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Do you know who owns your home mortgage or business loan?

  1. American_Choices profile image84
    American_Choicesposted 4 years ago

    Rarely in my lifetime have I had the luxury of knowing who owns my mortgage. Early in the 1990's the mortgages were actively bought and sold. Sadly, the local banker became an intermediary and my mortgage was sold.

    Now a days, this same item has happened for business loans.

    Do you know you really holds your debt? Also, because banking laws vary from country to country, please share with us where you are located.

    1. glockr profile image60
      glockrposted 4 years ago in reply to this

      I'm in the US and I got my mortgage through my credit union. They don't hold the mortgage but they work with a mortgage company that doesn't sell them on the secondary market, so I know who holds the mortgage. Now days most  mortgage brokers make you sign a paper that basically says giving you the mortgage with the specific intent of reselling it.

    2. SoManyPaths profile image60
      SoManyPathsposted 4 years ago

      Some people are living mortgage free by canceling their mortgage when brought before a judge. Some legal guy I met does this. I think it is shady but he said it work especially with BofA / Countrywide

    3. Mighty Mom profile image92
      Mighty Momposted 4 years ago

      Stop with the self-promotion of your businesses people.
      This is a forum discussion.