If you pay off you home after 30 years you still may not own your home.
You may have paid off the wrong bank or mortgage processor.
When you go to sell your house you may learn that you do not have the ability to produce the necessary documents to complete the sale. The mortgage crisis, created by the bankster profiteers, now is being exposed to have consequences that go well beyond foreclosure. Hurting honest hard working Americans who struggled to make every mortgage payment only to find the legal wizards and banksters stole their legal title out from under them anyway.
Do you know who really owns your mortgage? As Scott Pelley reports on “60 Minutes” this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And the’re still causing problems.
As it turns out, Wall Street cut corners when it bundled homeowners’ mortgages into securities that were traded from investor to investor. Now that banks are foreclosing on people, they’re finding that the legal documents behind many mortgages are missing. So, what do the banks do? As Pelley explains in this video, some companies appear to be resorting to forgery and phony paperwork in what looks like a nationwide epidemic.
Even if you’re not at risk of foreclosure, there could be legal ramifications for a homeowner if the chain of title has been lost. Watch the “60 Minutes” report and listen to Pelley’s discussion with “60 Minutes Overtime” editor Ann Silvio about the findings of his reporting team.
Have you contacted your mortgage servicing company to find out whether your mortgage has been bundled and sold? Did you get a clear answer and a copy of your mortgage paperwork to back it up? Share your experience with other homeowners below.