It’s a borrower’s dream: the bank can’t find your mortgage paperwork, so it can’t prove its ownership of your home. As a result, a judge orders that the debt the bank claims you owe is erased, and the house is yours. That’s right: the mortgage debt disappeared, via a court order. …

What are RESPA violations?

When any payment has been made or received for anything considered of value in exchanges for a referral of a settlement service in the real estate deal, the person doing so is violating the RESPA. This means if one company provides gifts or services for a referral, they are usually in violation.

Can I hand my house back to the mortgage company?

If you can’t pay your mortgage, don’t just: hand the keys back to your mortgage lender – this is called voluntary repossession and should be a last resort. wait until you get evicted – your lender could take you to court to repossess your home.

Why did my mortgage disappear from credit report?

There are a few reasons why your mortgage might be missing from your credit report, including the absence of your name on the mortgage documents, your lender choosing not to report to all of the credit bureaus, restrictive reporting rules in the case of nontraditional loan types, and errors in the loan papers.

What happens if a mortgage note is lost?

If a foreclosure situation arises, and the note can not be produced, mortgage lenders will try to establish ownership by filing a court motion invoking a law called “re-establishment of the note”. In this document, they actually admit the note was lost and they ask the court to re-instate the note in the name of the current lender.

What happens if a mortgage company loses a deed of trust?

Obtaining Copies. If a mortgage company or trustee has lost a deed of trust, it can apply for a copy of the deed from the clerk of court where the deed was recorded. A land records office will hold a copy of the original, along with supporting documents such as a copy of the promissory note. The rules on this procedure vary by jurisdiction,…

Is it possible to lose documentation on a mortgage?

In the last few years, there have been numerous mergers and acquisitions between the major mortgage lenders and banks. Despite the high tech record keeping, often the documentation and paperwork on sold or acquired mortgage loans has been lost.

How to deal with your mortgage lender after losing your job?

Because of the high number of financially distressed homeowners flooding their mortgage lenders’ loss mitigation departments, dealing with these lenders can be challenging. Borrowers must be persistent and organized when dealing with their lender after losing their job.