“”We don’t know who has the mortgage and no one seems to have any answers,” Feinson said. “
The cruxt of the problem, the banks can’t prove they have ownership of the property they are seeking to foreclose on.
And when the responisble homeowners actually do pay off their mortagages, they will be in for an unpleasant surprise, when they find the bank that bought their bundled mortgage can't produce the note.
Of course this information is supposed to be filed at the county clerks office. But that costs money. This is one case where I would have to consider giving full legal ownership over to the homeowner.
The bankers are sitting on these for the reasons stated in the article. It is impossible for the homeowner to get out from under this obligation or to even find out what there obligations are when this is going on. Meanwhile the expenses continue to mount(Taxes and such)