This is getting personal. Not only does the Alabama-based bank hold my mortage but as the result of several Dallas bank mergers over the years — the bank has six Dallas offices, from Colleyville to downtown — Â I find myself owning a modest number of shares. They will apparently become worthless on August 12. (It is never a good sign when the Feds raid one of your state offices.)
But here’s a question or two. My mortgage was undoubtedly sold off long ago to a packager who then resold it to a fund. So what happens if I stop paying? Sure, a computer somewhere will spit out a late-pay notice, and if I ignore it, then at some point a default notice. But then what happens? Who enforces the mortgage? And if that entity, whatever it may be, takes me to court, where is the mortgage they will seek to enforce? Is it even prudent to pay a mortgage holder that has itself defaulted? Should I pay it into an escrow account until the true holder of the mortgage at some point finally identifies itself?
I’m looking at you, Candy Evans.
