How To Find Out Who Owns A Mortgage

Pay A Visit To The Library

Your local library may also grant free access to public databases on their computers. Plus, the staff are prepared to direct patrons to reference materials related to property sales and ownership. If the home or building in question was sold a long time ago, your local librarian may be able to dig up physical records that are harder to come by.

How Much Does It Cost To Transfer A Deed In Tn

Tennessee has a lot of Deed Transfer Taxes and Documentary Stamps available. As of today, a deed transfer tax of $0.37 per every hundred dollars of consideration is in effect.

Yes, You Can Gift A House In Tennessee

Can you gift a house in Tennessee? Tennessee has a house gift law that allows you to give a house as a gift. All you need is a valid deed and a copy of the AP1 form issued by the Land Registry. If the transaction is worth more than £40,000, a stamp duty land tax certificate may also be required.

How To Find Out Who Owns Land You Want

The previous tips will work great for those who have their eye on a dream home, but what if you stumble upon your dream plot of land? An empty land parcel likely won’t have its address displayed, and you may not have the option to knock on the current owner’s door or leave a message in their mailbox.

That doesnt make it impossible to find the owner, though. Take a look at these methods for finding out the owner of a piece of land.

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Who Owns My Mortgage

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In a Nutshell

Itâs likely that your home loan has been sold several times to different parties since you first got it. Itâs also likely that the new servicer is not the same as the mortgage lender. Tracking down your mortgage lender and mortgage servicer can be difficult but there are resources you can use to help you uncover this important information. Read more to learn about some of these resources.

Written byAttorney Eric Hansen.

• Letâs Summarize…

You may have done scavenger hunts when you were a kid or with your kids to keep them busy. Finding out who owns your mortgage can feel a lot like a way less fun scavenger hunt for adults. Even the prize is less fun: Once you find the answer, youâre the one writing the check. Itâs not much of a prize.

Itâs likely that your home loan has been sold several times to different parties since you first got it. Itâs also likely that the new servicer is not the same as the mortgage lender. Tracking down your mortgage lender and mortgage servicer can be difficult but there are resources you can use to help you uncover this important information.

Key Points About Mortgage Lenders

• Many mortgage lenders charge a fee for their services.

• Retail lenders provide mortgages directly to consumers.

• Direct lenders originate their own loans, either with their own funds or borrowing them elsewhere.

• Portfolio lenders fund borrowers loans with their own money.

• Wholesale lenders dont work directly with consumers, but originate, fund, and sometimes service loans.

• Correspondent lenders are the initial lender making the loan and might even service the loan.

• Warehouse lenders help other mortgage lenders fund their own loans by offering short-term funding.

• Hard money lenders, usually private companies or individuals with significant cash reserves, are often the choice for those who want to flip a home after a quick renovation.

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To Make Sure Your Servicer Gives You Accurate Information About Loss Mitigation Options

Different backers offer various loss mitigation options to borrowers. Your options often depend on what entity, like FHA, VA, USDA, Fannie Mae, or Freddie Mac, owns or guarantees your loan, and you probably have choices. For example, you can get a CARES Act forbearance if you have a federally backed loan, such as an FHA, VA, USDA, Fannie Mae, or Freddie Mac loan. Different investors offer various foreclosure alternatives, too.

But servicers don’t always give accurate information when telling you about what foreclosure alternatives are available. So, you need to know who owns or guarantees your loan to know what options might be available to you. Learn what options are generally offered for your type of loan and be ready to ask your loan servicer about them.

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How Do I Know Who Owns My Mortgage

As a homeowner, there are several reasons you may need to know who owns, backs, or services your mortgage loan. Finding out who owns your mortgage isnt always straightforward. Throughout the life of your mortgage, your loan may have been sold multiple times, and the company you currently send your mortgage payments to every month may not necessarily be the owner of the mortgage.

Continue reading to learn how you can find out who owns your mortgage and why you may find this information helpful.

You May Have More Than One Servicer: How To Find Out

If you have loans with more than one servicer, you will need to make a payment to each. If youre not sure which servicers have your loans, go to StudentAid.gov and log in with your FSA ID, or call the Federal Student Aid Information Center at 800.433.3243.

Its your responsibility to be aware of the number of student loans that have been taken out in your name, the amount owed, the timing of repayment, and where to send payments. If you make two or more monthly student loan payments, it may be wise to consider consolidating them into one loan.

