Dr Crandall Posted February 16, 2014 Report Share Posted February 16, 2014 I was behind on my payments with Penfed on a loan I took out in 2008 and they refinanced my HELOC by incorporating the closing fees and late interest into a new HELOC in May of 2010, which since it was the only loan on my property is in a first lien position. Even though they did it as a HELOC, they closed the line of credit. My balance is $85,000.00 which is the original amount refinanced. The property has lost value and is worth about $52,000.00. Since LTV is upside down I want to approach Penfed from a position of leverage and rework the loan with a lower loan amount. I am current on my payments for this HELOC so it's not like I have to hurry and do something to prevent foreclosure. I looked at the promissory note and they mention MERS once in there but there is no 18 digit MERS identification number and I can't find where this note was securitized when I entered my SS # and address on Freddie Mac and Fannie Mae websites while searching for my note. Does anybody know if lenders securitize HELOC's, and especially HELOC's that are in a 1st Lien position? I don't know if Penfed services their own loans as a credit union but if I can find out Penfed had MERS involved with this, I should be able to uncover some fraud which would give me the leverage I need to negotiate with them on lowering the balance owed. Quote Link to comment Share on other sites More sharing options...
Wins the Battle Posted February 16, 2014 Report Share Posted February 16, 2014 Have you looked at the chain of title at your courthouse? If MERS is involved, they will be listed as the lien holder, and PenFed, if at all, as the servicer. Quote Link to comment Share on other sites More sharing options...
Dr Crandall Posted February 17, 2014 Author Report Share Posted February 17, 2014 Have you looked at the chain of title at your courthouse? If MERS is involved, they will be listed as the lien holder, and PenFed, if at all, as the servicer.Nothing at the courthouse was filed involving MERS. I checked it online. Quote Link to comment Share on other sites More sharing options...
Dr Crandall Posted February 17, 2014 Author Report Share Posted February 17, 2014 In the first paragraph of the mortgage they talk about MERS but the box preceding it is not checked so it may not pertainto my situation, but it is there. It states that PENFED is the lender, not MERS, above the first paragraph. Please read andgive me your opinions please. Quote Link to comment Share on other sites More sharing options...
Wins the Battle Posted February 18, 2014 Report Share Posted February 18, 2014 The box in front of the MERS statement isn't checked. It appears that the mortgage was never sold to them. Quote Link to comment Share on other sites More sharing options...
Dr Crandall Posted February 18, 2014 Author Report Share Posted February 18, 2014 001.jpg In the first paragraph of the mortgage they talk about MERS but the box preceding it is not checked so it may not pertainto my situation, but it is there. It states that PENFED is the lender, not MERS, above the first paragraph. Please read andgive me your opinions please.I'm thinking the box has to be checked. Quote Link to comment Share on other sites More sharing options...
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