Your Home Is Really Yours
The property really belongs to you.. The bank cannot:
- enter your house without your permission,
- cannot collect rent,
- cannot decide who you allow to live inside the house,
- cannot take possession of it or decide what color you paint it in!
Like with any other credit, you are obliged to repay the loan to the bank. If for some reason you do not honor your home loan repayments the bank has the right to demand you to sell the house. This is normally the best solution for both parties as with the uncertainty around the final price at auctions , it is neither in your interest nor that of the bank to proceed with a public auction. With the proceeds of the sale you can repay all outstanding amounts of the loan plus due interests to the bank and keep the remaining money.
Most cases revolving around breaches in terms of mortgage loan repayments in Luxembourg are settled between the bank and the owner, ending either with adjustments in the terms of the home loan contract, if the issue is temporary or, if necessary with a normal sale of the property by the owner on the open market.
When It Comes Time To Refinance Or Modify Their Current Mortgage Homeowners Are Often Confused As To Who Owns It And Who Services It
Q: Dear Mr. Gumbinger: Who owns my mortgage, and why does someone else service the loan?
I was told by Fannie Mae over the phone that they own my loan. When I went into the loan lookup it said Fannie Mae does not find a match, therefore, they do not own the loan. How can this be? This has happened many times over.
I have been told by my servicer that both Wells Fargo and Citibank own the loan. Something is wrong.
A: The owner of the loan is most often the “investor” — the entity who put up the actual funds to make your mortgage happen. This may be the original party for your transaction, such as a bank, but loans are bought and sold between parties, so the owner can change from time to time and could be anyone from a pension fund to a real estate investment trust or other entity .
That said, the servicer is usually a separate entity, whose responsibility is to collect the monthly payment from you, maintain escrow accounts, and distribute those funds to other parties . For many lenders, this is beyond their capabilities or business model, and so these “servicing rights” are actually sold to other entities that make a living providing these services to loan owners and homeowners.
Some large lenders do their own servicing for their own loans and since they have the capacity, may also do servicing for other investors, too. There are also specialty “subservicers” who may be contracted for specific tasks on behalf of the actual servicer.
The Deed Of Trust Or Mortgage:
The Deed of Trust is a special Trust that is created specifically so that you temporarily grant your title in trust to the new Trust to secure against the promissory note. When you create a Trust, you appoint a Trustee. You also give that Trustee the power to sell your property in the event of a default of the promissory note. This is the vehicle and mechanism your lender uses to foreclose and sell your house. The same goes with a Mortgage in a Judicial State, except there is no need for a Trustee.
In the event that there is a problem with the promissory note or deed of trust, then there is an issue called cloud of title. When a title is clouded, you will have a problem selling your house. Let me give you an example.
Lets say the County places an imminent domain claim on a strip of land on your property to lay down some pipes. They then record this on your county records. But because of budget cuts, they decided not to lay the pipes, but forgot to give you your land back. 2 years later, you are trying to sell your house. It will be stopped because you are selling part of a land you dont own . In order to un-cloud the title, you will need to seek a Quiet Title Action.
This is why we need to do a Quiet Title Action to reclaim our land to resolve the controversy. In a Quiet Title Action, you basically issue a challenge to all parties wishing to lay a claim on our property to come forth and provide the proof of their claim.
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Will My Loan Change
The details of your loan your mortgage rate, terms and other agreements will not change if your home loan is sold by your current lender. Those details are locked into your contract and will remain the same as they did on the day you closed on your home.
What you need to look out for are potential changes in your loan servicer.
When lenders sell your home loan to institutions like Fannie Mae, Freddie Mac or the three main government agencies, they sometimes retain servicing rights. This means theyll still handle all the home loan servicing.
As a customer, this means youll still deal with the same lender you financed your home through. Your service wont be interrupted and you likely wont even notice any differences. Your lender will send you a letter if your home loan changes investors, with all of the specific information regarding this transaction, and will note that your servicing will remain the same.
Not all banks and lenders are able to keep home loan servicing after a loan has been transferred, however. If this is the case, your servicing will transfer to another lender. When your loan is sold, you’ll be notified of this change with a transfer notice within 30 days of the loan sale. When you receive this notice, your lender will let you know if your servicing was transferred and will provide details with your new contact information.
