7 replies to this topic

[MaryAM]

http://www.msnbc.msn...ss-real_estate/

I posted quite a few articles on this last year. The fact is that they MUST produce the original signed mortgage documentation when foreclosing (better known as the wet paper). In most cases they can't because the mortgage has been packaged into bonds - often divided into more than one - and the lenders like Countrywide - just lost the wet paper. Although my house has been paid off for over 12 years - this has been going on for a long time - and I DON'T even have a clear title - when PHH mortgage sold my loan - they NEVER recorded the name of the new owner on my deed. When I paid it off, TD Service out of California did record my note as paid on the deed but not the name of the owner in between. PHH mortgage and TD Service. I will forecast that Title Insurance companies will become the next AIG as claims are filed against them. It is my opinion that the owners of the mortgage backed securities simply paid off a lot of houses.
Mary Anne

[Bernie]

Last Month I purchased one of those foreclosed homes. During the process the banks mortgage department was shut down for 2 weeks under federal audit. So it makes me wonder how many other banks where hit at the same time. Is the halting of foreclosures related....Who knows Bernie

[CallMeIshmael]

Last Month I purchased one of those foreclosed homes. During the process the banks mortgage department was shut down for 2 weeks under federal audit. So it makes me wonder how many other banks where hit at the same time. Is the halting of foreclosures related....Who knows

Bernie

I know you purchased it but are you sure you own it?

[Bernie]

Last Month I purchased one of those foreclosed homes. During the process the banks mortgage department was shut down for 2 weeks under federal audit. So it makes me wonder how many other banks where hit at the same time. Is the halting of foreclosures related....Who knows

Bernie

I know you purchased it but are you sure you own it?

Yes!!

[MaryAM]

Last Month I purchased one of those foreclosed homes. During the process the banks mortgage department was shut down for 2 weeks under federal audit. So it makes me wonder how many other banks where hit at the same time. Is the halting of foreclosures related....Who knows

Bernie

I know you purchased it but are you sure you own it?

Yes!!

Don't be so sure. Check out the paperwork presented at the foreclosure- make sure the wet paper was presented. then check your deed and run a title search. See if there is a sheriffs title - if so the title was not fully cleared before the sale.
Mary Anne

[Bernie]

Last Month I purchased one of those foreclosed homes. During the process the banks mortgage department was shut down for 2 weeks under federal audit. So it makes me wonder how many other banks where hit at the same time. Is the halting of foreclosures related....Who knows

Bernie

I know you purchased it but are you sure you own it?

Yes!!

Don't be so sure. Check out the paperwork presented at the foreclosure- make sure the wet paper was presented. then check your deed and run a title search. See if there is a sheriffs title - if so the title was not fully cleared before the sale.
Mary Anne

clear Title was given up front before the close.
Thanks Bernie

[cgnx]

http://www.msnbc.msn...ss-real_estate/

I posted quite a few articles on this last year. The fact is that they MUST produce the original signed mortgage documentation when foreclosing (better known as the wet paper). In most cases they can't because the mortgage has been packaged into bonds - often divided into more than one - and the lenders like Countrywide - just lost the wet paper. Although my house has been paid off for over 12 years - this has been going on for a long time - and I DON'T even have a clear title - when PHH mortgage sold my loan - they NEVER recorded the name of the new owner on my deed. When I paid it off, TD Service out of California did record my note as paid on the deed but not the name of the owner in between. PHH mortgage and TD Service. I will forecast that Title Insurance companies will become the next AIG as claims are filed against them. It is my opinion that the owners of the mortgage backed securities simply paid off a lot of houses.
Mary Anne

So Mary, what are you going to do now? How do you get your name on the Title?

[MaryAM]

http://www.msnbc.msn...ss-real_estate/

I posted quite a few articles on this last year. The fact is that they MUST produce the original signed mortgage documentation when foreclosing (better known as the wet paper). In most cases they can't because the mortgage has been packaged into bonds - often divided into more than one - and the lenders like Countrywide - just lost the wet paper. Although my house has been paid off for over 12 years - this has been going on for a long time - and I DON'T even have a clear title - when PHH mortgage sold my loan - they NEVER recorded the name of the new owner on my deed. When I paid it off, TD Service out of California did record my note as paid on the deed but not the name of the owner in between. PHH mortgage and TD Service. I will forecast that Title Insurance companies will become the next AIG as claims are filed against them. It is my opinion that the owners of the mortgage backed securities simply paid off a lot of houses.
Mary Anne

So Mary, what are you going to do now? How do you get your name on the Title?

I recorded it correctly.
Mary Anne