You are entitled to know who owns your mortgage. Why does it matter?
- You might have certain legal rights that require you to send notice to the note owner before you can try to enforce those rights. If you don't know who owns your mortgage, you can't send the notice to the right people;
- Your servicing company might be guilty of wrongdoing. As the agent of the mortgage owner, that might make the mortgage owner liable, also. You need to know who that is.
- Short sales and loan modification negotiations should be conducted differently depending on who owns your mortgage. If Wells Fargo itself owns your mortgage, you have much more flexibility in designing a solution than if a securitized trust owns your mortgage.
- Many hundreds of millions of dollars of loans were double and triple sold. I don't mean sold, and then sold again, and then sold again. I mean the same note sold to three different companies at the same time. Fraud, in other words. That creates a real nightmare regarding your rights and remedies. How can you sort it all out if you don't know who is even claiming to own your mortgage?
- There are lots of other reasons, too many to keep listing here.
- Any actual damages you have suffered, PLUS
- Twice the amount of any finance charge in connection with the transaction up to a maximum of $4,000, PLUS
- Reasonable attorneys' fees and court costs.
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- Tags: Banks and Other Lenders, Foreclosures, Loan Modification, loan ownership, mortgage ownership, qwr, Short Sales