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Originally Posted by missy428  Ok so dumb question......IndyMac is my 'servicer' but i know my loan is owned by Fannie Mae........
I've long felt i should be dealing with F.Mae as they actually HOLD the loan/note.....but i've been doing what everyone else has been and working with our mortgage 'provider' *cough choke*.......
What does 'securitized' mean???? |
Missy428
What I mean by that is that my loan was sold with many more loans to the Wall Street buyers as a block of homes that secured a repayment to the buyer. The buyer made a loan of money to the banks with the homes as a guarantee on the loan + an intererest rate which was the monthly payments minus a handling fee by the banks for collecting the monthly payments for the block of homes. But these blocks of homes were then partially combined with other blocks and resold to new investors as diversified bundles of homes. And this was repeated. So no one really knows who owns the property and if the banks/mortgage companies are taken to court who will show up and claim they own the property. The banks are just a processor of the mortgage payments, it could be any company or person who does that job and they don't have any ownership in the homes.
By contesting who owns the property so you can negotiate with them a mortgage modification; if no one can show they own the property, have to go to court to force the owner to appear, then you can get the mortgage voided if they can't show up and prove it. Takes legal work and will cost money to do this. This is one path to take on a mortgage.
This is the most likely path that could lead to a Class Action Suit. Wish this was taken on by a large legal firm. There would be lot of people with this situation, and these loans have not been bought by the government yet.
The better way is to find errors and go after fraud or other violations of the law by the lender or those who represented the lender, do a forensic audit after the bank sends you all the docuemnts they are legally required to send to you when you ask for them in a QWR letter, see Moe's e-book. This may lead to the judge to force a cram down judgement or your lender proposes a mortgage modification or you may find the mortgage is voided as well. This takes less time and is also a legal path to take. This is more damaging to the lender but not so likely it can lead to a Class Action suit. Every loan may be different.
TNT101