Comments on: MERS must be stopped. Next up Oregon

By: BarbaraC

BarbaraC — Thu, 03 Jun 2010 14:47:55 +0000

This is a good question and one I will admit has been pondered in homeowner’s circles. What stops anyone from assigning my deed of trust to themselves and recording it? When I look at what is recorded at my county recorders office, all they know is that long beach mortgage owns my loan and that they intend to sell it to WaMu. It says nothing anywhere about having acutally assigned it to WaMu, or to Chase (the interim owner) and now to Deutsche (whom I have been told is my current “lender” but that was six months ago so who knows who “owns” it now). It is Chase as servicer I deal with, but who owns the loan is a crapshoot.

By: admin

admin — Fri, 21 May 2010 21:51:30 +0000

Generally true but this is mixing facts with opinion. The fact that MERS has the ability to foreclose based upon either a) being named as the beneficiary OR b) holding the Deed of Trust for the lender (the actual owner of the debt) is not the same as the RIGHT to foreclose. If the actual owner of the debt grants permission to foreclose in their name then foreclosure could be proper.

But what if If I assign to myself a homeowner’s deed of trust. Do I now have the right to foreclose based solely upon my own word?

The owner of the debt, which is evidenced by a promissory note, is the end power player, debt holder and the final say on whether or not to proceed with a foreclosure.

I’ve seen two many naked assignments by MERS to trust “someone” gave me permission. Not to mention two competing assignments by MERS to two competing parties.

By: MERSCORP, Inc.

MERSCORP, Inc. — Fri, 21 May 2010 17:39:44 +0000

Residential mortgage loans typically consist of two elements: 1) a note between the lender and the borrower that sets forth the terms of the loan and establishes the obligation to repay the loan to purchase a property; and 2) a security instrument which, depending on the state, may be called a “mortgage” or a “deed of trust.” The security instrument is recorded in the county land records, telling the world that there is a lien on the borrower’s property. This lien allows the property to be foreclosed upon and sold if the borrower defaults on her or his obligation to repay the promissory note.

When a borrower signs the mortgage security instrument at closing, they grant and convey the legal title to the mortgage to Mortgage Electronic Registration Systems Inc. (MERS) and MERS is the mortgagee. As the agent for the promissory note owner, upon instructions from the owner, MERS will commence a foreclosure. The mortgage instrument states that MERS has the right to foreclose and sell the property. Courts around the country have repeatedly upheld and recognized this right.

By: Dave

Dave — Mon, 10 May 2010 18:53:47 +0000

Most of the chatter I’ve stumbled upon regarding MERS and home owners fighting against it have been in the context of the given home owner going through a short sale or foreclosure. But what recourse options does a home owner in good standing on their loan?

In other words, when I pay off my loan down the road, how can I preemptively get assurance that I’ll be able to hold my title? Preemptively determining and documenting a chain of title is what I’m talking about. Should I try to get an attorney or wait for a class action suit representing all MERS loan holders? Please assist.