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So how do you verify the assignment chain
on your property this is Dave at titlesearch.com
a lot of times on a mortgage the question that comes up is the
assignment chain of that mortgage ownership been properly executed
by the lenders remember there's a difference between assignment
and a refinance if you have a mortgage and you decide to refinance and get a new
lender
you have to go through a process for doing paperwork as borrower
to get a new lender and signed documents a lender
can execute assignments to transfer their mortgage from one lender to
another
without your permission without notification to the homeowner they can
transfer those loans back and forth with no oversight
you may also never receive notice that those
property rights have been transferred to somebody else they should be properly
reflected on the title
you want to make sure that the lender to whom you’re making payment is actually on
the title
so you're getting proper credit for those payments or is another bank on
title
so what is the mechanism that’s used it could be MERS
a nominee trustee system or some kinda remnick
system with merchant banks
on wall street that securitize these loans you want to verify your payments going
to the correct lender
so here's a typical assignment chain one of the things that might happen is
if all these assignments are done outside of the title
your lender may still be showing who
was the signature on your original mortgage when you bought the property or
refinanced
all these other assignment chains may not be showing on your title
so if you do a title search in you see that these other lenders are showing
we can look to the MERS system to manufacture
evidence to see if your loan has been transferred
with out reflecting on the title and you can have that
in your foreclosure defense or some other verification
of your loan payment if you have questions
about title information assignment change you can reach us at our website
titlesearch.com