Here’s What You Can Do: Demand Your Mortgage Note
By Mac Slavo
Several weeks ago, before the mortgage foreclosure mess went mainstream, we alerted our readers to serious problems in the electronic mortgage transfer systems. Because of these electronic systems it is difficult, if not impossible, for banks and mortgage service companies to determine the rightful owner of the note and which company is legally allowed to service the mortgage payments.
Since then, we’ve seen GMAC, Bank of America, and a host of other banks cease foreclosures across the country under pressure from various Attorneys General.
The question on the minds of Americans who are in foreclosure, delinquent on payments, or are making payments but not sure if they are paying the right company is: Do I have to keep paying, and if I don’t will they take my house?
The first thing you’ll need to determine, with the assistance of your mortgage lender and mortgage servicing company is whether or not they have an original copy of the mortgage note, as well as the proper documentation (servicing agreement) from the service company.