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Property Tax Bill Lookup

In order to lookup your property tax bill, you will need to visit your local county assessors office. You will need to bring a photo ID and your propertys address in order to lookup your bill. Once you have located your bill, you will be able to see how much is owed in property taxes. If you have any questions, you can ask a staff member at the assessors office for help.

Who Are The Top Mortgage Loan Servicers

Some mortgage loan servicers maintain better relationships with their customers than others.

J.D. Powers Mortgage Servicer satisfaction study asks homeowners what they think of their mortgage servicers in five areas: communication, customer interaction, billing and payment process, and escrow account administration.

Here are the 15 servicers that came out on top for satisfaction .

Top mortgage servicing companies for 2021

1Top 15 mortgage servicing companies according to J.D. Powers 2020 U.S. Primary Mortgage Servicer Satisfaction Study. See the full report here

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Is Tennessee A Tax Lien Or Tax Deed State

Tennessee is a state with redeemable deeds, which are a hybrid of tax liens and tax deeds. When you bid on a redeemable deed auction, like you would on a tax deed auction, you are bidding on the deed to the property, but you do not immediately own it.

Two-year Redemption Period In Tennessee After Foreclosure Sale

In Tennessee, the redemption period after a bank foreclosure sale lasts two years. In other words, the borrower has two years to redeem the home unless the mortgage or deed of trust specifically waives this right, the right of redemption cannot be granted. This period appears frequently in mortgage or deeds of trust documents, and it is critical to be aware of whether it is necessary to protect your rights.

Why Do Lenders Sell Mortgages

As we mentioned above, lenders are the entities that finance your loan. This means that they lay out the funds you need in order to purchase your home. However, lenders only have so much money that they can lend once theyve spent it all, they need to recoup some in order to continue issuing new loans.

On the one hand, selling your loan clears their debt and allows them to extend more on new loans. On the other hand, they may choose to sell your loan to raise funds selling your loan guarantees immediate cash, whereas their investment in your loan can take 15 to 30 years to recoup.

Mortgage investors buy loans on the secondary market. Government-sponsored entities, such as Fannie Mae and Freddie Mac, will purchase conforming mortgagesthe types of mortgages that meet their standards.

When a lender sells your loan, your servicer might not actually change. Although lenders are required to give you notice of the sale within 30 days, the actual loan changing hands does not necessarily affect the servicer. This is true even if your lender also acts as your servicer they may opt to sell the mortgage and retain the right to service it.

Servicers, meanwhile, may not own your mortgage. As we mentioned before, they are the consumer-facing company with whom you interact. Companies may choose to sell servicing rights because maintaining mortgage services can be both costly and time-consuming.

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How To Find Out Who Holds The Mortgage On A House

• How to Get a Loan for a House Without a Co-signer

Finding out who holds the mortgage on a home is helpful for owners who are facing financial difficulties and want to avoid foreclosure, as well as home buyers looking to purchase a home before it gets foreclosed. If you are the property owner, you are entitled to the information. Prospective purchasers may use public resources and the help of professionals to get these details.

References

How Do I Find Out Who Owns My Mortgage

Homeowners who are having trouble with their mortgages seem to get the same advice wherever they turn: at the first sign of trouble, call your lenders and see if you can work out a payment plan. But that means figuring out who owns your mortgage which is not as easy as it looks.

I have been trying unsuccessfully to find out who owns my mortgage but the servicing company just gives me a run around. Don’t I have a right to know who owns my mortgage? I need to work out a loan modification but can’t find out who to call and the servicing company isn’t helping. J. W., Chesapeake City, Md.

Of the many nightmares facing homeowners caught up in the mortgage mess, this one is perhaps the most frustrating. From individual lenders to the government-sponsored Hope Now Alliance devoted to untangling this mess, the advice to borrowers is the same: as soon as you think youre headed for trouble, contact the lenders to see about working out an alternate payment plan.

Its good advice. The sooner you act, the better your chances of not falling so far behind the situation becomes irreversible. For their part, lenders dont want you to lose your home either. The last thing they need is another piece of real estate to add to the long list of unsold properties on their books.

And be sure to check out this story by my msnbc.com colleague Laura Coffey on how to sidestep landmines that can lead to foreclosure.

