Can Your Mortgage Company Prove You Have a Loan with them?

 My delinquent home owners are saving their home from foreclosure bysuccessfully arguing that their mortgage companies can’t prove they own the loan and don’t have the right to foreclose on them.

The Wall Street Journal reports: “In some cases, borrowers are showing courts that banks failed to properly assign ownership of mortgages after they were pooled into mortgage-backed securities. In other cases, borrowers say that lenders backdated or fabricated documents to fix those errors.

Some argue that borrowers are using “arcane legal rules” to get free houses when not paying their bills. Banking industry lawyer Laurence E. Platt at K&L Gates in Washington says "the real assault on the legal system" are efforts by judges and local officials to not give lenders their rightful ownership and make foreclosures nearly impossible.

If a lender that was the last one to purchase your morgtage and they do not have the paperwork should you still be responsible to  make monthly payments. Well some do not feel so, and then you have the lenders making up paperwork that has nothing to do with that loan. So no one is playing fare. It is kind of like when we ok when I was young and someone did not play fare I then started not playing fare and it seemed to make it ok.

Now that I am older and know better can I play by the same rules… Think not!