Home Loans and Support

Please help me to understand...so confused

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by takeninmichigan, Oct 9, 2012.

  1. takeninmichigan

    takeninmichigan LoanSafe Member

    Hi-
    I had a home loan that was done through countrywide. The broker fed me to them. Anyway, my mortgage note says America's Wholesale Lender, but the recorded mortgage says America's Wholesale Lender a corporation. Why are the two different? Will this pose a problem for me?

    I actually was able to view the actual note online through my bank of america online account.

    Do you think that my mortgage is one of those "crazy ones" we've been hearing about? Unsecured through securititzation failure?

    I've looked to find out what trust my mortgage is in but I can't find it. I called B of A, but they wont tell me. They act as if they have no idea what I am talking about.

    I tried to find out about a harp2 loan and they told me I don't qualify because I didn't reaffirm the mortgage during our bankruptcy. I called them back however, and they tried telling me to call a certain number and reaffirm the debt and THEN they could do a harp2 loan but they wouldn't tell me the terms of what i'd be looking at. I felt like maybe they were just trying to get me to reaffirm so they could turn around and tell me I didn't qualify for a harp2 and then they'd have me personally liable for this crazy 80/20(20 has a 15 year baloon payment almost the same amount that I borrowed and is at 10.125%)......

    Does anyone have any idea what I should do? Aren't the mortgage notes and the note itself supposed to have the same exact lender name on it??
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    For a HARP refinance your loan would have to be backed by either Fannie Mae or Freddie Mac. Do you know if your loan is backed by either? You can check here;

    For Fannie Mae: 1-800-7FANNIE (8am to 8pm EST)
    www.FannieMae.com/loanlookup

    For Freddie Mac:
    1-800-FREDDIE (8am to 8pm EST)
    www.FreddieMac.com/mymortgage
  3. takeninmichigan

    takeninmichigan LoanSafe Member

    yes, the first is by fannie mae. The second is not eligible... it is held by bank of NY melon and supposedly I am supposed to get an "interest reduction" but they still haven't contacted me.... (interest reduction due to the national mortgage settlement).
  4. takeninmichigan

    takeninmichigan LoanSafe Member

    It was originally countrywide and then they sold the loan to fannie mae..... you know, their whole little scheme that was going on (we did our mortgage March 16, 2007)
  5. takeninmichigan

    takeninmichigan LoanSafe Member

    Why would my mortgage note and mortgage state that one is a corporation while the other doesn't state this? Does this sound right?
  6. Cat Damiano

    Cat Damiano Mortgage Wars

    You wouldn't be eligible under the National Mortgage Settlement as it does not apply to GSE backed loans.

    If your loan is not owned by Bank of America, it will not be eligible for the program. Freddie Mac, Fannie Mae, the Federal Housing Administration (FHA) and the Veterans Administration (VA) are not participating in the programs provided under the settlement.
  7. takeninmichigan

    takeninmichigan LoanSafe Member

    I know, my loan was split 80/20. The first is with fannie which offers the harp2. The second is eligable for the interest rate reduction per bank of America because it is not held by fannie mae, but by investors of the Bank of New York Mellon.

    However, I have concerns because the mortgage note says America's wholesale Lender. And the recorded mortgage says America's wholesale lender a corporation. Shouldn't the lender be written the same on both the note and the recorded mortgage? Or maybe I am confused?
  8. Cat Damiano

    Cat Damiano Mortgage Wars

    The lender on the note would be who initially gave you the loan and really has no bearing currently, alot of those lenders back then are now defunct.
  9. takeninmichigan

    takeninmichigan LoanSafe Member

    Then if this is who I pay my mortgage to.... and they are no longer the same entity, who do I owe the money to? I don't understand. I have a mortgage owed and a note that I signed and the lender no longer exists? So what happens then?
  10. Cat Damiano

    Cat Damiano Mortgage Wars

    The one you pay your mortgage payment to is the servicer of the loan, who do you pay the payments to? AWL was a trade name under Countrywide, if you google it you will get information in regards to that. I am not sure what you are trying to figure out here. If the loan is backed by Fannie Mae, then:


    You may be eligible for HARP if you meet all of the following criteria:
    · The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. If you’re not sure go here.
    · The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
    · The mortgage has not already been refinanced under the HARP Program.
    · The current loan-to-value (LTV) ratio must be greater than 80%.
    · The borrower must be current on the mortgage, with no late payments in the past six months and no more than one late payment in the past 12 months.


    If that is what you are trying to achieve, have you applied yet?
  11. takeninmichigan

    takeninmichigan LoanSafe Member

    Yes. That somewhat answers my question. I think I just need to understand the whole mortgage note deal. I was confused as to who it is I owe the debt to. The only recording in the record of deeds say's America's Wholesale Lender. I understand that this was a trade name, what I don't understand is why it is that when the mortgage was sold, I was not then told who my new lender is.

    Without knowing this, I don't even want to attempt to get to the bottom of the issues related to my mortgage... like the fact it is upside down because they used their own appraisal company and led me to believe the home was worth more and that I could refinance out of the horrible terms. The more I am reading, the more sick I feel.

    NOW I am starting to understand why it is that a lady at Bank of America whom was talking to me about an affirmation agreement prior to my discharge told me I may never hold the note. How can they ever release the note after I pay the mortgage off if the owner of the note does not exist? Oh brother!
  12. Cat Damiano

    Cat Damiano Mortgage Wars

    Mortgage notes get bought and sold in pools to investors as mortgage backed securities, this isn't something that is of concern to a homeowner. The only thing that you would get notified on is when the servicing of your loan changes as to who you would need to make payments to. The investors hire the servicers to service the loans for them.

    Keep in mind that if you do refinance the loan, it will be reaffirming the debt.

    To understand what happens with the mortgage notes you need to understand mortgage backed securities;

    The process of securitization is complicated, and is highly dependent on the jurisdiction within which the process is conducted. The basics are:

    1. Mortgage loans (mortgage notes) are purchased from banks and other lenders, and possibly assigned to a special purpose vehicle (SPV)
    2. The purchaser or assignee assembles these loans into collections, or "pools"
    3. The purchaser or assignee securitizes the pools by issuing mortgage-backed securities
    While a residential mortgage-backed security (RMBS) is secured by single-family or two to four family real estate, a commercial mortgage-backed security (CMBS) is secured by commercial and multifamily properties, such as apartment buildings, retail or office properties, hotels, schools, industrial properties and other commercial sites. A CMBS is usually structured as a different type of security than an RMBS.
    These securitization trusts include government-sponsored enterprises and private entities which may offer credit enhancement features to mitigate the risk of prepayment and default associated with these mortgages. Since residential mortgages in the United States have the option to pay more than the required monthly payment (curtailment) or to pay off the loan in its entirety (prepayment), the monthly cash flow of an MBS is not known in advance, and therefore presents risk to MBS investors.
    In the United States, the most common securitization trusts are Fannie Mae and Freddie Mac, U.S. government-sponsored enterprises. Ginnie Mae, a U.S. government-sponsored enterprise backed by the full faith and credit of the U.S. government, guarantees its investors receive timely payments, but buys limited numbers of mortgage notes. Some private institutions also securitize mortgages, known as "private-label" mortgage securities.[SUP][1][/SUP][SUP][2][/SUP] Issuances of private-label mortgage-backed securities increased dramatically from 2001 to 2007, and then ended abruptly in 2008 when real estate markets began to falter.[SUP][3][/SUP]

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