Those wanting modifications in their mortgage are sometimes finding it difficult because ownership of the mortgage is not clear. One problem is incredibly sloppy paperwork, the other is the labyrinth of packaged mortgages that have been sliced and diced into tranches, then sold, sometimes repeatedly.
OK, you tell me, are servicers really this incompetent, or is this a design feature. or an unholy mix of the two? You don’t see this inability to trace transactions in checking accounts or credit cards.
That’s why I love my locally-owned community bank: they loan it, they own it. It really IS possible to live without entanglements with the Red Market– even with a mortgage (now paid off) and credit cards.
About the only Red Market company I do business with is my cell phone carrier. Even my internet provider is locally-owned.
Don’t blame the banks for this one. Banks get their vesting info from Title Companies, which pull the last ownership transfer deed from the County Recorder. Most County Recorders don’t even look at what they are recording and apparently neither do the customers or others involved in the transaction. I have seen some of the most screwed up vestings because people didn’t read what they were signing and notarizing before it went off to the county to record. I have seen people vested as both the husband and wife and their wife not vested at all. People who put their property in a trust but put the wrong trust name on the transfer deed, or try to have the property in several people or trust names but don’t put what percent belongs to whom. There are people who own Torrens properties and then don’t record their marriages or trusts or they record abstract instead which you can’t do with a Torrens property. I saw one instance where the people trying to get a refi, didn’t even own the property they were paying for because the original Title Co. did not record the property transfer or mortgage deeds in Torrens. You name it, I have seen it.