Posted on 10/20/2010 3:37:02 PM PDT by GilGil
Just because you have been making your mortgage payments on time and have great credit does not mean that you are not in default.
Tens of millions of mortgage holders are making their mortgage payments to banks that cannot prove they own the mortgages to their homes. This is now a fact. Think about this for a minute.
The odds are that the monthly payment you are making to your bank is being cashed by a bank that cannot prove ownership of your mortgage. This means that you are making payments to a bank that does not have the authority to give you back your home should you want to pay it off. It also means that all the mortgage payments you have made have not gone to paying off your home.
As of now there is no way of getting back your home since the bank does not own you mortgage. If you think you can bury your head in the sand on this one, you cannot.
(Excerpt) Read more at examiner.com ...
that is utterly meaningless.
Chase may still have, and probably HAS sold the promissory note and mortgage on the default swap market. They just kept the servicing rights.
You got that right. My mistake, actually being diligent with my bills.
The last time we talked to BofA they "advised" us to stop paying.
I always tell people that a mortgage is not a commodity. It matters a lot who you deal with.
Many more people today realize that.
No, they didn't. Chase owns it completely.
I have had mortgages before with other companies that immediately flipped it to some unheard of outfit before I even made my first payment, but Chase hasn't done that.
Except that the pensions that have bought these mortgages and other investment houses like Pimco are filing RICO lawsuits for fraud by the banks.
In other words the banks are being sued for selling mortgage derivatives that had no underlying assets. The Congrss cannot paper this over and there are tens of trillions of dollars in losses.
Fraud is fraud and there is nothing the Congrss will do. Under RICO the courts will award the plaintiffs for damges and lost assets. It is blatant.
“You can’t participate in the great mortgage relief lottery. You’re screwed...”
Yeah, same here. My credit union holds my note.
how do you actually KNOW that? do you work for chase?
“Unfortunately so many laws have been broken that ...”
What would be a few of the laws broken?
Links, documentation?
my bank just recently sold the my note to Freddie or Fannie..I forget.
The bank told me they remain as the servicer of the loan.
“If” they were hired to service the loan, can’t they collect payments ?
OMG. I stand corrected.
When I got my mortage, I was told that Chase did not sell their mortgages on the secondary market. I just called and asked them, and the nice man told me that the investor on my mortgage is... drum roll... Fannie Mae.
I will now go jump off a bridge.
My orginal motgage was with World Savings
which was bought out by Wachovia
which was bought out by Wells Fargo
I refinaced with Wells Fargo (pulled $$ to replace sewer)
mortgage immediately transferred to Freddie Mac.
wonder where the original papers are? ( I have my copies)
when we were researching our mortgage seven years ago, the guy who helped us with our loan emphasized that they only sold 2% of their loans. It didn’t make that big an impression on us then, but now, that’s definitely a must in our book.
motgage = mortgage
I have a friend that went into bankrupty after losing his job. When his bankrupty attorney checked out the mortgage for his case ,he found out that Chase never recorded the original contract. NO mortgage contract no, no mortgage. The court dismissed the mortgage as a unsecured loan.
They are saying that the mortgage wasn’t transferred correctly and the paperwork isn’t in order. It is mostly hype as it will come to nothing in 99.9% of the cases.
It isn’t a rule is the law. The two docs must stay together otherwise the title suffers bifurcation and well... it’s an F-ing mess.
It don’t matter if the Fed does QE2, QE3 or more. It’s only going to get worse.
Ok, I’ve been reading all these comments long enough to know there are some shenanigans going on here. I know the canister this cake mix (technicality) came out of and I will tell you this, (1) If you have your mortgage with a big bank and are paying your payment to that bank, thank your Creator and do everything humanly possible to keep your standing Grade A. (2) You can be sure the system knows every bean it should get and where that bean is. (3) If any of you think for one second of committing fraud with these bean counters you are too simple or too immature to have a mortgage in the first place and you and your property will soon part ways.
It may not seem like it right now but Grade A’s and that includes those who communicate with their lender and make arrangements when times are tougher will have value like fine gold, doing the right thing, upholding your end of the agreement.
I figured it was hype.
Yeah. When we bought in 07 we made a point of NOT going with Bank of America because we had them on our other mortgage. Not having a clue about what was brewing we went to Countrywide. They had a local office and the girl that helped us was a sweetheart. Still ended up with BofA as a the servicer and Freddie Mac as the investor.
There’s a whole lot of people out there that have no clue who the payments actually go to.
Hello from the Olympic peninsula.
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