MyRecst Blog is for consumers to view and post comments about what is happening to them and what can be done concerning the Mortgage Crisis. MyRecast brings you knowledge daily on the latest solutions. EXAMPLE: State Attorney Generals are now getting involved.
Lenders are required to keep the original note signed at closing. A title company will forward the notarized note to the lender. This is the document that determines who has the rights to the collateral. In today’s topsy-turvy market of lenders selling loans and sending to new servicers to collect payments and manage escrow account people sometime wonder if and who has there loan! A recent Ohio case involving Deutsche Bank/MortgageIT a representative for a group claiming the lender did not have the right to foreclose on the properties was awarded a stave until the lender produced the original NOTE to prove ownership of the collateral. Six months later the lender has yet to produce the documents required by the judge to proceed. My Recast Mortgage Auditing will request and all documents including the NOTE. If in fact the NOTE in not in the file our auditors will add to the summary of finding the suggestions and recommendation about what can be done and how. Currently about 50% of the Sub-Prime files audited do not have the correct NOTE.
MyRecast is a web-based system allowing consumers, non-profit attorneys and auditors to request and monitor the status of a consumers loan file during the auditing process. The Myrecast System allows the parties to better communicate during the mortgage file auditing process.
1 comment:
Lenders are required to keep
the original note signed at closing. A title company will forward the notarized
note to the lender. This is the document that determines who has the rights to
the collateral.
In today’s topsy-turvy market of lenders selling loans and sending to new
servicers to collect payments and manage escrow account people sometime wonder
if and who has there loan!
A recent Ohio case involving Deutsche Bank/MortgageIT a representative for a group claiming the lender did
not have the right to foreclose on the
properties was awarded a stave until the lender produced the original NOTE to
prove ownership of the collateral. Six months later the lender has yet to
produce the documents required by the judge to proceed.
My Recast Mortgage Auditing will request
and all documents including the NOTE. If in fact the NOTE in not in the file our
auditors will add to the summary of finding the suggestions and recommendation
about what can be done and how. Currently about 50% of the Sub-Prime files
audited do not have the correct NOTE.
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