Who Owns My Mortgage Note…Demand To KNow

Click here to visit  WheresTheNote.comThis email came to me from SEIU – Service Employees International Union – a union, who for the most part, supports “the people”.  I say, “for the most part” because there are times when I do disagree with them but as far as unions go, this is one of the better ones.

It includes a link to a web site that allows you to easily modify a letter to your bank and allows you to email it with a simple click of a button.

It has a very comprehensive list of banks and a link to go to if your bank is not included.  In addition, it provides a toll free number for each bank.

There are two problems I find with this web site – www.wheresthenote.com.  The letter is addressed to “the bank” not the servicing company that actually is managing your account.  However, in many cases, your servicing company is owned by the bank addressed to.  You need to refer to your payment stubs or your payment book of coupons to see who you actually make your check payable to or if already in foreclsoure, who the named Plaintiff is.

The second problem I see here is in the body of the letter that you can and should modify.
The last paragraph of the letter reads:

To protect myself and my family, I need to know who owns my mortgage. Within thirty days, I would like to know the name, address, and phone number of the bank or investor that owns my mortgage. Furthermore, in light of the recent allegations of foreclosure fraud, I demand to see the original mortgage note proving ownership over my home loan. If you fail to produce a mortgage note proving that you have a right to collect my mortgage payments, I will be forced to consider all options available to me to ensure that my family and my home are protected.

The last, highlighted bold sentence is the one I don’t agree with.  This is why and I will bold my comment.

You are asking “the bank” – not necessarily your servicing company – to give you the name and address of the “true” owner of your note.  If your “bank” is not the “true” owner then it will not have, should not have and cannot produce the original note.  Second, if you are writing to your servicing company (that often have the name of the bank as part of their name) they never own your note and therefore should not have the original note in their possession.

Having possession of the note DOES NOT, I repeat, DOES NOT give them the right to collect your payments nor take any foreclosure action against you. You will have little defense if you stop making your payments to them or take any legal action against them for not providing a copy of the original.

If you want to insure that whoever you are writing to has the right to collect your payments you should ask them for a copy of their servicing agreement with the “true” owner of your note or at the very least that “portion” of the agreement that indicates their servicing rights.  They will not disclosue to you their entire agreement which would include their fees, etc

Here now the email:

Click here to visit  WheresTheNote.comThe big banks’ BS is starting to catch up to them.

Last week, JPMorgan Chase announced they were halting foreclosures in 23 states. Turns out, the bankers in charge of approving the foreclosure paperwork weren’t even reading what they were signing. Now, one by one, foreclosures at America’s biggest banks are grinding to a halt. It’s gotten so bad, several states are taking the banks to court – calling for an immediate freeze on all foreclosures.

The banks created this mess, it’s on them to clean it up. You have a right to know if your mortgage is affected. If you’re a homeowner, will you send a letter to your bank and demand to see your original mortgage note? You can do it online in less than five minutes: http://www.wheresthenote.com

Wall Street has bought and sold our mortgages so many times, they’ve lost track of who owns what. And now they’re getting caught red handed. In one state, two banks tried to foreclose on the same home. In another state, BofA tried to take a house away from a man who’d never even had a mortgage. The more we learn, the worse it gets.

It’s time to pull the curtain all the way back. Demand to see YOUR mortgage note: http://www.wheresthenote.com

Banks are calling these “technical glitches.” These are more than technical glitches. These are monumental screw-ups that are forcing families out of their homes. The banks raise our rates and change our terms – and if we make one mistake, we pay with our homes.

Now it’s our turn to demand accountability from them. Visit http://www.wheresthenote.com and demand to see your mortgage note.

Stephen Lerner

PS – Don’t have a mortgage? Pass this on to someone who does. Every single homeowner needs to know if their bank still holds their mortgage note.


Here now is my recommended version of this letter.  Pass this on to anyone and everyone you know.  The more email letters all the banks receive, the more they will begin to get the idea that we “do not trust” them and we will no longer allow them to operate with special exceptions to the law.  As I always have said and maintain, “THE LAW IS THE LAW FOR EVERYONE”.

To whom it may concern:

I own the property at the address listed above, and your bank services my mortgage.

