It is a common issue that, normally people who mortgage houses are unaware of who their mortgage owner is. Many people have to work out loan modifications or refinance, but can’t find out who to contact, and mortgage servicing companies don’t assist them on this issue. A key question which arises from this issue is that don’t borrowers have the right to know who owns their mortgage? This is a really frustrating issue faced by homeowners caught up in the mortgage web.
An Advice for borrowers
This advice is for all, may it be mortgage lenders or the Government sponsored Alliance dedicated to unwind this type of mess. A soon as you think you’re headed for trouble, contact you mortgage lender immediately! And work out an alternate payment plan, by requesting your lender to move your loan to one which is on a fixed note and with a lower rate. This makes sense, the sooner you act, the less are the chances of you falling considerably behind the situation, becomes.
It is a misconception to think that lenders will not cooperate. Bear in mind that the lenders do not want you to lose your property or lose your generated income either, because the last thing they need is another property to add to their long list of unsold properties, and consequently more lost revenue.
Why there is no Assistance
In order to contact your mortgage lender means you must first figure out who owns your loan. In the fallout, some lenders simply went out of business or were divested or acquired by bigger lenders. These defaulted loans hence changed hands. As the mortgage market rains have dried up, lenders have had to lay off workers who, a few years earlier, had a hard time keeping up with the mammoth amount of new mortgages. Now, with foreclosures rising, there are fewer employees on the other end of the phone to provide assistance homeowners.
The servicer company hired to make sure the monthly payments got to the right investors never expected so many home loans go so badly. So they weren’t really set up to re-negotiate payment terms with literally thousands of borrowers. Real estate attorneys and housing counselors report that they’re also not having much luck navigating the maze of voicemail directions that lead to nowhere. Even worse, there may be no particular one owner of your loan if the original mortgage was bundled with hundreds of others and placed in a trust which was then sold off in fragmented interests to hundreds of mortgage investors.
Still, many of these type servicers do have the legal authority to work with you on a payment option that you can handle. It’s their job to maximize investors’ returns, and having you default isn’t going to help anyone. If you can get through to the servicer’s mitigation honchos, you might be able to get the conversation going.
What should be done
According to experienced real estate counselors a good option might be to get some help from a HUD-approved housing counselor or a lawyer who specializes in working with lenders and may be able to help you prevent you house from getting red taped. You should also check out the web site of the “National Foundation for Credit Counseling” to locate an office near where you live. If you can’t afford legal support, look for a non-profit organization because most of them have a lot of experience regarding housing issues, especially mortgages.
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Posted by Batool Shamim in Mortgage · 0 Comment
