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Diane Wheatley’s Blog

Understanding and Surviving the Housing Crisis

By Diane Wheatley, Broker | Broker in Rancho Cucamonga, CA

Who owns my note and where is it? My personal story.

I have been studying this issue all week as it applies to the transfer of servicing and note ownership.  This case study comes from my own situation.  Can anyone comment on this or shed some light on questions I have regarding “MERS”, the conflict between the “note holder” and the “beneficiary”?  Who owns my loan? 

When a payment is made to Countrywide as servicer who is entitled to the money?  If the loan were to be paid off, who receives the proceeds?  Who is actually entitled to the proceeds?  I understand that is it the “note holder”.  So actually holds my note?  Is it “MERS”, Greenpoint Mortgage, Countrywide or is it CAPITAL ONE?

Outline of Specific Facts

There are two parts to a home loan.  The Promissory Note and the Trust Deed.  There is a company or “servicer” designated to collect your monthly mortgage payment, manage your escrow account and keep accounting of your payments and payment history.  This company may or may not be the holder of the Promissory Note however. 

The borrower is required to be notified in writing at least 15 days in advance of any change in servicing including the name and address you are to make your payments to beginning on a specified date.

The borrower is NOT required to be notified of any change of who the holder of your Promissory note is or who the current owner of your loan is.

With that said, here is my case:

As of 4/22/04, the original beneficiary named on my note or “note holder” is Greenpoint Mortgage.   The lender named on the deed of trust is Greenpoint Mortgage.  The Trustee named on my deed of trust is Marin Conveyancing Corp. and “MERS” is named as the beneficiary under the deed of trust. 

As of 7/9/08 as noted on the N.O.D. the name of the “creditor” to whom the debt is owed is Greenpoint Mortgage.   The name of the beneficiary is “MERS” and the name of the Trustee is Marin Conveyancing Corporation.

As of 10/27/08 as noted on the N.T.S. the name of the “beneficiary” is “MERS” and the name of the Trustee is Old Republic National Title.  (Makes no mention of Greenpoint Mortgage.)

The Substitution of Trustee dated 10/13/08 attached to the N.T.S. states that the name of the Beneficiary is Greenpoint Mortgage Funding and the name of the Trustee is Old Republic National Title Insurance.  (Does this imply that “MERS” is no longer the beneficiary even though they are currently listed as such on the NTS?)

As of 12/9/08 the Notice of Transfer of Servicing states that the servicing of my loan is transferred from Greenpoint Mortgage to Countrywide Home Loans.  Countrywide states that owner of my loan is CAPITAL ONE.  (Does this imply that CAPITAL ONE is the beneficiary even though is makes no mention of this on the N.O.D. or N.T.S.?)


The following was written by Neil F. Garfield as part of an attorney’s group that follows all the latest findings and changes as it applies to what we call “The Mortgage Meltdown” and it prompted me to review my documents once again to attempt to track my chain of title with regards to “MERS”.  I also included information I thought you would find interesting regarding issues that are mounting in regards to title insurers and table funding.


Mortgage Electronic Registration Systems was invented by the financial services industry as an illegal scheme to avoid recording changes in ownership of the mortgage rights, changes in Trustees, assignments etc. Arizona law requires any interest in real estate to be recorded. The reason for the recording requirement, besides revenue, is simple — it is the only way to keep track of who owns which property. MERS (currently banned in the State of California and under attack in at least 2 dozen other states) is a cloak which the financial services industry is using to avoid paying the taxes, stamps and fees on each step of the securitization process, plus a way to obfuscate the real ownership and to essentially choose later who will be designated to be the “owner” of the mortgage rights — i.e., who will be said to own the mortgage note and thus be a successor to the beneficiary under the Deed of Trust.

The fact remains that companies are getting certificates of title transferred to them when there is nothing in the record to support the chain of title. Thus Arizona faces an enormous challenge and potential lawsuits in failing to enforce its recordation laws. One day, in the not distant future, some lawyer is going to take a close look at these transactions and realize that not one of the modification, refinancings, short sales, foreclosure sales and subsequent third party sales is supported by a proper chain of title in the record. The effect on the solvency of title insurers is immeasurable.

Note that in table funded loans of this sort the real lender is not the named payee on the note or the named beneficiary on the deed of trust — but it is the source of funds. The named payee on the note, the beneficiary under the deed of trust was paid an extra fee to drop its underwriting standards in favor of whatever was dictated by the securitizers, which makes the securitizers the successor trustee, successor beneficiary and possibly the successor payee. It means that companies are operating as “trustees” when they have failed to register or qualify as Trust Companies.



