mortgage–Who owns it? Please help.?

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I bought my home and got financing through a mortgage company (lets call it ACME Mortgage). I make my payments to US Bank, as they aquired the loan. My loan is a Fannie Mae Loan on top of that. I have a single payment to US Bank.

So who really owns the loan? With all the foreclosures and “show me the note” rhetoric online I have the following questions:
1. Who really owns the note?
2. Can I get out of the mortgage by stopping payments, then asking them to produce the note? I agreed to pay ACME, not US Bank or Fannie Mae.

6 Comments
  1. Reply
    Knowitall
    April 29, 2011 at 11:58 pm

    Fannie Mae owns it, US Bank services it. Read your note – you also agreed to let Acme sell it to others.

  2. Reply
    Nnnnn Ggggg
    April 30, 2011 at 12:18 am

    Your mortgage broker got the loan through US Bank and Fannie Mae holds the mortgage. Not making payments to the mortgage will result in forclosure, and that would get you out of the mortgage, wiht bad credit and no house.

  3. Reply
    joemoser1948
    April 30, 2011 at 12:41 am

    1. Most likely, US Bank “owns” the note but they could also be just the one “servicing” the mortgage for some investment house who owns a “security instrument” into which your mortgage was bundled. In any case, the important party is the one to which you are instructed to send payments.
    2. No, you cannot stop mailing payments unless you want to risk foreclosure. Check your copy of the note you signed and you will see that whoever “originated” the loan (what you call Acme) had the right to sell the mortgage at any time, without notifying you.
    FannieMae merely “guaranteed” the loan.

  4. Reply
    Pat
    April 30, 2011 at 1:37 am

    Once again, you people are incapable of handling your own lives without a grownup holding your hand.

    Read your mortgage contract.
    You know, the one you were supposed to read BEFORE YOU SIGNED IT.,

    You agreed to pay Acme AND/OR ITS SUCCESSORS AND ASSIGNS.
    That means that you pay who they tell you to pay.

    Go to the US Bank website.
    Find the name and address of the CEO,
    If it’s not apparent, look under the Corporate Governance or Investor Relations tabs.

    Write a letter and ask your questions.
    Yes, you will get an answer.

    This is not rocket science.
    THIS is what I’m talking about.
    Kids who are babied grow up to be idiots.

  5. Reply
    Common Sense
    April 30, 2011 at 1:40 am

    You will have to ask US Bank, but I’m going to bet Fannie Mae owns it.
    And that “produce the note” crap doesn’t work 99.999% of the time. They will produce the note and you’ll be homeless.

  6. Reply
    exactduke
    April 30, 2011 at 2:36 am

    2. Can I get out of the mortgage by stopping payments, then asking them to produce the note? I agreed to pay ACME, not US Bank or Fannie Mae.
    LOL – yeh, that’ll work

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