Foreclosure Fraud: Does Your Lender Know Who Owns Your Note?

Image via Wikipedia

Foreclosure Fraud: Where's The Original Note?Who owns your house? Who owns the original note to your property? Seems like an easy question. Until a few weeks ago we would have answered with confidence, "my bank, where I make my payments".

Now we know that no one knows the answer not even the banks. The answer is there. But it would take some time to research and find the documents.

During the boom days of 2005 through about July of 2007, all the players in the housing market made tons of money. Mortgages were originated, the sold, the bundled with other mortgages, and resold. How many times the mortgages were resold is anyone's guess. MERS was utilized to process the amount of volume that was coming down the pipeline.

Now that the housing market is bust, bank want to foreclose and get the properties off their books. But there is a big problem. They do not have the legal authority to foreclose. They do not have the original document or note.

Homeowners are fighting back. Sure they owe the money. But this is a country of laws and we expect that the banks will do things legally. We come to find out that as far as the banks are concerned, the law takes a back seat. Profit is in the driver's seat. Homeowners are crying "show me the mortgage note".Until the foreclosure is done legally the homeowners has the right to remain in the house.

Related articles by House Refinance Center

Aftermath Of Foreclosure - Taxes
HARP Mortgages
FHA Short Refinance
Hope For Homeowners (H4H)

Related articles

• Richard (RJ) Eskow: Getting Medieval On Your Assets: Four Reasons Foreclosure Fraud Really, Really Matters (huffingtonpost.com)
• Ray Brescia: Strong Medicine: The Long-Term Health of the Housing Market Requires a National Foreclosure Moratorium (huffingtonpost.com)