Great site: Demand to see your Mortgage Note

[swag]

http://action.seiu.org/page/speakout/wheresthenote

The Wall Street banks’ foreclosure system is a mess. Their total disregard for mortgage laws and standards is what created the foreclosure epidemic in the first place. Now, their total mismanagement is catching up to them. As of today, some of the largest mortgage lenders – JPMorgan Chase, Bank of America, and GMAC (now called Ally) – have been forced to halt foreclosures in 23 states and growing. We can’t rely on Wall Street banks to follow basic rules. We have to hold them accountable. At very least, they must provide the mortgage notes.

What’s a mortgage note?

A mortgage note is the document you signed when you purchased your home loan. Mortgages contain lots of paperwork – but only the original mortgage note with your signature is proof that you owe the debt. That’s why banks need the note to prove that they own the loan and can collect payments from you. The problem is, banks now buy and sell mortgages up and down Wall Street – slicing them up and repackaging them to sell to other banks. The bank you bought your mortgage from two years ago may not be the bank that owns it today. But, in all the shuffle, the mortgage notes often don’t get transferred along with your debt.When Wall Street banks securitized, packaged, sold, and resold our mortgages, they created a system where it is often impossible to figure out who actually owns mortgage notes and therefore has the authority to foreclose on properties. But the big banks are getting tangled up in their own web. Recent events have exposed a handful of banks that are throwing families out of their homes even though they don’t have the mortgage note that proves they actually have a legal right to do so. There have been instances of two banks trying to foreclose on the same home, and in at least one case, of a bank trying to foreclose on a house where the homeowner had never even taken out a mortgage with anyone in the first place.

Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool.

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[SmileyRose]

1. mine was called a PROMISSORY NOTE

and no longer exists. Countrywide, of all places, mailed it to me when we paid off our house. I we had the traditional ceremonial burning.

[proud patriot]

2. kick

[DJ13]

3. Another kick

[lunatica]

4. Thanks for the link!

I had sent GMAC a letter at the beginning of the month but I sent them the email form the link too. In the letter I didn't think to give them a time limit.

I bet they're sweating bullets now. I hope this destroys them. Literally. They got too clever for their own good.

[Bitwit1234]

5. I have a friend that had a problem with a mort age company

He sold his house and the buyer's mortgage paid off the balance of the loan, he got the part that was excess and the escrow account was to pay off the loan. Now he was the only owner of the house. It was built in a community and he bought it new. He took his money and paid off the builder who had constructed his new house in another county.

After he had been in his new house for about 8 months he got a letter from his old mortgage company that they were suing him because he hadn't paid off his old loan. The escrow company had taken the money and ran. The said it didn't matter that the loan had been paid off and given to the escrow company and their lawyer, he was responsible. he did not choose the escrow company and their lawyer, the buyer did. So he had to go to court and spend thousands of dollars to straighten out a matter he had no control over. He didn't get the money and he didn't choose the escrow company. I think that was terrible since he has signed off on the loan when the new mortgage paid it off he shouldn't have been responsible it should had been the escrow account. Come to find out this company had 16 other accounts they had screwed people out of but they continued to let them do business.

[dixiegrrrrl]

6. Now that I know about this mess,

if and when we get to pay off our mortgage OR sell the house, I will be using a real estate lawyer
and that fee will be included in the price of a sale.
There simply is not any other option.