Q&A
Role of mortgage companies in deed theft cases
1:16:38
·
3 min
Council Member Brewer inquires about the role of mortgage companies in deed theft cases and whether having a mortgage affects the likelihood of being targeted.
- Officials don't have immediate data on how many deed theft victims have mortgages
- The current deed theft reporting form doesn't include information about mortgages
- There's a suggestion that most deed theft targets properties that are already paid off
- Discussion on whether including mortgage information could help in identifying and preventing deed theft
Gale A. Brewer
1:16:38
That's a fair I just wanna know what is the concept.
1:16:40
And then finally, mortgage companies, not my favorite, but how do they play a role in this if at all?
1:16:47
In other words, how many of your, thefts are mortgaged?
1:16:51
How many paid off their mortgage?
1:16:53
Or does that not make a deal a a difference?
1:16:55
And, you know, these reverse mortgage people also lovely characters.
1:16:59
So how do you how does a mortgage company, if at all, play a role?
1:17:03
And I don't know.
1:17:04
Maybe most of them have paid off their mortgage or they haven't.
1:17:07
How does that play a role, if at all?
1:17:10
I had a horrible mortgage company.
Jenny Weyel
1:17:16
I could, note that through the homeowner help desk, the Center For New York City Neighborhoods and its local partner organizations provide counseling specifically also for homeowners that are seeking a reverse mortgage.
1:17:28
And we know that that's oftentimes seniors who will have Want equity.
1:17:32
Come, right, and wanna tap into their equity or have, unforeseen housing expenses housing expenses, such as repairs.
1:17:40
And they walk them through that decision step by step and the pros and cons and what this might mean for their heirs if they do take out a reverse mortgage and also what alternatives alternatives may be available.
1:17:53
And, the Center actually has a subsidiary that's it's called Sustainable Neighborhoods that operates a charitable lending program.
1:18:01
It was actually initially designed, for seniors with reverse mortgages that defaulted on their mortgages, but now, they assist seniors and homeowners with living living with disabilities.
Gale A. Brewer
1:18:14
I I know it's a great possible situation.
1:18:15
It's a great group.
1:18:16
My question would be for finance or for others.
1:18:19
How many, if you know, of this, predatory situation, how many have mortgage?
1:18:24
Because those mortgage companies should should be paying some attention or maybe not.
1:18:28
I I don't know.
1:18:29
I'm asking.
Colette McCain-Jacques
1:18:30
Right.
1:18:30
So that number, I don't have offhand.
Gale A. Brewer
1:18:33
Is that part of the discussion at all when, they fill out a form?
1:18:36
Do I have a mortgage?
1:18:37
Do you
Colette McCain-Jacques
1:18:37
not have a mortgage?
1:18:38
No.
1:18:38
It's not.
Gale A. Brewer
1:18:39
Should it be?
1:18:39
Because then you could contact the mortgage company, and say what's going on here.
1:18:45
They might know.
1:18:46
I don't know.
Colette McCain-Jacques
1:18:47
Right.
1:18:48
Is that
Gale A. Brewer
1:18:48
that's so it's not part of the form?
Colette McCain-Jacques
1:18:49
It's not part of the form.
Gale A. Brewer
1:18:50
Would it be your recommendation
Colette McCain-Jacques
1:18:51
that doing the mortgage, you just have to have, you have to pay mortgage tax.
1:18:56
There's no questionnaire asking you any questions about, you know
Gale A. Brewer
1:19:01
Whether you have a mortgage or not.
Colette McCain-Jacques
1:19:02
Whether you have a mortgage or not.
UNKNOWN
1:19:04
Do you
Gale A. Brewer
1:19:04
think that would help in terms of your ability to if you see a red flag, and then you see a mortgage, you might be able to call the company and say or maybe they don't know anything.
1:19:13
Do you think that would help or not?
Colette McCain-Jacques
1:19:17
Again, I would have to look into it to see if that's something that could work.
Gale A. Brewer
1:19:22
Okay.
1:19:22
I mean, some more saying.
1:19:23
It would I would think that some
Colette McCain-Jacques
1:19:24
We welcome the suggestions.
1:19:27
You know what I'm saying?
1:19:28
Because sometimes you could come up with something that we haven't come up with yet, even though we think we've came up with a lot.
1:19:35
So, we would have to look
Gale A. Brewer
1:19:37
at You would think the mortgage companies would not be interested in a predatory situation, but who knows?
Colette McCain-Jacques
1:19:41
Yeah.
1:19:42
But I would think most of those, deed thefts are property that's already paid for.
Gale A. Brewer
1:19:49
Okay.
1:19:49
That's what I'm was thinking.
Colette McCain-Jacques
1:19:50
You know what I'm saying?
Gale A. Brewer
1:19:51
Yeah.
1:19:51
If they're seniors.
Colette McCain-Jacques
1:19:52
If I was to, like, off the top of my head
Gale A. Brewer
1:19:55
They're seniors.
Colette McCain-Jacques
1:19:55
It would be properties that's already paid
Rita Joseph
1:19:57
for.
1:19:57
Okay.
Gale A. Brewer
1:19:57
And, also, the attorneys who are involved in this, they have a license.