By Paula Bean,  Sat Jan 10 2009, 10:52
Great post Diane,

I had a similar situation happen to me, only my loan was sold or transferred FOUR times within just a few months. Prior to the first time this happened, HomeBanc who was the original mtg company reevaluated my escrow acct and raised the payment, all without notifying me.

When I tried to contact the 2nd mtg co regarding this situation, they didn't yet have the paperwork and said I would have to wait 30-45 days. Before that time passed the loan was sold a third time (no, I'm not kidding!) and they said I was a month behind in the payment. Needless to say while all this was being sorted out, yessss - the loan was sold a fourth time!

I think there should be a law that loans can't be sold so often that the paperwork always trails behind and you can't get a resolution to any problem. It's a nightmare and a lot of wasted time trying to get anything resolved.

Good luck on anyone ever finding out WHO actually is actually the holder of the note. Maybe that ought to be a law too, although I can't figure out what difference it would make if I did know. They wouldn't know any more about my escrow acct or the payment either. I'll bet if I was behind in my payment that someone would notice that in a heartbeat though and get promptly back to me ...
By Diane Wheatley, Broker,  Sat Jan 10 2009, 12:50
Incredible!! Truly incredible. I would be so curious to see how your mortgage would have been handled if you "were" behind on your payments. What trustee and mortgage company would actually have the power to hold the foreclosure sale? Very interesting, yet I'm sorry for all the hassle you had to endure.

I hope you did not get a ding on your credit for the alleged 30-45 day late. RESPA strictly states that you are not to be charged any late fee or have a negative reporting on your credit 60 days from the date of transfer. Set up just for situations like yours.

And finally, I did not have an escrow account with Greenpoint. I received a letter Countrywide a few weeks back stating that my new payment is adjusted upward of $500 - $600 per month (they are still unsure until they have my completed file from Greenpoint) due to my escrow account portion of my payment. Just like that! Oh, and my interest rate is showing as 8.25% with Countrywide when I have a rate adjustment letter from Greenpoint received just before the loan transferred showing that my rate adjusted down to 6.25%. So there is another $500. to $600. added to my payment. Just like that!

Understand that I am fighting all of this and under no uncertain terms will get any discrepancies ironed out because I have a copy of my note! Anyway, thank you for sharing your story. That is one for the books.
By Jeff Tufford,  Thu Jan 22 2009, 13:46
My name is Jeff and I am a mortgage consultant.Email me and I will talk to you about how to figure the adjustment on your loan yourself. Then you can give that information to Countrywide.
By Victimized,  Tue Apr 28 2009, 12:03
With all those facts, why don't you inform the district attorney for the state, and put a stop to those practices. My story is worse. My property was foreclosed without being told that there was a sale date. I was first dealing with green point mortgage. They informed me that loan was being transfered to country wide. I started dealing with them for the modification. I was calling almost everyday. I was told to wait. When I called a day later, I was told that the property was already sold and there was nothing they could do for me. I went to the public records and found nothing but different transfers of greenpoint to Marin reconveyancing and old republic to MERS. I am suing them now. I do not know the outcome yet.
By Diane Wheatley, Broker,  Tue Apr 28 2009, 13:20
Dear Victimized, Oh, Please fill me in when you find out more. I have a lot of different transfers and assignments like yours too. From Marin Conveyance to Old Republic Default Management, From MERS to Greenpoint Mortgage after the servicing was sold to CW and then finally on my second filing of a trustee sale notice it shows MERS as the beneficiary again. Craziness.

I make my tri-weekly calls to CW or now it is BofA to inquire as to status and they say that there is nothing new. Just that my sale sale is on for May 27 and there is nothing anyone can do. I asked what my payment would be in the event my loan were reinstated or made whole again and they told me that cannot give out that information. What?? I believe that they are so certain that they are going to sale and there is really no need to provide me with that info as I won't ever consider reinstating my loan anyway. The whole MERS issue is what is eating at me right now. I do not believe that MERS has any right to foreclosure on my home and that is what I'm focused on right now.

Keep me posted! Thank you for sharing.

By Rhonda,  Fri Aug 21 2009, 14:41
Wow, I can't believe others are going through this. I simply want to find out who owns my loan and can't get any information. I started with Homebanc then they said Chase services my loan now EMC. I'm trying to refiance, get a modification, restructure or something but can't because they don't own my loan and can't tel me who. I've been trying for almost 2 years to fix this.

