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 [...]
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 [...]
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 [...]
Fannie Mae requiring borrower to be more credit worthy. Say it isn’t so!
May 5, 2010 By Leave a Comment
Citing the need to protect borrowers from mortgage payments that potentially balloon out of control, Fannie Mae is putting forward new standards for the purchase and securitization of adjustable-rate mortgage (ARM) products. Why stop now? You have unlimited U.S. taxpayer money. Everyone NEEDS to have a home. More loans, more loans, more loans. A mortgage [...]
No Trust in the Trustee – Rigging foreclosure auctions for profit
May 3, 2010 By Leave a Comment
“There is no trust in this business” said the foreclosure trustee. Scary huh? This isn’t some fictional story. This is real life in Harris County, Houston, Texas. Recently, members of our team confronted the Trustee that was about to auction off the homestead of one of our clients. In our hand was the Temporary Restraining [...]
IndyMac is a shady operation – HAMP, we don’t need no stinking HAMP
May 2, 2010 By Leave a Comment
IndyMac is a shady operation. One of our staff used to be on the inside working against homeowners but (in my words…turned his life around) and now battles for home owners. He tells tales of “being trained” on programs like HAMP and seeing blacked out sections. When he asked why IndyMac (now OneWest) redacted [...]
