What struggling borrowers should do is ask Fannie and Freddie what the certificate number their mortgage is bundled in.Then go to SEC website and see who the trustee was supposed to be.Then do a title search and see if the trustee was assigned mortgage.If not,the borrower should tell Fannie,Fredddie and whatever bank is claiming to be the servicer to go pound sand.Because not only the mortgage can't be foreclosed on because it was severed from the deed,but the mortgage deed can't be discharged legally either.So why pay money when the debt can't be released?
That would be like paying a 5 year car loan and the bank saying they will not release the lien on the title because they just don't do that.Why do you think the houses in Detroit ended up selling for $100. each?It was much more than the tanking of the local economy.It was because the titles are garbage and will never support regular bank financing again.
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