Conventional wisdom for years has been that if you are having trouble paying your mortgage, get in touch with your mortgagee, explain your situation, and work to modify the terms of the mortgage. That was fine when Bailey Building and Loan had the mortgage.
A recent story on ABC News called attention to the fact that in many cases it is next to impossible to determine who really holds the mortgage. What most people don't understand is that the company to which they write their monthly check is not necessarily who actually own the mortgage. They have little chance of negotiating with an invisible mortgagee.
It is time for homeowners to become proactive in the matter of determining whom they should contact should financial exigencies force them into difficulty paying their mortgage. They may never need the information, but they should get it just in case.
Should Realtors® be taking the lead in this? I think so.
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