According to a recent WSJ article (4-3/4-2010, Page B1) some lenders who foreclosed on homes thought they owned the mortgage - but they didn’t!
Lender Processing Services (LPS) Inc. is a company who uses a computer software program that most lenders use to track most US mortgages from creation to final payoff. LPS has been so overwhelmed with recording the ownership and transfer of ownership of the recent mortgage volume of the past several years that they have made some mistakes when getting them notarized and recorded in public records. It has become difficult for some banks to truly identify and prove ownership of a mortgage.
Can you say “lawsuit” – not only by banks who think they own mortgage and don’t, but how about homeowners who stop foreclosure proceedings through the courts…
Can you say “Bogus Assignee?”
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