Foreclosure in 44111>Question Details

Tygress, Home Buyer in 44111

how do i find out what bank or entity owns the lien for a property in pre-foreclosure?".

Asked by Tygress, 44111 Mon Nov 14, 2011

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V Kumar’s answer
Many loans have different investors. In past years many loans were Securitized.

Securitization is the process by which residential and commercial real property mortgage loans are bundled and sold to investors. Securitization can occur months after origination, or it could occur immediately after origination. However, not all loans are securitized.

Investors such as Goldman Sachs, DeutscheBank, Countrywide, Wells Fargo, etc. routinely sell or purchase large blocks of loans and place them into trusts or REMICs (Real Estate Mortgage Investment Conduits). Shares of those are then sold to other investors.

Knowing what happened to a particular loan, where it went and which investment vehicle it ended up in, can be important in foreclosure defense and litigation against lenders, especially for properties located in judicial-foreclosure states.

Through a Securitization Audit it can be determined if the Foreclosing party has proper jurisdiction to foreclosure on a property. In addition to Jurisdiction of the Foreclosing party, a Securitization Audit report can determine if the Foreclosure documents were executed properly. To be more specific, identify any irregularities in the documents that were used in the foreclosure process. The documents we analyze are the Deed, Notice of Default, Declarations of Compliance, Affidavits, Substitution of Trustee, Assignments of the Deed of Trust, Notice of Sale etc. Basically, any document that was used in the effort to foreclose on your property.

It's been discovered that many of these documents have been executed of behalf of the beneficiary without the beneficiary’s knowledge. Many times we see that employees of one company are signing documents as if they work for another company just to push the foreclosure process along. In California, It's a Trust Deed state along with several other states and this is a disadvantage to the homeowner facing foreclosure. Trust Deed Foreclosure can be executed in a certain time-line. There is no court involved. In a Mortgage Foreclosure, which are also Judicial Foreclosures requires a Judge to award the Foreclosing Party the Home. In those Judicial Foreclosures, The homeowner has the opportunity to get his day in court and if that homeowner is prepared and has the proper documentation, that sale can either be put aside and in some cases completely dismissed. There has been instances where a homeowner has even been foreclosed on and after the foreclosure, through a Securitization Audit, it was determined the lender had wrongfully foreclosed on the property and did not have Proper Standing to do so. Please read U.S. Bank National Association vs. Ibanez
0 votes Thank Flag Link Sat Mar 23, 2013
If the property is a short sale, the owner can answer the question, or check local public records. If the property is listed on the market, you can either ask the listing agent, or any local agent/realty office can also help, they all have access to the same information...
0 votes Thank Flag Link Mon Nov 14, 2011
I recommend contacting a real estate sales agent already signed up with RealtyTrac to find out who owns a pre-foreclosure home. You can request that an agent contact you by submitting a form on their website. Otherwise, the County Recorder has all the records.
0 votes Thank Flag Link Mon Nov 14, 2011
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