who owns our mortgage

[momcat1]

What is the name of your state? NY

In 2005 we refinanced through Mortgage Lenders Network, who went bankrupt in early 2007. During 2007 our mortgage was passed through 2 different servicers, who both told me they service the mortgage only, although they both demanded to be named as lienholders on my insurance policy. In light of the recent economic events, I would really like to know who actually owns the mortgage at this point? How would I go about finding this out, since the current servicer is not in good shape financially either. And no, this was not a sub-prime. I'd just like to get my ducks in a row, before we get to the point where we sell and have to pay someone off. Feeling very uneasy about this servicing game. MLN no longer exists.What is the name of your state?

[Grandma's house]

Oh don't worry,when you go to refinance or sell (in your case) you won't be paying off anyone because YOU do not own the house nor are you the one writing the check to pay off the existing lender. The new lender o fthe buyer's will be doing this through the title co. as they will be securing their position accurately. The reason you pay for title insurance is to insure that the proper place gets paid off and the new lender will be placed properly in 1st position. By the way, who is your real lender? Wall Street in the end. You think we have problems with foreclosures and issues today? Just wait another 12 mos. What we are seeing is only a sliver of what is going to occur. Hang on to your wallets and don't bother buying anything today, sell your house (if you can) bank the money and rent and watch...that 200k house you are thinking of buying today will be worth 100k in 12 mos. We are getting appraisals done 1+ yr. ago of 357k and now they are 250k I kid you not and they are BOTH accurate appraisals...I've been in this biz. #27 yrs. and have never seen anything like this. CitiMortgage is taking in #700 a day into loss mitigation (beginning foreclosure) and actually now re-writing the mortgages to as low as 2 or 3% to keep them from foreclosure to help the existing owners. They have no choice or they will end up with all of these loans.

I Hope this takes the weight off your shoulders of worrying. When you close your loan just review your H.U.D. Settlement Disclosure telling you where all the funds are going and the real lender will be revealed. It's not the lender you need to worry about. It is the title co. to get it correct. They will so don't fret.

[FlyingRon]

Why would you go to a subprime lender like MLN if it wasn't subprime? While your situation may not be, you are caught up in that mess.

Notes get sold all the time. Usually you do not have to worry about it.

MLN is still in business, just chapter 11. The transfer of any of it's assets (your mortgage is one) must be approved by the court/trustee. It's possible it may have been or will be sold. Who services it is largely immaterial. Generally you do get a notice when your note is sold.

I can't understand what Grandma is trying to say. Her idea of ownership and what title insurance covers is cloudy.

[momcat1]

Oh yeah, it's clear as mud! To start off with the title company, we just got finished last year clearing up something that 'can never happen with the title company's mistake last year. Took close to 6 months and a smart lawyer cause of all the mergers in the title company since we purchased. You can see it all in one of my other threads. Basically, they did not do what they were supposed to, and the County Records office split our property in two, and claimed we only owned half of it. That's what we get for hiring trusted professionals.

Second, MLN offered us an employee perk through my husband's employer. When I interviewed them, they were offering a far better rate, and also included a 'no sell' clause in the closing documents. The point of the refi was to reduce our rate.

Third, even if our home were to depreciate that badly, our mortgage plus the other costs that go with it are far lower than even the crummiest rent here. We could not afford to rent and stay anywhere within a hundred miles of where we live, probably farther. Since we have to work, that's just not feasible.

If I don't anticipate selling in the next couple of years, wouldn't it make more sense to ride it out?

[seniorjudge]

Q: If I don't anticipate selling in the next couple of years, wouldn't it make more sense to ride it out?

A: Yes.

[Cedrus]

I'm curious. To whom does the monthly mortgage payment check go?

Have you ever received a monthly or yearly recap of principal paid and interest paid? Who sent it to you?

[momcat1]

Originally Posted by Cedrus

I'm curious. To whom does the monthly mortgage payment check go?

Have you ever received a monthly or yearly recap of principal paid and interest paid? Who sent it to you?

The monthly payment goes to whomever is the current servicer. That has changed 3 times in a year's time. The recap statements comes from evry company who serviced it during the prior year, and before you ask, no they don't add up.

Why would anyone think it's OK to just ASSUME everything's going to be OK? If they can't even keep their stories straight, I have good reason to be concerned. Just not enough to go through the expense of another refi to extricate myself from this, and then find out I jumped into another boiling pot of water!

[VeronicaLodge]

can i just say, i'm so glad grandmas house is gone!

[LindaP777]

This thread is six months old. Let's let it die a peaceful death . . .