By Oldmapman,  Mon Nov 16 2009, 14:36
I am in the same position and most of the comments. I am in the middle of a suite, but am still in my home. I found on my note papers that 4 different transfers were made but I was only notified once. I found out that they had to raise my appraisal so that I could qualify for new loan and they had to go outside of my area to get it. I though a contract was when two parties signed the papers but on mine, only my wife and my name were on the documents. The house sold at the court house without me receiving a summon in person, by a person. So the mortgage company and I are arguing through an law firm and a judge is saying nothing even as I type this. I think the lawyers are just trying to get billable hours. The title has been signed over to the mortgage company but 4 weeks after I recorded in the court house records that the mortgage company was removed from the title, I fired everyone involved with the mortgage.
By Broker,  Wed Aug 25 2010, 18:30
The are few attorneys out there that know this. But if you were a victim of a predatory loan and they can't provide your note within a certain time; you might be able to get the entire note eliminated. Leaving you with your home free and clear. All of your comments are true and happening to a lot of people in this country. It is time to put and end to all of this fraudulent activity. These banks became rich off the public. Its time for a little payback.
By Joe,  Tue Sep 28 2010, 05:43
Hey, Ive reading all these comments, Im right there with you. Im currently in bk court attempting to force the mortgage servicer to produce the original note. The chance of them ever coming up with the original is slim. But bk court is actually not very easy for the debtor. If anybody has any advice on how tho find who owns the note or how to find out where i can look to find out who owns mine that would great. Im currently representing myself in court and I need all the help I can get. If you do some searching on the Internet you can find alot of articles about people challenging the note. Thats the key, you have to make them produce only the wet ink original. HSBC is being sued in a class action lawsuit in New York, Susan Chana Lask is the attorney suing. Florida has actually create a tempory court to deal with foreclose volume as stated in the New York Times. The problem there is that court just trying to eliminate volume so most of it is in favor of the crooked bank. You would have think of these people as organized criminals of the highest degree. There weapon is the pen!
By Pat,  Wed Oct 13 2010, 17:44
I was just trying to find out who Marin Conveyance is and this dialogue popped up. My wife and I have been knocked around pretty good by this economy for the last two years and we're in negotiations with B of A right now, and today we just recieved a notice that Marin Conveyance actually owns my house and they're auctioning it in a few weeks. What the hell? Is this even legal? What are we supposed to do now?
By Jbrook19,  Mon Oct 25 2010, 10:26
For those being foreclosed on by MERS, please read this article. It discusses a case in Georgia that is currently in litigation. The plaintiff alleges, using Georgia law and court statute from across the nation, including the U.S. Supreme Court, to show many faults with this process. A very big point made is that MERS has no right to foreclose on any property in Georgia, and I would imagine anywhere else. The U.S. Supreme Court ruling discusses the separation of the deed of trust from the note, stating that the two cannot exist separate one from the other. If you are not yet, you should speak with an attorney about this.

Here is the link to the article: http://market-ticker.org/akcs-www?post=170215

Good luck to you all.
By Drjustian,  Tue Oct 26 2010, 13:01
Diane, did you eventually find out who owned your note? I have tried every nook and cranny on the internet with no luck. I found out a trust known as FNMA2 (a Fanny Mae trust) owns it but can't find out anything out about it except that one of the investors is the City of Maysville, Ohio. I don't know when it was created or if they have the original note or simply a digital copy. I'm afraid I'll have to start reading the Fannie Mae SEC 10-k reports. Signed, david justian, drjustian@yahoo.com
By Diane Wheatley, Broker,  Mon Nov 1 2010, 14:12
Yes, I have. And recently found that my note has been sold again to a group of private investors located in Texas. My servicer is BAC. The link to find out who owns your note is


If your note is recorded int he MERS system - mortgage electronic registration system then this link will work for you! There is a lot of highly questionable scanarios occuring that are finally receiving the attention that they deserve.

