In Texas we have noticed foreclosures in the name of MERS have suddenly become VERY rare. We haven’t run across one in several months. Does this mean MERS has vanished? Nope, but the mortgage servicers are downplaying the role of MERS and trying to shield MERS and themselves from the bright light. This means you [...]
Short Sale Nightmare: Seller & Buyer sued by Fannie Mae & MERS
July 14, 2011 By 1 Comment
SHOCKER!! Buyer of a short sale doesn’t own the property he just purchased (or does he?). Seller of the short sale paid off the wrong party (or did he?). The below email was sent to Neil Garfield at Living Lies. Sadly this is not shocking at we know of two other lawsuits where the seller [...]
Bank of America to pay $8.5 Billion
June 30, 2011 By Leave a Comment
On the surface this looks like a win for the investors who lost billions when they bought lousy and in many cases FAKE mortgage backed securities. But the question for Henry Homeowner who is wrestling with his own mortgage woes is, what does this mean to me? Will I benefit from this “win”? I have [...]
What is the Prompt Decision for Qualification for Short Sale Act of 2011?
April 18, 2011 By Leave a Comment
NAR is touting a new bill the “Prompt Decision for Qualification for Short Sale Act of 2011” which has been introduced in the U.S. House of Representative and will mandate that mortgage servicers respond to short sale requests within 45 days! Sounds good but guess what? They already tried this once. It was called Prompt [...]
MERS owns your mortgage or not?
March 8, 2011 By 1 Comment
MERS is the bane of homeowners who simply want to know who really owns their loan and who might really have their Promissory Note. The article below from the The New York Times highlights the flaws and misconduct that is going on behind the scenes and helps explain (in part) why you can’t easily determine [...]
Holiday Foreclosure Freeze? No, not for Texas.
December 13, 2010 By Leave a Comment
Although Fannie Mae, Freddie Mac and several other large lenders are claiming a Holiday Gift with their self imposed foreclosure freeze sadly it won’t help Texans one single bit! This “gift” is nothing more than a shameless attempt at improving their poor public image. Why won’t it help Texans? Because although they will suspend foreclosures [...]
MERS look-up tool link added!
December 1, 2010 By Leave a Comment
MERS® InvestorID System is accessible to homeowners to look-up their loan. MERS (Mortgage Electronic Registration System) has made available to the general public their Servicer Identification System. While most folks know the name of the Servicer of their mortgage it now identifies the INVESTOR of the loan as well. It’s easy to look up your [...]
Freddie Mac & Fannie Mae own over 240,000 homes. Where’s my employee discount?
November 10, 2010 By Leave a Comment
No wonder Freddie Mac and Fannie Mae need billions each month just to stay afloat. They need to manage/sell over 240,000 homes! Yep, almost a quarter of a MILLION homes have been foreclosed since 2008. To get an idea of the volume of homes they need to sell let’s do a quick comparison to the [...]
Bank of New York must Produce the Note if they want to get paid!
November 10, 2010 By 9 Comments
The Show Me the Note strategy is a solid one if done properly but you can’t simply deny you owe a debt and get a free house. You signed a promissory note to someone. The question is to whom is the money actually owed and what is currently owed against it. Why? Quite simply many [...]
