You're reading...
The Business of Real Estate

Do you know who owns your mortgage?


Property rights in the United States depend on routine and reliable recording of all related documents — deeds and liens — and easy public access to those records.  County recording offices have traditionally been where such “public notices” are readily available.

A company that has been tracking ownership of mortgage loans for almost twenty years is an important reason for questions about whether the current system of keeping up with many mortgage loans properly meets that standard and tradtion:

County clerks warn that private home loan registry may cloud titles to thousands of Central Texas homes

This relates directly to much of the turmoil in the mortgage foreclosure crisis over the past year or more — lawsuits in which it was found that lenders taking properties through foreclosure could not produce properly recorded evidence that they actually owned the liens involved.  Without that evidence, it has been found in some cases that those lenders did not have the right to foreclose at all.

This is more than just interesting, and it is by no means unique to Central Texas.  This “public notice” requirement is vital to confidence in private property rights, a foundational principal and a huge part of what makes the United States the United States.

I always welcome comments on my blog, but I especially invite them on this post.  In particular, if you work in the mortgage industry or the title insurance industry, please share your thoughts here.

About Bill Morris, Realtor

Many years of business experience (high tech, client service, business organization and start-up, including 18 years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs. Learn more about my background and experience, my commitment to my clients, my profession, and to the real estate industry at CentralTexasHomeSearch.com.

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: