finding out who holds the mortgage?

Question

Id like to help pay off a friend of mines mortgage without them finding out... Im into anonymous charity. plus they have refused me just giving them the money in the past. how would I go about finding out who holds their mortgage? is there a way to do this like a title search?

Dick Green · Answer

Hat's off to you Jordan.  The world needs more friends like you.

That said, please listen to the advice of the previous posters.  Mortgage companies have been mis-appropriating funds for years.   This is why many consumers under 80% LTV still pay unrequired mortgage insurance on their loans.....not to be confused with homeowner's insurance.

Some individuals send extra money in on their mortgage not specifying that it goes to principle and guess what.....it's placed on pre-paid interest.

I know you want it to supprise a friend but, in all honesty you should have your friend call in to the mortgage company, ask for a pay-off good to xyz date then cut a check payable to the mortgage company and hand it to him or her.

Jon Holdman · Answer

When a loan or its servicing rights are sold, the mortgage holder is notified.  That just happened a loan I had with Wachovia that was sold to Chase.  I wasn't quick enough changing my auto payment, and it went to Wachovia instead of the new Chase address.  I asked Chase about it, and they said it would eventually make its way to them, but it might take several weeks.  The old lender may forward it for a while, but may not after its been a while.  Plus, loans get sold multiple times.  Not sure I'd really trust mailing a payment to a  old location.

May well be Lehman is still handling your student loans.  More likely, these are handled by some servicer like nelnet.  You would be notified of any change in mailing.  That doesn't mean the loans haven't been picked up by someone else.  Not to mention, Lehman was probably only involved in the initial transaction.  These get securitized just like mortgages.

Jon Holdman · Answer

OK, be nice.  I think Lee is perfectly serious, and is actually offering you good advice.  Loans are frequently bought and sold, and I don't believe these changes of ownership are recorded.  At the very least, they're not recorded quickly.  Further, the loan owner and the servicer (where you main the check) may be different companies, and I'm sure a change in servicing rights isn't recorded.  And I'm sure if there's a change in address where you send the check or any sort of account number change is not recorded. So, really, the only way to know where to send the check is to get a current statement.

Lee Common · Answer

Cheapest is do it yourself. Get pertainent info from your local assessor ie. legal description (using either the subject props address or owners name). Then pull up the local register of deeds run search on the legal description everything recorded should be there including transfers between lender's.

However, there is no garentee that there actual loan # will be listed sometimes it is, sometimes it is not. Without the loan # you will be hard pressed to get the lender to work with you.

My advise if you want to be certain your sending it to the right place, snatch up an old payment coupon at the next BBQ or holloween party.

Seriously thou, either you can run the check with the register of deeds might take 20 min. & or ask him to see one of there payment coupons. Tell him you have a friend that specializes in loan modifications and forebarences & that if you gave him their loan # he would talk to the loss midigation department for them.

Then just call yourself with loan # & all your friends problems go away.

Be careful though your friend & I've seen things like this before might feel alienated. (pissed) you went behind his back dispite your good intentions.  Be carefull sometimes even doing the right thing can cost you a friend.

I just wanted to post what I sent you for everyone elses benifit!

Ingrid Nagy · Answer

Jordan, you are an awesome person!  What a wonderful thing to do for a friend.

Lee Common · Answer

Yes Jordan a title search is all it would take.  Do not let a title company charge you a couple of hundred $$ for it either I could walk you through it relitivly easily.