Sure you owe somebody for your mortgage loan, but who?
Sure you owe somebody for your mortgage loan, but who? Since lenders buy and sell loans so frequently, many are unable to prove they own the loans they hold, resulting in as much as $2.1 trillion in “orphan” loans. Says former foreclosure victim Joe Lents: “If you’re going to take my house away from me, you better own the note.” Word. [via BoingBoing]
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Tags: MERS, mortgage lending, mortgages, securitization
Filed under: Coping With Credit & Debt, blurbs
Tags: MERS, mortgage lending, mortgages, securitization
Filed under: Coping With Credit & Debt, blurbs
1 Comment on “Sure you owe somebody for your mortgage loan, but who?”
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Very interesting story, though this dude is not exactly a consumer rights crusador. More details and great backstory here:
http://tinyurl.com/25dgnc
From the Link Above:
“But if consumer attorneys want to create a situation in which the simple fact of loss of or irreparable damage to an original note vacates the debt, I can promise you you will not like the consequences of that…If it becomes a requirement that FC can proceed only with the original note in the courtroom, and the presence of an LNA always means dismissal, then the things are going to have to be handled and shipped and received with the same level of security as a million-dollar bearer bond. Like, a Brink’s truck and a bonded courier carrying a briefcase handcuffed to his wrist. You want to pay the cost of that? No. You don’t. But you will.”