Same question as, Who Holds the Note?
There are plenty of papers you sign when you get a mortgage.
The last couple of decades, that mortgage is likely to have been sold and re-sold.
So, now the foreclosure process begins, and the mortgage company tries to take your house away for not paying them.
Except, the mortgage company that is foreclosing, may not actually hold the mortgage that is the lien on your house.
This issue has to be raised in a court to defend or prevent a foreclosure sale, so it is a hot one in judicial foreclosure states, that is, states that require mortgage companies to go through a court in order to foreclose.
Michigan is not one of those states.
Jacksonville, Florida, attorneys have been leaders in developing the legal arguments used in defending foreclosure lawsuits there.
This article details some of the amazing stunts mortgage companies are using to get around requirements imposed by state law on holding the note.
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