As a Nevada foreclosure defense attorney, one thing I’ve learned is that mortgage servicers don’t want homeowners to know who owns their loan. They like to keep this secret and shrouded in mystery. There skills is perfect in hiding as much information as possible from you. Most of the time, in all foreclosure complaints I see, the servicer is the plaintiff and they would do their best to reveal the identity of their servicers or owners.
Well, we can summarize four type of owners of mortgage notes:
-the originator (the rarest of cases),
-a securitized trust (known as a REMIC),
-Fannie Mae (Federal National Mortgage Association)
-or Freddie Mac (Federal Home Loan Mortgage Corporation).
If you suspect, or know, that the plaintiff is merely the servicer of your loan, you need to determine whether Fannie, Freddie or a REMIC is the owner. To determine whether Fannie or Freddie own your loan, just go to the Fannie Mae lookup tool and the Freddie Mac lookup tool. If neither Fannie nor Freddie claim ownership, it is nearly certain that a REMIC is the purported owner of the note and mortgage.
Here is the tool:
To look up if Fannie May is your lender, here is the tool to find out:
Why do you want to know who allegedly owns your note and mortgage? Well, for one, Fannie and Freddie are essentially quasi-government entities now, and servicers are required to comply with the default servicing provisions established by these entities. Secondly, if the purported owner is a REMIC, there is a deadline by which your loan should have been completely transferred from the originator to the REMIC, and chances are that didn’t happen.
If you wish to fight your foreclosure, you should make an appointment with a skilled foreclosure defense attorney, and if the plaintiff seems to be a servicer, you should come to the consultation armed with the results of your preliminary research using the Fannie and Freddie tools.