Is A Mortgage Note Public Record
The information about your home purchase and the terms and conditions of your mortgage loan are recorded among the land records in the jurisdiction where the property is located. These documents are public. You can search online from your living room and get all of the information that is published in your newspaper.
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How Do You Find Out If You Have A Mortgage In Your Name
Originally Answered: How do I find out if someone has a mortgage in my name? The best way is probably to look at your credit report. If youve opened a credit card or any other credit account in the past, youll have a credit report. Itll contain information about all of your credit accounts, including any mortgages.
Should I Care Who My Mortgage Servicing Company Is
Since mortgage servicing experiences can vary, some homebuyers want to know the name of the company that will service their mortgage after closing.
This is understandable. But when shopping for a mortgage loan, the focus shouldnt be on the servicing company. It should be on getting the most affordable loan. This can potentially save thousands over the life of the loan.
In all honestly, even if your mortgage lender transfers the servicing rights, youll probably have little interaction with the servicing company.
When shopping for a mortgage, the focus shouldnt be on the servicing company. It should be on getting the most affordable loan.
Keep in mind, too, that many reputable lenders also partner with reputable servicing companies.
So if you want to increase the odds of having a positive experience with a mortgage servicing company, start by getting rate quotes from wellknown, highlyrated lenders.
Also, dont be afraid to ask questions. If youre concerned about servicing, inquire as to whether a lender services their own loans.
If theyll transfer your mortgage, get the name of the servicing company they use. From there, you can research the company to make sure it has a good reputation and high ratings with its customers.
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How Do I Find Out My Loan Number
Help: How To Find Your Loan Number. Your 10-digit loan account number is printed in two areas on your monthly statement. The first location is at the top center of the statement in the area marked Account Number. The second location is on the tear off payment coupon on the right side above the due date.
And Thats Where Most Pro Se Litigants Get Stuck
If you do not have the proof when you file your civil action, your case will be tossed out, and classified as failure to state a claim.
What typically happens when you file an action is opposing counsel will file a Motion to Dismiss. They ALWAYS DO IT so expect it. In order to survive the Motion to Dismiss, you must have sufficient proof.
If you havent already purchased your copy of Jurisdictionary, do it now because you have no chance of winning your case if you dont know the rules of the game. This is a mandatory resource if youre serious about defeating your foreclosure and saving your house. I cannot stress how much you need this product!
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How Do I Do A Title Search On A Property
If you want to get started on researching a propertys title history, a buyer or investor has a few options: Search the public record online. Many counties will keep land records online. Search the public record in person or request a service like Fee Favor to retrieve documents. Get to know a title agent.
Mortgage Electronic Registration Systems Inc
MERS records and tracks both the ownership and servicing rights of mortgages in the United States of America. You can use this lookup tool if you are still unsure who owns your mortgage loan. It holds details of most mortgages, but its records might be restricted to the original company that sold you the mortgage.
There is no need for anybody with a mortgage within the USA not to know who owns their loan. At least one of the above bodies should be able to answer their question: who owns my mortgage loan? Failing all of the above, an attorney will be able to find the information you require.
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Fannie Mae And Freddie Mac
First, here is some information on Fannie Mae and Freddie Mac, since these bodies may be very relevant in the ultimate source of your loan. When you take out a mortgage loan, the lender can keep the loan in its own portfolio. This means that the credit agreement you signed is held by the original lender.
This is the least likely option. What will normally happen is that the lender will sell your mortgage to either Fannie Mae or Freddie Mac. This does not affect how much you pay or to whom you pay it. You still pay the lender you made the agreement with. Fannie Mae and Freddie Mac will make bundles of similar notes and sell them on to investors.
These are known as mortgage-based securities, which are investments derived from the payments that you and others like you make each month to clear your mortgage loan. Investors pay Fannie Mae and Freddie Mac for bundles, or tranches, of similar mortgages. These two bodies then pay the cash to lenders so they can offer it to borrowers such as you who are looking for mortgages. So who owns your mortgage?
Here’s How To Find Out Who Owns Your Mortgage And Who Services It
By Amy Loftsgordon, Attorney
Finding out what company or entity owns or backs your mortgage loan isn’t always simple. Your loan might have been sold, perhaps several times since you took it out with the original lender. And the company that services the loan might not own the underlying debt.