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Fannie Mae Mortgage Loan Lookup

Our Loan Lookup tool is the path to mortgage help for homeowners with a Fannie Mae-owned loan, including those impacted by COVID-19, a disaster, or housing affordability challenges.

If we own your loan, you may qualify for programs providing payment relief including a forbearance plan or loan modification. Youll also have access to live personalized assistance from HUD-approved housing counselors through our Mortgage Help Network or Disaster Response Network.

To use the Fannie Mae Loan Lookup tool, fill in every field below carefullya mistake or typo can give you the wrong results. Then check the box to provide consent and click Get results.

The Fannie Mae Loan Lookup is provided as a convenience for borrowers. Fannie Mae makes no representation, warranty, or guarantee regarding the accuracy or completeness of the results. A search that results in a Match Found status does not guarantee or imply that you will qualify for a Making Home Affordable® refinance or modification. Information that does not match our records exactly may return inaccurate results. You should contact your mortgage company to verify these results. Making Home Affordable is a trademark of the United States Department of the Treasury.

How To Find The Owner Of Your Mortgage

Concerns continue about parties filing foreclosures when they do not own the note. Florida recently enacted a rules requiring plaintiffs in foreclosure to verify ownership of the note. . While these concerns may be interesting for those of us who understand civil procedure, standing, and the importance of the rule of law, the practical problem looms for homeowners who want to know who owns their note. Particularly, in non-judicial foreclosure states or for those families who are not in foreclosure, they do not have the option to ask the judge to order the plaintiff to prove ownership.

John Rao, an attorney at the National Consumer Law Center and guest blogger, wrote a great short piece in the National Association of Bankruptcy Trustees publication this winter called “Six Ways to Find Out Who Owns and Services the Mortgage.”I can’t seem to find an online version, so I’ll give the short story here. For ownership , the best options that John identifies are:

1) Send a request to the servicer asking it to tell you who the actual holder of the mortgage is, and to provide the address and telephone number of the owner of the obligation. These requests are authorized by Truth in Lending section 1641. Importantly, the Helping Families Save Their Homes act of 2009 amended the Truth in Lending Act to provide a remedy for non-compliance. Borrowers can recover actual damages, statutory damages, costs and fees.

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Mailing List Companies And Mailing List Brokers

• Pros: General mailing list brokers will have some ability to append email and phone numbers to your lists. This is typically a fast and easy process.
• Cons: Data quality is the biggest issue with list brokers. Data sources is coming from different providers and some will be updated more than others. These lists can get very expensive and there is nothing more frustrating than purchasing a list that is years out of date. Tracking these lists will be an issue. Often times, youâll only have one year to use a list before the list provider requires you to pay for the list again. Like other free and low-cost options, youâll have to create your own systems to organize and track leads. Thereâs still no ability to further refine lists without cost, visualize insights, or automatically update this stagnant list when conditions on the property change.

Pro Insights This is a text message our VP of Market Insights, Aaron Norris, received in July. The text is referring to a rental he had sold more than two years previously.

Even more embarrassing? The property had sold again three months earlier meaning the list provider had data over two years old.

The goal in refining marketing lists is being able to follow up consistently with quality leads. You save money on large general marketing lists so you can hit your target prospect multiple times. The pros know itâs all about consistency and follow up.

What About The Risk Of Foreclosure

As with any type of mortgage borrower, a Reverse Mortgage borrower faces the risk of foreclosure if the loan is not paid. Although Reverse Mortgages do not require the borrower to make payments throughout the life of the loan, the borrower must continue to pay their homeowners insurance premiums and property taxes. Failing to do so can make the loan be called due and if the borrower is unable to pay it off, they could face foreclosure and lose their home.

Several years ago, before the government started cracking down on unethical lending practices, there were groups of unscrupulous lenders who pushed Reverse Mortgages on vulnerable senior citizens without educating them of these risks. Sadly, many Reverse Mortgage borrowers lost their homes to foreclosure due to not fully understanding the terms of their loan agreement.

Today, the Federal government has implemented stronger regulation for Reverse Mortgages, making it a lot harder for the shady lenders to do business however, scammers and unethical lenders do still exist.

If you are seriously considering a Reverse Mortgage, be sure to do your research and go through a reputable lending company.

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