Who owns mortgage note on a PSA Trust- mbs?

Asked almost 3 years ago - Dublin, CA

Wachovia said that investor does not want to modify loan. Do they hold note to my house?

Attorney answers (3)

  1. John Gerth Merna

    Pro

    Contributor Level 15

    Answered . MBS undoubtedly stands for "Mortgage Backed Security". You loan is a loan bundled together for sale. Wachovia is just the servicing agent. The servicing agent does not own the loan or the note.

    This answer in no way creates an attorney-client relationship. The answer is not a complete answer and requires... more
  2. Frank Wei-Hong Chen

    Contributor Level 20

    Answered . It doesn't matter. In California, a lender generally has no obligation or duty to provide a borrower with a loan modification. (See California Civil Code section 2923.6).

    The information presented here is general in nature and is not intended, nor should be construed, as legal advice.... more
  3. Alan James Brinkmeier

    Contributor Level 20

    Answered . The lender does not need to modify the loan just because it would be better for you.

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