10-27-2010, 10:43 PM
Ok, I certainly can explain the problem in laymans terms cause I am no lawyer:
You get a loan, the loan company sends it to MERS (computer system), its sliced and diced and sold to mulitple investors. Proper recording not done, break in title occurs (clouded title). Which could means you won't be able to sell (title company wont insure), and no one may know who holds the original note. Debt may be unsecured.
You need to write to who you send your payment to and ask to see the original note, and most probably they can't tell you. Where is your money going? Maybe in a black hole. Will you get clear title after 30 years of payments? Maybe not.
The mainstream media is not reporting on this so it up to you.
You should be scared.
You get a loan, the loan company sends it to MERS (computer system), its sliced and diced and sold to mulitple investors. Proper recording not done, break in title occurs (clouded title). Which could means you won't be able to sell (title company wont insure), and no one may know who holds the original note. Debt may be unsecured.
You need to write to who you send your payment to and ask to see the original note, and most probably they can't tell you. Where is your money going? Maybe in a black hole. Will you get clear title after 30 years of payments? Maybe not.
The mainstream media is not reporting on this so it up to you.
You should be scared.