Recently we heard a suggestion that the banks no longer hold the documents for their mortgagees. For reassurance, your first action is to inform your bank that you wish to sight the original papers pertaining to your property – whether its mortgage is discharged or not. The documents you requesting are: Mortgage Contract and Memorandum of Common Provisions for the property.
Bear in mind that the banks will normally offer ‘copies’ of documents which will generally be printed from electronic database content. These are not and cannot be seen as ‘original’.
Your second action is to get everybody you know to do the same thing. Your request may need to be in writing however you are entitled to see the documents. These documents, not the land and chattels, are what you are paying off each month. If your mortgage has been discharged you are entitled (for a paltry $350 or so) to request, and the bank is obliged to hand you, the original papers for your property. If they cannot do so they may well be in breach of contract and may be forced to give back all the money (including interest) that you have paid out in mortgage payments and fees over the term. We know of at least one recent instance where this was outcome.
What you are paying for is not the land and chattels, it is actually for documents associated woth the property. Without these you have nothing other than trust to keep that roof over your head.
Recently this issue was bought up and clarified during an interview by Max Igan with whistle blower Derek Balogh who had spent many years as a mortgage broker before realising that the system of property ownership system had been hijacked by the banks – most likely with government collusion. His most damning assertion was that all the original hard copy documents for Australian properties were no longer in this country – meaning they were no not physically available to property owners to either sight with their own eyes or take possession of at the discharge of a mortgage. He said that these papers were actually in the hands of companies in the USA. We cannot confirm that this is true however we await feedback from people who are asking the question.
If indeed this turns out to be true then it will signal a shift in confidence and may see the beginning of the end of the banking system as we know it. Stay tuned..
For further information you may wish to contact: