Who owns your mortgage?

[Dredly]

Just saw this on Glenn Beck

The latest trend in foreclosures is people who are in foreclosure requesting / forcing a discovery to determine WHO actually owns all the pieces of the mortgage. This piecing off of loans is due to mortgage companies selling off the loans in bits and pieces to random other companies through packaged investment deals.

Without having all the owners of the mortgage on the same page a foreclosure can be stalled indefinitely until they are all on the same page and figure out who owes what... the delay can be huge as many companies have no idea who owns what and other pieces may have been sold dozens of times since the mortgage was first opened.

Pretty intresting... responsibility finally getting back to the banks

[mikepro8]

Saw this on good morning america.... the three magic words are "produce the note." It would take most banks literally MONTHS to find the original lend note which they need to enforce a forclosure proceeding.