How to Track Mortgage Transfers and Ownership

Mortgage transfers and ownership are critical aspects of property management. Understanding who owns or owned your mortgage can provide peace of mind and clarify legal matters. This guide will help you track changes and ownerships effectively, ensuring that you have the necessary information at your fingertips.

Understanding Mortgage Transfers and Ownership

Mortgage transfers and ownership dictate who holds the monetary obligation, often transferred through the sale or refinancing of a property. Typically, the mortgage company or servicer maintains records of these changes, which are then filed with the county recorder's office.

Accessing County Records

The most reliable method for tracking mortgage transfers and ownership is through the county recorder's office. These offices maintain detailed records of all transactions related to properties, including mortgage transfers. Here’s how to access and navigate these records:

Visit the County Recorders Office: Head to the county where the property is located. Many counties now offer digital access, making the process more convenient. Check the county’s website to see if digital records are available. Request an Encumbrance Search: Each time a property is transferred, the mortgage company typically files a change with the county. You can request an encumbrance search, which reveals the current and past owners of the mortgage. Seek Assistance from the Recorder: Clerks at the recorder’s office are usually willing to help newcomers, but they won’t typically complete the search for you. You might need to ask specific questions or perform the search yourself.

Using Title Companies for Comprehensive Searches

An alternative method is to use a title company. Title companies specialize in running comprehensive ownership and encumbrance searches. Here’s how to use them:

Engage a Title Company: Contact a reputable title company that provides these services. Purchase an OE Report: An OE report (Ownership and Encumbrance report) provides a detailed account of the property’s history. Pay the Fee: Be prepared to pay a fee for this service, as it involves thorough research.

The OE report not only shows the current and past owners of the mortgage but also lists any existing liens or encumbrances. This can help you make informed decisions about property management and avoid costly legal disputes.

Using Online Resources for Direct Access

For a more direct approach, you can use online resources such as the Mortgage Electronic Registration System (MERS). The MERS website allows homeowners to find the current mortgage owner and servicer, providing a clear and concise way to track these details:

Visit the MERS Website: Go to Enter Your Loan Information: Input your property address or loan number to view the current mortgage owner and servicer. Browse Historical Records: Explore historical records to see who owned the mortgage previously.

The MERS system is particularly useful for homeowners who want to quickly find out information about their mortgage without having to visit a physical office or engage a title company.

Ensuring Legal Legitimacy

While these methods provide a clear insight into mortgage transfers and ownership, it's important to ensure that the information is legitimate. Here are a few tips:

Verify Receipts: Seeing a receipt that shows a transaction is crucial. Anyone claiming the mortgage must have paid a value for it. Check Court Records: For absolute certainty, you can verify ownership in a courtroom. If someone claims ownership citing payment, they must have provided valid documentation.

If the mortgage owner has not been properly verified, they may not have the legal right to foreclose if the note is not paid. This is a safeguard to protect homeowners from potential fraud.

Conclusion

By utilizing county records, title companies, and online resources like MERS, you can effectively track mortgage transfers and ownership. These methods ensure that you have transparent and accurate information about your property's financial history. Whether you're a homeowner or involved in property management, staying informed is crucial for avoiding misunderstandings and ensuring legal compliance.