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April 3, 2011 6:01 PM

Mortgage mess: Who really owns your mortgage?

By
Overtime Staff
Topics
Correspondent Candids

Do you know who really owns your mortgage? As Scott Pelley reports on "60 Minutes" this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And they're still causing problems.

As it turns out, Wall Street cut corners when it bundled homeowners' mortgages into securities that were traded from investor to investor. Now that banks are foreclosing on people, they're finding that the legal documents behind many mortgages are missing. So, what do the banks do? As Pelley explains in this video, some companies appear to be resorting to forgery and phony paperwork in what looks like a nationwide epidemic.

Even if you're not at risk of foreclosure, there could be legal ramifications for a homeowner if the chain of title has been lost. Watch the "60 Minutes" report and listen to Pelley's discussion with "60 Minutes Overtime" editor Ann Silvio about the findings of his reporting team.

Watch Scott Pelley's report.

Have you contacted your mortgage servicing company to find out whether your mortgage has been bundled and sold? Did you get a clear answer and a copy of your mortgage paperwork to back it up? Share your experience with other homeowners below.


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by ModifyMyLoan December 5, 2011 11:43 AM EST
Has anyone had any good results with "www.nationwide-propertysolutions.com"? I'm learning and getting a lot of information from all your comments and I really appreciate all your information. I'm saving my mother's home from foreclosure in the State of VA. Is there anyone going through this process with OneWestBank and Deutsch bank as the investor? Any further information would be greatly appreciated. Contact me at ModifyMyOWBLoan@gmail.com Thank You.
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by mariaclassen November 29, 2011 2:42 PM EST
*home instead of how
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by JeffSanDiego September 26, 2011 1:29 AM EDT
What amazes me are all these so called "homeowners" who've literally got not even a nickel of their own money invested in their home (ie. the purchased it for little or nothing down, or have refinanced it and borrowed out more than they ever invested in it) and now feel as though they shouldn't have to repay the money they borrowed because their bank (or loan servicer) cannot produce their original documents.

Weren't they there when they obtained the mortgage(s) in the first place? Didn't they get copies of everything at that time? Don't they recall actually borrowing the money and pledging their homes as collateral? The Mortgage (or Deed of Trust) was recorded at the County Recorder's office when the mortgage was originated, this is Public Record of the debt (and includes the notarized signatures of the borrower(s). Copies of any Mortgage (or Deed of Trust) can be obtained from the respective County Recorder's offices. How is this not sufficient evidence that a valid debt exists?

The real story here isn't that Banks should have to produce original documents that have most likely been filed away in some warehouse somewhere, but that there are tons of greedy Americans who feel that they should be allowed to live in their homes without paying anything. If you borrowed money and pledged your home as collateral, you should darned well know that the lender has a right to take your home from you if you don't make your payments as agreed. Period. Documents get misplaced all the time, but if someone lends you money, pay them back. Don't screw thy neighbor, repay thy neighbor.
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by mariaclassen November 29, 2011 2:40 PM EST
The problem is regulation of the banking industry or lack thereof. Don't blame the victims. Most people really do not understand microeconomics. Your average Joe just saw the dark clouds open up and their opportunity to realize the American dream and finally own a how after incredible inflation in the real estate market kept the prices of homes out of their reach. The ballooning prices were way out of proportion with the values of the properties. We have regulations to protect people from harm. Banking regulations used to disallow such unscrupulous dealings. Banks and realtors who knew more about this business than the average citizen took advantage of people's innocence, ignorance, optimism and TRUST.
by Nationwide-PS July 11, 2011 6:55 PM EDT
As the weeks have gone by we are doing our securitization audits for homeowners who have questions about the "robo signer" and if in fact that the "lender" who claims they own they mortgage has the right to be billing them monthly. We have revealing truths to this mortgage disaster and Nationwide Property Solutions is helping these homeowners who desperately seek a direction. The video's posted on here are great and 60 minutes did a wonderful job pointing out the violations committed. For more info go to our website "www.nationwide-ps.com".
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by newsvinesucks June 27, 2011 10:18 PM EDT
Ok. I have gone through and through this my dog ate your paperwork crap with wells fargo. (Where do they find all these low class liars?) Last week my point of contact with wells fargo said all had been turned in and it was being considered. This week I get ANOTHER paper, unsigned of course, from Wells Fargo saying I was going to fail hamp cause I hadn't submitted all the documents. I contacted my W.F. contact and she says don't worry. Be happy, the document was a mistake? They didn't tell her about it. And the new rules say they have to let her know. I have all the phone convo's recorded. SO HECK YEAH, you need me for a class action suit here it is. spankieblue@live.com
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by 1kelek June 21, 2011 1:10 PM EDT
hey boomboom59 when you and your wife gets laid off and can not find a job to pay the mortgage does not give banks and mortgage companies to commit fraud and forgery WE LIVE IN U.S. There is a U.S. CONSTITUTION and FEDERAL LAWS. But IGNORANT people like you can not comprehend what millions of people being played by these instituions. WE THE PEOPLE !!!!
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by BartCub June 3, 2011 2:09 PM EDT
Ha ha no wonder Http://www.SwimWithoutSharks.com is necessary !
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by Nationwide-PS June 1, 2011 3:22 PM EDT
Recently we have come across a list of bank lenders that have been involved in this mortgage fraud. If you have been affected by one of these banks you may be entitled to money damages! The following banks have signed consent orders with the FDIC and must produce original documents.

Contact us at info@nationwide-propertysolutions.com or visit our website "nationwide-propertysolutions.com.

Aurora Bank / Everbank / One West Bank / Sovereign Bank / JP Morgan Chase / Wells Fargo / Citi Group / Ally Financial / HSBC / PNC Financial / US Bancorp / MET Life / Sun Trust

The following banks have also been involved with fraud - Deutsche Bank / IndyMac / Bank of America / Countrywide
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by costseg May 20, 2011 4:11 PM EDT
Whether you are current or behind, have an owner occupied or investment property, a good place to start is with a Securitisation Audit to see who realy owns your note, if anyone, as some of the trusts that bought these nots no longer exist, with the lender/servicer pocketing the payment!

Then you will have a feel for how to proceed, with either Pro Se litigation, Full attourney litigation or non litigation actions that that you can take to get your principal and interest rate lowered!

Call 866-878-7820 or go to www.gethomeownerrelief.info


Read more: http://www.cbsnews.com/8601-504803_162-20049744.html?assetTypeId=41&blogId=504803&tag=contentMain;contentBody#ixzz1MvEy4pEP
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by cathymariep May 18, 2011 1:39 AM EDT
does anyone that has lost their house to foreclosure know how long that process takes. Does it depend on which lender you have? With all the foreclosures going on, how long does one have in their house not making payments? I hear of people in their homes for many months before they have to leave...
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by FA_Sacramento May 18, 2011 5:00 AM EDT
Cathy, call Pat at 916-743-3246 to find out. They work with people just like those who were on this 60 Minutes episode and give free webinars on a regular basis. They talk and teach on things that most Attorneys don't know or wont tell you.
by costseg May 20, 2011 4:20 PM EDT
Hi Cathy,

A lot depends on whether you live in a "Judicial" State, where the lenders must sue you in Court or in a Non Judicial State where as the name implies, the lender/servicer does not have to go through a court. What state do you live in?

Yes, there are people staying in there homes for months and there are home retention options but that also depends on where you live.

take a look at our site www.gethomeownerrelief.info
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