Thursday :: Nov 4, 2010

Where is the Mortgage Note?

by Oly Mike

Thanks to Empty Wheel and SEIU for putting this together.

from Empty Wheel and Firedoglake:

In the face of mounting evidence that the banks foreclosing on homes did not comply with legal requirements during securitization of mortgages and therefore don’t have legal standing to foreclose, the SEIU and some community organizations teamed together last month to create an online tool that anyone can use to ask their mortgage servicer where their note is. By helping homeowners proactively check whether their bank has the right paperwork, it gives them more power in the event of a foreclosure.

The site launched just over three weeks ago. 200,000 people have visited the website; around 15,000 have used the tool to ask their bank for their note (I’ll have a more exact number shortly).

It's pretty easy for any person with a mortgage to put their mortgage holder on notice that someone is paying attention to the possibility that the mortgage note has been lost, sliced, diced and that the chain of ownership for the entity collecting mortgage payments may be flawed.

Do you have a mortgage? Ask your mortgagor to show that they have retained an adequate record and are performing their fiduciary responsibilities.

Click here.

Oly Mike :: 8:28 AM :: Comments (1) :: Digg It!