on to $1Billion worth of securities. If they do business poorly, they and their shareholders lose out.

[Keyser Soce]

A friend of a friend has been living in his house without making a payment for two years while the outfit that bought it out of the last bundle it was in fails to prove he owes them anything.

While that might be a fun exercise of gamesmanship in the courts, it does boil down to theft: someone took a mortgage, then didn't pay it.

Not! They make us play by every silly rule they come up with. Making them comply with their own rules is even Stephen. We don't get to change banking regs (don't even start). If they begin losing too many houses, I've no doubt they'll once again change the rules to suit themselves.

In the meantime, the same contract which requires you to pay, requires them to produce. They broke the contract by failing to abide by it's terms.

[FreelanceFreedomFighter]

A friend of a friend has been living in his house without making a payment for two years while the outfit that bought it out of the last bundle it was in fails to prove he owes them anything.

While that might be a fun exercise of gamesmanship in the courts, it does boil down to theft: someone took a mortgage, then didn't pay it.

They can't prove that they own it, therefore you don't owe them money until they do.
It's a contract you intend to honor as soon as the real owner shows up. (ie you should be putting money in escrow)

Many years ago the house which I "owned" at the time had the mortgage note transferred. First it was transferred because the bank went out of business and the feds took it over, then it went to the new bank that was allowed to scoop the assets. When the feds took it over, they somehow "misplaced" my account... then when the next bank took it over, they (just like the feds) refused all my attempts to continue making payments. Everytime they refused a payment, I stuck it in an interest-bearing escrow account.

Fast forward two and a half YEARS (all the while I was continuing to try to make payments every month)... The new bank finally figures out that there is an account that hasn't been paid, sooooo I get an "immediate foreclosure notice" and a lot of other very nasty paperwork. I called them up and told them the situation and was basically told "tough sh!t, you should have still paid it!" to which I produced over two dozen returned payments from them (and the feds... the bank was over two years by itself). Still no reasonable cooperation, though they made one offer to "settle" for the amount overdue with "penalties and extra interest", which I refused. Then I had an attorney call them and "explain" that if they didn't just take the escrowed payments and stop the foreclosure process that we were going to hold a massive press conference telling the whole story on the 6 o'clock news. They settled. (And I sold that place within a year and closed all accounts with that bank.)