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Old 09-14-2010, 03:16 PM
 
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I checked with fannie mae and they are the owner of my house yet I have been paying Bank of America. Who the hell owns my house
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Old 09-14-2010, 03:47 PM
 
Location: Plano, Texas
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Bank of America probably services your loan but Fannie owns it. By servicing they are sending you the payment voucher, collecting the money, calling you if you dont pay... but they forward the money to the end investor but they keep a small portion as a fee to service the loan.
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Old 09-14-2010, 04:36 PM
 
14,362 posts, read 20,435,904 times
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Quote:
Originally Posted by parhiscan View Post
I checked with fannie mae and they are the owner of my house yet I have been paying Bank of America. Who the hell owns my house
I located this article and you see a connection or partnership between the two.....

Dated: July 2009
The recent Countrywide and Bank of America (BofA) merger has been anything but smooth. Their computer systems are down and files have been inaccessible for updates at least one day per week over the past few months. Files are taking far longer than should be expected by any reasonable person. Some recent procedures and policies have seemed to bog the system down, not speed them up.
In a recent phone conversation with BofA, we were told to expect Fannie Mae back loans to take up to 6 months to complete! Fannie Mae backed short sales are submitted to BofA and other lenders like any other package, but the approval has to be given from Fannie Mae themselves. This is a leading reason of the delay in short sales with this lender. BofA is slow to process their files to begin with, adding Fannie Mae into the mix, which is so incredibly backed up, makes the responses from them regarding an approval a gruesome wait.
http://www.trulia.com/blog/mh_solutions_inc/2009/07/short_sales_with_fannie (broken link)_

your's may not have been a short sale, but the two financial institutions are working together.
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Old 09-15-2010, 06:47 AM
 
11,642 posts, read 23,806,553 times
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Originally Posted by parhiscan View Post
I checked with fannie mae and they are the owner of my house yet I have been paying Bank of America. Who the hell owns my house
If you are still making your payments and have not been foreclosed then YOU own your home. Bank of America may own/service the mortgage but you are the owner of the home until it is either sold to someone else or foreclosed.
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Old 09-15-2010, 07:01 AM
 
Location: Martinsville, NJ
6,175 posts, read 12,891,019 times
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Quote:
Originally Posted by parhiscan View Post
I checked with fannie mae and they are the owner of my house yet I have been paying Bank of America. Who the hell owns my house

Is this one of those trick riddles? Like, When a plane crashes on the border of two countries, where do you bury the surviors?

You own your house. Bank of America made a loan to you, colateral on which they accpted a mortgage note for your house. They then sold that mortgage agreement to Fannie Mae, and are now servicing the loan for FM. Continue to pay your mortgage loan off and you will continue to own your house.

OK. I guess I should have read the entire thread before posting. Momma Bear got to the right answer before I did.

Last edited by Bill Keegan; 09-15-2010 at 07:03 AM.. Reason: Added last line.
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