Are you facing foreclosure? Ever hear of “MERS” Mortgage Electronic Registration Systems?
Do you know if your loan transaction has gone through MERS from 2001 to 2008 when you last purchase or refinance the loan?
If so, a Cloud of Title or Title Defect was created. Heard of the Robo Signing in the News?
Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans.
At the heart of this disconnect was the Mortgage Electronic Registration Systems, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer with the county recorder office and paying the transfers fees that would be due across the United States. MERS was convenient for the mortgage industry, but courts are now questioning the impact of all of this financial juggling when it comes to mortgage ownership.
To foreclose on real estate, the lender must be able to establish the chain of title entitling it to relief. But MERS has acknowledged, and in recent court cases held, that MERS is a mere “nominee”– are not the real parties in interest and is an entity appointed by the true owner simply for the purpose of holding property in order to facilitate transactions. Over 62 million mortgages are now held in the name of MERS
Recent court case opinions provides that “several courts have acknowledged that MERS is not the owner of the underlying note and therefore could not transfer the note, the beneficial interest in the deed of trust, or foreclose on the property secured by the deed”. Further complications arising with the lenders and Wall Street’s manipulations via the Securitization debacle where they separated the note from the mortgage, sold it, bundled them in bulk, transferred them, insured them to fail, marketed them, than collected on the insurance. If your loan modification is not working or you are consider walking away? Contact first!
We have several options to help you if you owe more than the house is worth! Eliminate the negative equity you have and also may be able to help Recover $$ on your home, reduce the outstanding loan balance owed to current fair market value or even below current market values. This mortgage fix is simply the ultimate! Unsurpassed Opportunity! Don’t delay. The sooner action is taken the easier the process is, eliminating the possibility of receiving a notice of default or trustee sale notice. Once a notice of default or a trustee sale notice is received, the process is more complicated and requires additional legal processing. Increasing the cost of litigation and cost to the home owner, in both time, inconvenience and money…
California Court MERS Case Ruling: http://www.veritasaudits.com/blog/500
This program covers Home Loans, Investment Property and Commercial Property.
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