One problem for homeowners with Michigan foreclosure law is that mortgage companies can foreclose without going to court, by publication in the Legal News.
In Florida and other states, foreclosure must be done through the state courts.
This allows homeowners to force the mortgage company trying to take away the home, to prove that it actually has the right to take the home.
My friend Chip Parker helped pioneer this tactic, often called produce the note.
Well, guess what? The mortgage companies don’t think this is fair!
Why, the Republic would fail without our wonderful mortgage industry!
They have to buy and sell these things, and package them and leverage them, so they could bring the world economy to the brink of another Depression and get untold billions in bailout money from us taxpayers.
The Florida Supreme Court studied the produce the note issue, and came up with rules that force the company lawyers to attest that their client owns the note, and imposing sanctions if it turns out they don’t.
Well, it would be good to know this information BEFORE any foreclosure process starts.
How do you find out who owns your mortgage?
John Rao has written up suggested methods, repeated in a post by Katie Porter in the Credit Slips blog titled: How To Find the Owner of Your Mortgage.
RESPA letters, which I have posted on before, are one method.
You can check the official records of the register of deeds for the County in which your home is located, but, it may not be there, as assignments of your mortgage do not have to be recorded.
The Helping Families Save Their Home Act of last year requires notices to be sent to you when your mortgage is sold.
The more facts you have, the easier it will be to deal with the company.
You can send a RESPA letter anytime; it does not cost much.
And keep a file with everything you get from your mortgage company.
You never know when you might need it.
Who Owns My Mortgage?
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