One common question that many home buyers have over the years is “who owns my mortgage loan?” because you may be faithfully sending your mortgage payment when it’s due each month but the reality is that your mortgage loan may no longer be owned by the original lender that you signed your loan with.
Who Actually Owns The Note?
Although its common practice for many people to think that the company they pay their mortgage payment to owns the actual note on their home there is a difference between who owns the note and who takes your mortgage loan payment.
Mortgage Servicer
This is the company that collects your mortgage loan payment, they are also responsible for recording mortgage loan payments, calculations of variable interest rates, modifications on mortgage loans and more
Mortgage Holder
Once you find out who services your mortgage it’s important to find out who actually holds the note because the note holder has the right and the ability to enforce your mortgage loan agreement.
A mortgage loan holder has the right to collect on the debt if it’s not paid and or foreclose on the property if the loan holder is not able to make their mortgage loan payment.
To find out the identity of your mortgage holder you can contact your mortgage servicer to learn more about who is the actual holder of your mortgage loan or you can also fill out a form called “qualified written request” to learn more who is the owner of your mortgage loan.
Learn More
To learn more about the mortgage servicer vs. the mortgage holder contact Fred Sed Realty today by calling us at (800) 322-4643, connect with us through social media or through our website.
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