posted on Feb, 26 2009 @ 01:25 AM
Sorry to bust your bubble guys, but this thread is seriously mis-guided by bad information. I work in the Mortgage field, and simply put, this is how
1: The Bank/Mortgage Company owns the property. When they sell it/buy it from another Bank/Mortgage company, they do not physically meet and take
ownership of the House, they are purchasing the Deed to the property, and the Note owed on the property. Just like when you go to the store and
purchase a Coke, you hand them your money, and in return you recieve a physical object, the Coke. Same principal here, at the conclusion of the
Bank/Mtg company transaction, the physical, original copy of the Deed and the Note are exchanged. I have been involved in this for many years, and I
promise you this, in the master folder each property has assigned to it, the original Deed to the property, and the active Note to the property, are
in this master folder.
2: You are purchasing said property from the Bank/Mtg company. If you tried this, first, it would take them 10-14 days TOPS to produce the note where
you owed the money. Even if, in the extremely highly unlikely scenario that the Note showing what you owed were to disappear, the Bank still owns the
Deed to the property, so you are still going to be removed from the house.
3: Furthermore, even if the original Deed to the property were lost, the Bank/Mtg company can prove ownership of the property through IRS records, tax
assessor records, etc, etc. Which if it got this far, you would then be facing serious charges of attempting to defraud a financial institution and
the IRS, which trust me, you do not want to do.
If you owe the money on the property, and you cannot make the payments, take the correct steps: Do not make any more payments, save up every single
penny you possibly can, and continue to live in the house, up until the Eviction notice is served if you must, until the contractors show up to change
the locks on the front door. You are then required to leave the house. Hopefully, you have saved enough money by then to get a fresh start. This is
not an elaborate plan, this is truthful information from someone who is really on the inside of this business, and I hope it is helpful to everyone
who is unfortunate enough to have to go through this.