Sunday, May 4, 2014

Can I buy my own mortgage note?


Hypothetical question: I've taken classes to know mortgages are bought and sold. Can you legally buy your own mortgage? Let's say I borrowed 375,000 from Chase. I know Chase is the servicer but Freddie Mac is the owner. Can I get Freddie Mac to sell it to me? For pennies on the dollar? Also, if they sold it to me couldn't I then call Chase and tell them I want a satisfaction of mortgage when in fact I still owe. Or would that be fraud? I would think it would still be legal because Chase sold of their rights and so would Freddie Mac.

Any advice is appreciated!

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