|Posted by Percy A Lowe on March 26, 2013 at 7:30 AM|
You can try to find out who owns your mortgage by making a request authorized by section 1641(f)(2) of the Federal Truth in Lending Act to your loan servicer. The problem is the loan servicer in many cases won't tell you or worse yet, doesn't have a clue. More specifically, the act states, "Upon the request of the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address and telephone number of the owner of the obligation or the master servicer of the obligation." Additionally, the Helping Families Save Their Homes Act of 2009 amended the Truth in Lending Act to provide a remedy for non-compliance of such a request whereby borrowers can recover actual damages, statutory damages, costs and fees.
Being educated with the proper information relative to the true ownership of your home loan is very important should you decide to try to negotiate a loan modification, short sale, deed in lieu or some other form debt relief or foreclosure prevention. Additionally, this is a major issue upon paying off your mortgage in order to get the title to the house. You must know who has the obligation to provide you that title, and to ensure the title can be legally transferred.
In this case, you need to do your home work. I like to address something here that a lot of people attend. That is First time home buyers seminars. Make sure you address this question to them about your mortgage. But everyone there is selling you a home without education. Because they all in the business of making money now I’m blowing the whistle on the devil.
Categories: Mortgage Advisory