Here’s how to figure out who holds or guarantees your mortgage.
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Who Has Legal Standing To Foreclose
Who has legal standing to foreclose? Only the mortgagee has standing to foreclose. Look, if you are planning to sue someone and you accuse them of some wrong doing, you better have proof. The person doing the accusing has the burden of proof. Before you can go to court, you must have some sort of grievance that you are seeking relief on in other words you must have legal standing. For example, if you had a contract and the other person broke that contract causing you to suffer as a result of that breach. This is called a Cause of Action. In other words, why are you suing this guy? What wrong did he do to you? You must have a valid reason to bring your suit.
There are a number of different causes of action you can accuse the other party of. For example, breach of contract, fraud, tortious interference, etc. Another very special type of cause of action is called a Quiet Title Action. These types of Actions are done when there is a cloud of title issue that needs to be resolved. As a title owner, you have an obligation to defend your title against encroachments. For example, if I started to build a fence three feet into your land and you say nothing then five years later, I sell my land, and change the legal description to include that extra three feetand you say nothing, then that extra three feet is mine.
Lets discuss the Deed of Trust and Mortgage to see how this all fits in.
Why Do I Need To Know Who Owns My Mortgage
60% of the time, your mortgage loan is Federally backed or underwritten. It may be insured or guaranteed through Fannie Mae, Freddie Mac, USDA, the VA, or FHA, for instance.
It is important to know these things because the one who owns your home may be the one who determines what types of load modifications you may be eligible for if you start having some financial trouble.
These Federally backed mortgages publish their guidelines and eligibility requirements on their websites. Thus, if you encounter financial difficulty, you can visit their websites to determine whether you are eligible for assistance of various sorts.
If your mortgage is not Federally backed or insured, a private trust is not going to publish these guidelines.
Additionally, the forbearance provisions of the CARES Act apply only to Federally backed loans.
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How Do I Find Out The Landlord Of A Property
Foreclosure Look up the house on the local tax collectors website. Look up the landlord in an online registry of deeds, if your state maintains one. Check the county recorders website for a notice of default or notice of trustee sale. Check out the property. Ask for references. Research your landlord online.
Who Owns The Property
In most cases, a co-signer does not have any ownership rights to the property itself. The primary borrower retains most of the rights to the property and is responsible for general repairs, upkeep and upgrades to the property. They also have the right to make changes to the property or sell anytime without the co-signers permission, depending on the agreement. Most co-signers are only responsible to make the mortgage payment if needed and are not always named on the title of the property.
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Tracking Down Your Mortgage Company
Before you go through the process of using a mortgage lookup tool, there are some things you can do to find out who owns the note on your home loan. But first its important to know the difference between a mortgage servicer and the mortgage holder. The holder may also service your loan, but in some cases, your loan is sold off, but the servicer remains the same.
To find out who owns your home loan, first look up the most recent communication youve received from your mortgage company. You should get a payment booklet and escrow statement once each year, and this documentation could have the name of the owner of your loan. If not, you can still contact the company receiving your payment each month and ask if your loan is owned by them, Fannie Mae, Freddie Mac or some other entity.
How Do I Find Out Who Owns My Mortgage Note
You can look up who owns your mortgage online, call, or send a written request to your servicer asking who owns your mortgage. The servicer has an obligation to provide you, to the best of its knowledge, the name, address, and telephone number of who owns your loan. Its not always easy to tell who owns your mortgage.
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Can I Prevent My Mortgage From Being Sold
How to Avoid Having Your Mortgage Sold. There is a clause in most mortgage contracts that says the lender has the right to sell the mortgage to another servicing company. 6 If youre getting a notice that your loan is being sold, you have two options: go along with it, or refinance with another company.
Using The Mers Database
If the Fannie Mae and Freddie Mac loan lookup tools dont bear results, and you cant track down your mortgage servicer to ask questions, there is another online lookup option. The Mortgage Electronic Registration System, MERS, tracks homeownership across the country. Its searchable database is used by professionals across all aspects of real estate lending, as well as consumers.
You can search the MERS database at mers-servicerid.org/sis or call 888-679-6377. You can search by inputting an 18-digit mortgage identification number, details about yourself and the property or data from your Federal Housing Administration, Veterans Affairs or Mortgage Insurance certificate.
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