It looks like the banks are getting crafty as rampant mortgage fraud is uncovered and homeowners are finding there is no promissory note so they actually own their homes outright.
A few days ago a close friend received a letter from his mortgage holder, J P Morgan Chase. The letter was sent next day by Fed Ex. My friend had never been late on or delinquent on a payment however his credit rating had taken a beating over this past year. Imagine his surprise when he received the letter offering a refinance on his house at a much lower interest rate than he currently pays.
With the economy being what it is and most people unable to get a mortgage anywhere he was more than a little suspicious of the lenders motives. Later that day the lender called him on the telephone and was really pushing him to accept the deal before today and he declined. He called me and asked what I thought. I agreed that it was more than a little odd they would do such a thing and cautioned him. I told him it probably meant they knew they could not produce a promissory note and with the huge numbers of people across the country obtaining the deeds on their homes for that reason, they just want to “hook” him into another contract, this time one he can’t get out of.
He thought the matter was closed, he had said no thank you but today he received the following by email;
Good Afternoon XXX and XXX,
I have been trying to reach you with regards to a rate reduction offer we sent you via FedEx.
Please give me a call back by tomorrow end of business.
Thank you !
Andrew R. O’Daniell
JP Morgan Chase
Senior Mortgage Consultant
If you are a homeowner be cautious of unsolicited offers from your mortgage company especially when they are so overly anxious to “give you something” you haven’t asked for. Instead, look into the existence of your promissory note.