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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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greggwyburn
Joined: 13 Sep 2009
Posts: 60
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kas_mah80
Joined: 06 Sep 2009
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Mike Dillon
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Posted: Sun Sep 27, 2009 9:43 am Post subject:
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To the best of my knowledge, the only time that a borrower is required to be notified of any changes in their loan is per Section 6 of RESPA, I believe, when the *servicing rights* are sold/assigned/transferred. The note itself can be sold literally 1000 times and as long as the servicer stays the same the borrower never needs to be notified. That's part of why MERS is such a beautiful system for lenders and why it cheats county registries of deeds out of millions of dollars in much needed funds.
Likewise, if the lender is being put into receivership, as so many have been in the last year, the FDIC is not required to inform the borrower. I found that out personally when, in 2001, the FDIC closed Superior Bank.
The best thing that a homeowner an do if they think there is something going on is track their payments. Scan your checks into your computer every month before you mail them. Mail them return receipt requested. And coordinate the "cents" to the month that the payment was made i.e. if a monthly payment $1041.23 round it up to $1042.10 for an October payment, $1042.11 for November, $1042.12 for December etc. It makes it at least a LITTLE easier for you if/when you have to have your account audited. |
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thewretched02
Joined: 23 Jun 2009
Posts: 115
23.92 Dollars($)
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Mike Dillon
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Posted: Thu Oct 01, 2009 12:06 am Post subject:
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You're not quite there Wretch.... A "loan" is actually a minimum of two separate commodities those being the note itself and the servicing rights to that note. As I pointed out previously, notes can be sold independently of the servicing rights i.e. as long as the servicing rights stay with Company X the note can be sold literally a million times without the borrower being notified. In fact, the ONLY time a borrower needs to be notified, per Section 6 of RESPA I believe, is when the SERVICING RIGHTS to their loan are sold/assigned./transferred.
And in theory you're correct in that a borrower SHOULD be able to discover who their note holder is at any given time by a simple title search at their county registry of deeds. The problem there is that apparently very few note holders or servicers bother to adhere to whatever state RSAs may be that govern the recordation of mortgage documents. In my own case, for example, it was more than two years before the Assignments of Mortgage purporting the supposed 2001 sale of my note from Superior Bank to Merrill Lynch entities. Those Assignments were, in fact, not recorded until December 2003 - five days before I was served with a Notice of Intent to Foreclose. In fact, as long as the note holders/servicers interest aren't questioned, the only time assignments need to be recorded is when the note holder/servicer is about to initiate foreclosure proceedings in order to attempt to preserve their legal standing. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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captcharwp007
Joined: 29 Aug 2009
Posts: 31
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