This question has been burning on the ears of many borrowers for years, especially since the time of mortgage backed securities became the way to keep money turning over. These mortgage backed securities have caused many problems for homeowners and are still a growing problem. The problem? These mortgages were transferred so many times, that as foreclosures are being filed the banks discovered that they cannot find the original paperwork.
So, who is to blame for this problem? Many fingers are being pointed at those on Wall Street with absolute disgust for the simple fact that in all the business to make money and turn over profit, paperwork was pushed to the side. No matter what, this paperwork is important and those on Wall Street should treat it that way. The bigger problem is now that these banks relented to forgery, signing these papers now that nothing can be found.
When the chain of title has been lost this can cause problems for the homeowner and banks better figure it out quickly. Not producing the proper paper trail is a problem for those who are self-employed as far as taxes are concerned, but licensing is too. Not to mention that in general, wouldn’t it be smart to keep track of your documentation for everything; just in case?
-Mayer Dallal
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