Mortgage Foreclosure & Refinance Resource

This is a follow up on our previous story about lenders unable to prove mortgage ownership.

American Home Mortgages Investment Corp., is offering to hand over hard copies of 490,000 mortgage files to Wall Street investors who are prepared to provide a sworn statement that they own the mortgages. The Melville, NY., mortgage lender, which is liquidating its assets in bankruptcy proceedings, made the offer to counter the opposition from former backers who said American Home’s plan to destroy the files endanger their rights to enforce the loans. American Home isn’t sure who owns the loans recorded in the files its storing and it’s costing them $45,000 a month to warehouse them.

Original source: WSJ.