As a foreclosure defense attorney, I often have potential clients come in my office rightfully complaining about how many times their Mortgage loan has been sold off to a different company, and sometimes the potential client doesn’t even know who currently owns the Mortgage. Most of our clients have Mortgage loan “servicers” servicing their Mortgage loan, such as Ocwen or Nationstar. This doesn’t mean that the servicer “owns” the Mortgage and Note but rather that they just service the loan for the owner of the Mortgage. So the servicer basically administers the loan, collects payments, etc. but doesn’t have any legal right to the loan. This means a lot of folks just make their monthly Mortgage payments to the servicer as required but do not even know who owns their Mortgage and Note.
You as a consumer do have a remedy here. If the property is your principal dwelling, pursuant to the Truth in Lending Act (“TILA”), specifically 15 U.S.C. Section 1641(f)(2), the Mortgage loan servicer is required to provide you with the name, address, and telephone number for the owner of your Mortgage and Note. Make sure to find out which address your servicer uses for written requests so that you do not accidentally mail it to the incorrect address. Also be sure to mail the request Certified Mail, Return Receipt Requested. There have been recent amendments to the TILA, and now the loan servicer must provide you with a response within 10 business days.
Ryan C. Torrens, Esq.