Re: Ownit Mortgage Solutions and forclosure

Posted by steele in minnesota on September 25, 2008 at 03:43:26:

In Reply to: Re: Ownit Mortgage Solutions and forclosure posted by cmc on September 24, 2008 at 16:24:45:

Good question. I bounced this off a real estate legal forum I belong to.

As they put it, the servicer collects payments for the underlying owner of the loan. They are paid to do that. They collect, take a service fee and send on the payment to whoever (maybe just a deposit account). But when someone does not pay they are also many times given authority start the collection process and ultimately that includes foreclosure in the case of a mortgage. Simply put, it is all part of their scope of authority.

You have asked Litton who owns the note. "They" can't answer at this time. Well, Litton is a big place. The people you asked don't know, but that doesn't mean Litton doesn't know. It does. Or more accurately, certain people at Litton know. You are just not talking to them.

And no, your loan was not split into pieces. Quite the opposite. When mortgages are sold they are usually part of a huge bundle/package. One of the things you signed when taking out the loan was the understanding that this could and does happen. Loans are sold back and forth every day (maybe a bit less right now). It is fairly normal for the servicer to remain the same. And for that servicer to be given authority to do what is necessary to collect when the loan goes into default.

Make sense?

Steele

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