Who owns my Mortgage?

Hippocampus

I've heard a lot about securitization lately, but it is all a bit over my head.

I have a mortgage with the Royal Bank of Scotland. But do they really own my mortgage? And if not, and they have securitized it, who would legally be entitled to chase me for repossession in the (hopefully) unlikey event I was ever to find myself out of work?

I know RBS WOULD take me to court. But would they REALLY be legally entitled to do so? Or could I quite rightly ask the court to make RBS bring in reresentitives from every greedy bank or financial company who had a finger in the pie?

Radiantsoul

Hippocampus wrote: »

I've heard a lot about securitization lately, but it is all a bit over my head.

I have a mortgage with the Royal Bank of Scotland. But do they really own my mortgage? And if not, and they have securitized it, who would legally be entitled to chase me for repossession in the (hopefully) unlikey event I was ever to find myself out of work?

I know RBS WOULD take me to court. But would they REALLY be legally entitled to do so? Or could I quite rightly ask the court to make RBS bring in reresentitives from every greedy bank or financial company who had a finger in the pie?

RBS would pursue you for the mortgage, even if the debt has been sold on.

Hippocampus

But would they be legally entitled to. IF the mortgage was securitized, then would it need to have been assigned? In which case, it would need to have been an equitable assignment.

And so, in the hypothetical reposession scenario above, surely I would be entitled to demand that the other parties involved in the securitization be joined in any action that RBS might take?

So the question remains... WHO really owns my mortgage?

scrounger_2

Good point there hippo that very question came to mind the other day. Iam still none the wiser though.