Over the last several weeks there have been many stories documenting the problem that banks are foreclosing on homes without proof that they own the loan.  I have learned that in many cases, banks like yours do not even know who owns the loans you service.  Employees at several leading banks have admitted to rubber stamping tens of thousands of foreclosures every month, without even checking to make sure that the bank had a legal right to proceed with foreclosure.  In some cases, banks allegedly falsified mortgage documents to cover up their mistakes.  There have been reports of two banks trying to foreclose on the same home, banks foreclosing on homeowners who were current on their payments, and even of a bank foreclosing on a home where the homeowner had never taken out a mortgage to begin with.  This is not merely a “technical problem”–it is the difference between having a warm bed at night and being out on the street.

As a homeowner and a customer of your bank, I am horrified.  I had always believed that it I played by the rules, I would be protected, but now I know that banks like yours think the rules don’t apply to them.

To protect myself and my family, I need to know who owns my mortgage.  Within thirty days, I would like to know the name, address, and phone number of the bank or investor that owns my mortgage.  Furthermore, in light of the recent allegations of foreclosure fraud, I demand to see the original mortgage note proving ownership over my home loan.  I would like to see copies of all endorsements and assignments of my mortgage note and where and when the assingment(s) _if any – were recorded.  I also ask that you provide me with evidence of your firm being contractually retained to service my loan. (italics indicate added by LR)

If you fail to produce a mortgage note proving that you have a right to collect my mortgage payments, provide the information I am legally entitled to,  I will be forced to consider all options available to me to ensure that my family and my home are protected.
(italics indicate added by LR)

I ask that I receive my response in writing.

Thank you for your attention to this matter.

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  • evw  On November 4, 2010 at 8:54 PM

    Hello and thank you being here, much appreciated.

    Question: if a homeowner is told he or she (here, husband or wife, or widower or widow) is not on the loan but is on the mortgage … then would a letter like you suggest help (we could always try) get that homeowner a copy of the loan document or mortgage document? Is there any way to get the facts?

    Situation: threats of foreclosure and refusal of documents.

    Thank you for any education!

  • MAK  On December 1, 2010 at 4:49 PM

    As of this date, the SEIU note-demand site appears to have been de-activated. Once you enter your info on the first page and click through, you get a disabled message.

    I am not in foreclosure but have interest in demanding to see my note. I’m in the unfortunate position of being one among the self-employed who is being forced to subsidize my lender by being locked into keeping the loan I have, while being refused a refinance, because I don’t meet the current Fannie Mae/Freddie Mac debt/income ratios. This isn’t because I don’t actually have the money, but because of how I look on paper (my tax return). In other words, if I hadn’t taken all the deductions I was entitled to on my Schedule C and elsewhere, I would qualify.

    My credit rating, payment history, home equity, etc. are not allowed to come into play whatever, as well as the fact that a re-fi of my home at current rates would save me $500-600/month. (I’m currently at 6.6% on a 30-year note).

    The local bank branch loan officer agreed that this was absurd and advised me to apply for a “modification”. I pointed out that this scenario is worse for the bank than a vanilla re-fi at today’s rates.

    I agreed to jump thru the paperwork hoops just to see what would happen.

    It took several phone calls to the servicing department handling modifications to get a clerk who understood that I don’t have “net” income and that my monthly income isn’t fixed. Then I was told they would send me the paperwork – via FedEx! Two weeks later, I still hadn’t received anything, and when I called to inquire what happened to it, was told it could take up to 45 days to get the paperwork. Somewhere on the other side of 45 days, the FedEx package showed up, but instead of the anticipated paperwork, a letter was enclosed informing me that the “investors” holding this loan were not participating in the modification program.

    Well maybe they are and maybe they aren’t. They’re clearly not going to deal with someone who is current on their payments, especially at now-outrageously good (for them) rates.

    So, you can imagine I’d like to know who these investors are. Thanks for providing and improving the text from SEIU’s website. I’m going to further modify it to meet my needs and see what happens after I fire it off.

  • Anonymous  On August 19, 2011 at 8:05 AM

    Thanks for the God given service, I hope your business prosper 100 fold.
    Buddy D.

  • Audrey  On August 14, 2012 at 3:26 AM

    I make mortgage payments to PNC Mortgage and I have asked for help because my income is 60% lower than it used to be. PNC tells me that “the investor” does not cooperate with HAMP, and won’t tell me who the investor is. I am going to send your letter right away. Thank you! ABP

  • Investment Banking or Consulting  On August 30, 2012 at 3:33 PM

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