And Pat, Marin Conveyance Company used to be the trustee on my note before it was re-assigned. They act as a trustee in the foreclosure process who is responsible for holding the auction. They do not own mortgages that I know of. Check the MERS link to find out who owns your note and write them a "Qualified Written Request" immediately or hire an attorney to take action before the trustee sale date. You may be able to stall some time that way or your loan may be slated for a postponement already due to the current moratorium.
By Drjustian,  Sun Nov 14 2010, 16:15
Thank you Diane. I checked the site with my 18 digit MIN and IBM LBPS popped up as the loan servicer and Fannie Mae as the 'investor', they have been claiming to be the owner of my note. I'm left wondering why the note "Investor: FNMA2" was placed on Chase's assignment of mortgage to Fannie Mae in July, 2010, and then taken off the next assignment from Chase to Fannie Mae filed five days after the first one. I did send a QWR to IBM LBPS and they have 14 days left to give me the I.D. of who has my note. I expect the come back to be "Fannie Mae". That would mean that my note is the only note in the world not sold by Fannie Mae to one of its MBS Trusts. If they have the note, they don't have my mortgage. Republic Bank in Michigan went out of business in 2006, two years after I took out my loan. Republic Bank, my Lender, did not assign my mortgage to anyone before it died. MERS appointment as "nominee mortgagee" died with its principal and Lender bank. Fannie Mae has an unsecured note, assuming they actually have it, as they claim.
By Bleukiena,  Wed Apr 20 2011, 09:20
I too am in the same situation. Our home loan was originally Litton Loan, then Countrywide,then the dreaded BANK OF AMERICA. I tried for modification 3 times since 2009. After lost paperwork and requesting the same documentation over and over I was denied each time. I downlaoded land ex remote deeds and transferrs and I found that Chase Bank is the trustee and the Investor. It was MERS transaction. I did contact my state attorney general and he is aware of the chaous surrounding Bank of America. After the Atty Gen. contacted BOA, I received a call for the CEO's office. Was told what I wanted to hear about them modifing our loan and lower our payments. Assigned a negotiator, but haven't had any call backs after numerous voicemails left. Its been almost a month! I am still in contact with the Atty General. The CEO secretary sent a letter cc to me and Atty general stating this was taken care of.Lies. If I file Bankruptcy the arrears must be paid over 3 years on top of my already high mortgage payments. BOA is a governement backed institution. Now an attorne from Goldman Sax has joined up with bank of America. Hopeless????
By Victimofabusiveforeclosure,  Thu Jul 7 2011, 05:34

The bank is not the “holder in due course” of the note and only an agent or nominee for the true beneficial owners and holders in due course. Without proper evidence transferring beneficial interest to Plaintiff, the Plaintiff is not the real party in interest and is not authorized to bring this foreclosure action.

The (“Borrower”) was tricked into thinking she was a Borrower of a Loan, when in fact was a Seller of Mortgage Note into an investment Trust (SPV) This investment Trust has no right to a Mortgage which is used to facilitate the purchase of a Note, fraudulently procured under the guise of a “Loan”. The “conveyance” of the Mortgage NOTE, Documents mandate the delivery of the Original Mortgage Note, endorsed in blank….without Recourse…

Bank is NOT the real party in interest; and is NOT shown to be authorized to maintain this foreclosure action, pursuant to Rules 1.210(a) and 1.140 and is NOT the REAL & LEGAL BENEFICIARY in this foreclosure action. “Bank IN THIS ACTION MEETS NONE OF THESE CRITERIA”.

I believe that the alleged Mortgage note in the court file is not what the Plaintiff needs to show, “SHOW ORIGINAL NOTE” AND “SHOW ME THE ORIGINAL UNALTERED NOTE IN WET BLUE INK ”, “LEGALLY TELL ME WHO TRUE TRUST HOLDER AND THE LEGAL & REAL BENEFICIARY”. Plaintiff does not own or hold the Note and has not claimed or demonstrated Defendant represents the actual owner of the Note.
By rbhouseng,  Sat Jun 1 2013, 16:28
I understood in California they are required to notify the borrower when the note is sold. I currently have two fraudulent foreclosure cases before the courts. In one, they stated under penalty of perjury that Bank of America owns the note. Later, in a Declaration for Motion for Summary Judgment, a different employee stated under penalty of perjury that the note is currently owned by the Federal Home Loan Mortgage Corporation. I think this is grounds for perjury, but don't know how to ask judge for sanctions. I think I can take a default on other case, but have to prepare a motion to strike the demurrer they filed after the deadline without asking permission from court to file past the deadline. It sure would help to have attorneys who are affordable and knowledgeable in these matters. In motion for summary judgment/perjury situation, judge ruled in their favor yesterday when I requested a continuance. I don't know if I can file a motion for reconsideration, have to appeal, or maybe should file a new lawsuit. This is all so complicated...

I also thought they were required to bring the foreclosure in the name of the owner of the note or at least prove standing and authority as servicer. They have not done that on either of these cases.
By wenmar,  Tue Nov 12 2013, 13:23
I am starting a fund to help homeowners defend their homes from foreclosure. I hope to be able to subsidize their legal costs so they can get GOOD, knowledgeable lawyers who specialize in foreclosure defense. If you are able, please go here to help:


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