sje123

Proving mortgage ownership

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I posted a note about a friend who doesn't want to file for bankruptcy and last night I presented the replies to the post here (she doesn't use a computer much).

She said she is reluctant to file for BK because she has asked BoA several times for the original paperwork and trail of mortgage securitizations etc (I'm not sure if I'm using the right terminology). BoA has stated they do not have it. She's leaving the house but doesn't want to file for BK because she is not sure the bank owns it. She doesn't want to just "give" the bank the house if they are not legally entitled to it. (I don't understand what she is saying, so excuse me if it's confusing)>

But even if the bank can't foreclose, she still owes the mortgage, correct?

Thanks all for your patience with these questions.

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Have her go to the county courthouse and look up the property records on the house. This will show who is on the title. While at the courthouse, she may want to check to see if county property taxes have been paid. If not she may be able to buy the property at a tax sale and take that route.

Have you tried to look the loan up on the Fannie Mae website?

Look Up Your Loan

The MERS website?

https://www.mers-servicerid.org/sis/

Was the loan an FHA or VA loan?

In a previous post you mentioned that she cannot even afford the utilities, so that pretty well eliminates her staying in the house rent free until the bank finally forecloses.

Long story short, if she files bankruptcy, and BofA later forecloses, she will be stuck for seven years until she can file again. Best to clear it up before bankruptcy.

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