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MERS
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10-27-2010, 10:12 AM
Just in case any punawebbers haven't heard about this and if you got a home loan in the last 10 years, or if you were foreclosed on....you must research this. Well, everyone needs to know whats going on. Just do a web search.
10-27-2010, 11:27 AM
Here is the link to the homeowner site:
[url][/url]http://www.mersinc.org/homeowners/index.aspx
10-27-2010, 11:58 AM
10-27-2010, 01:08 PM
Can some one explain in layman terms what a regular person with mortgage should be aware of practically ?
I could use some help understanding how MERS can help/harm/whatever.. Thanks.
10-27-2010, 02:02 PM
Not real updated.... they show my loan with the original construction loan information; was changed a 5 years ago
I want to be the kind of woman that, when my feet hit the floor each morning, the devil says "Oh Crap, She's up!"
I want to be the kind of woman that, when my feet
hit the floor each morning, the devil says "Oh Crap, She's up!"
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.
10-28-2010, 04:50 AM
When a person purchases a home, in most cases, an Owners Fee Title Insurance policy is obtained. This policy guarantees that you have clear title to the property and will defend this position against all claims. The fact that loans are sold and servicing can be handled by any of the lenders that purchased the loan cannot cloud your title. If you make your payments and pay your loan in full, you will receive the paid note and cancelled mortgage from the servicer of your loan. As long as you make your payments, there is no reason to be afraid.
10-28-2010, 06:57 AM
Yes, I have mostly heard about it as a foreclosure defense. I have not heard about anyone being unable to convey their title. As I understand it, MERS is not an entity with the power to foreclose, but many foreclosures were being conducted with MERS as the party, until it was challenged enough and a few judges decided the bank needs to be able to prove the chain of transfers.
Not all recent mortgages are like that. I bought in 2008, and last year when I heard about the MERS issues I asked my lender for the information on my investor and a copy of the note. It was all in order, and the investor was/is Fannie Mae. A whole lot of mortgages will still be just that simple. Some won't. |
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