Here is a status update from Where's The Note, as the recently launched campaign to request proof of mortgage note existence approaches the 20 day limit by law within which banks have to respond to all properly-submitted verification claims.
When news broke that Wall Street had made a total mess of our mortgages, we launched a website that let homeowners ask their bank a simple question: where's my mortgage note?
By law, banks had 20 days to respond to your request. We're coming up on 20 days - can you give us a few minutes to tell us what you've heard? Click the appropriate link:
My bank sent me what they claim to be the original note.
My bank responded, but did not send me my original note.
I haven't heard back from my bank.
We've already started to hear back from some of the 200,000 homeowners that have gone to our site. So far, the responses are troubling.
Some banks claim they have no idea where the note is. Others have sent what they claim is the note, but closer inspection shows that it's a completely different document.
But, the most troubling of all is the response that many homeowners have gotten from Bank of America. They're telling customers they have no legal right to see their own note. Think about how absurd that is; your mortgage note is a contract you signed with your bank - and they're telling you that you can't see it?
Did your bank give you a similar response? Click here to alert your state attorney general: http://action.seiu.org/page/s/investigate
We aren't going to get to the bottom of Wall Street's mess overnight. But step one is alerting the authorities if your bank fails to honor your request in a way that you think is acceptable. And if there's any hint of possible fraud, it needs to be investigated immediately.
I'll send you another update once we hear back from other homeowners in the same boat as you. If we're going to keep paying thousands of dollars to these banks, we have every right to demand some shred of accountability from them.
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